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No description of principal activity
2021-05-01
Sage Accounts Production Advanced 2020 - FRS102_2019
2
2
2
xbrli:pure
xbrli:shares
iso4217:GBP
00687151
2021-05-01
2022-04-30
00687151
2022-04-30
00687151
2021-04-30
00687151
2020-05-01
2021-04-30
00687151
2021-04-30
00687151
bus:Director1
2021-05-01
2022-04-30
00687151
bus:Director8
2021-05-01
2022-04-30
00687151
core:FurnitureFittings
2021-04-30
00687151
core:MotorVehicles
2021-04-30
00687151
core:FurnitureFittings
2022-04-30
00687151
core:MotorVehicles
2022-04-30
00687151
core:FurnitureFittings
2021-05-01
2022-04-30
00687151
core:MotorVehicles
2021-05-01
2022-04-30
00687151
core:WithinOneYear
2022-04-30
00687151
core:WithinOneYear
2021-04-30
00687151
core:ShareCapital
2022-04-30
00687151
core:ShareCapital
2021-04-30
00687151
core:CapitalRedemptionReserve
2022-04-30
00687151
core:CapitalRedemptionReserve
2021-04-30
00687151
core:RetainedEarningsAccumulatedLosses
2022-04-30
00687151
core:RetainedEarningsAccumulatedLosses
2021-04-30
00687151
core:BetweenOneFiveYears
2022-04-30
00687151
core:BetweenOneFiveYears
2021-04-30
00687151
core:CostValuation
core:Non-currentFinancialInstruments
2022-04-30
00687151
core:Non-currentFinancialInstruments
2022-04-30
00687151
core:Non-currentFinancialInstruments
2021-04-30
00687151
core:FurnitureFittings
2021-04-30
00687151
core:MotorVehicles
2021-04-30
00687151
bus:Director8
2021-04-30
00687151
bus:Director8
2021-04-30
00687151
bus:Director8
2020-05-01
2021-04-30
00687151
bus:SmallEntities
2021-05-01
2022-04-30
00687151
bus:AuditExemptWithAccountantsReport
2021-05-01
2022-04-30
00687151
bus:FullAccounts
2021-05-01
2022-04-30
00687151
bus:SmallCompaniesRegimeForAccounts
2021-05-01
2022-04-30
00687151
bus:PrivateLimitedCompanyLtd
2021-05-01
2022-04-30
COMPANY REGISTRATION NUMBER:
00687151
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
STATEMENT OF FINANCIAL POSITION
|
|
30 April 2022
Fixed assets
Tangible assets
|
5
|
|
851,501
|
820,064
|
Investments
|
6
|
|
2
|
2
|
|
|
----------
|
----------
|
|
|
851,503
|
820,066
|
|
|
|
|
|
Current assets
Stocks
|
32,256
|
|
20,922
|
Debtors
|
7
|
1,187,884
|
|
1,371,062
|
Cash at bank and in hand
|
1,009,412
|
|
535,717
|
|
-------------
|
|
-------------
|
|
2,229,552
|
|
1,927,701
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
(
1,155,290)
|
|
(
972,159)
|
|
-------------
|
|
-------------
|
Net current assets
|
|
1,074,262
|
955,542
|
|
|
-------------
|
-------------
|
Total assets less current liabilities
|
|
1,925,765
|
1,775,608
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
(
73,914)
|
(
42,258)
|
|
|
-------------
|
-------------
|
Net assets
|
|
1,851,851
|
1,733,350
|
|
|
-------------
|
-------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
5,341
|
5,341
|
Capital redemption reserve
|
|
2,669
|
2,669
|
Profit and loss account
|
|
1,843,841
|
1,725,340
|
|
|
-------------
|
-------------
|
Shareholders funds
|
|
1,851,851
|
1,733,350
|
|
|
-------------
|
-------------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued)
|
|
30 April 2022
These financial statements were approved by the
board of directors
and authorised for issue on
23 August 2022
, and are signed on behalf of the board by:
Company registration number:
00687151
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 30 APRIL 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 73 Sadler Road, Lincoln, LN6 3JR.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the
historical cost basis
and in sterling
which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Significant judgements There have been no judgements that management has made in the process of applying the entity's accounting policies that have made a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Useful economic lives of tangible assets The annual charge for depreciation charge for tangible assets is sensitive to changes in the useful economic lives of the assets.The useful economic lives are re-assessed annually and obsolete items written off accordingly based upon the physical condition of the assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. The company recognises turnover when (i) the significant risks and rewards of ownership have been transferred to the buyer; (ii) the company retains no continuing involvement or control over the goods; (iii) the amount of revenue can be measured reliably and (iv) it is probable that future economic benefits will flow to the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures & Fittings
|
-
|
20%-33% Straight line
|
|
Motor Vehicles
|
-
|
15%-25% Straight line
|
|
|
|
|
Investments
Investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Fuel and tyre stocks are valued at the lower of cost and net realisable value on a first in first out basis, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme grant has been recognised under the accrual model, and is shown within Government Grant Income within the financial statements.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
51
(2021:
49
).
5.
Tangible assets
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 May 2021
|
801,826
|
4,780,959
|
5,582,785
|
Additions
|
203,567
|
241,820
|
445,387
|
Disposals
|
(
49,527)
|
(
387,463)
|
(
436,990)
|
|
----------
|
-------------
|
-------------
|
At 30 April 2022
|
955,866
|
4,635,316
|
5,591,182
|
|
----------
|
-------------
|
-------------
|
Depreciation
|
|
|
|
At 1 May 2021
|
637,004
|
4,125,717
|
4,762,721
|
Charge for the year
|
102,836
|
310,916
|
413,752
|
Disposals
|
(
49,527)
|
(
387,265)
|
(
436,792)
|
|
----------
|
-------------
|
-------------
|
At 30 April 2022
|
690,313
|
4,049,368
|
4,739,681
|
|
----------
|
-------------
|
-------------
|
Carrying amount
|
|
|
|
At 30 April 2022
|
265,553
|
585,948
|
851,501
|
|
----------
|
-------------
|
-------------
|
At 30 April 2021
|
164,822
|
655,242
|
820,064
|
|
----------
|
-------------
|
-------------
|
|
|
|
|
6.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 May 2021 and 30 April 2022
|
2
|
|
----
|
Impairment
|
|
At 1 May 2021 and 30 April 2022
|
–
|
|
----
|
|
|
Carrying amount
|
|
At 30 April 2022
|
2
|
|
----
|
At 30 April 2021
|
2
|
|
----
|
|
|
The company's investment in shares in group undertakings represents 100% of the share capital of Denby Warehouse Limited, a dormant company incorporated in England and Wales whose aggregate capital and reserves amounts to £2.
7.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Trade debtors
|
873,621
|
804,734
|
Other debtors
|
314,263
|
566,328
|
|
-------------
|
-------------
|
|
1,187,884
|
1,371,062
|
|
-------------
|
-------------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Trade creditors
|
428,650
|
391,419
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
7,562
|
8,105
|
Corporation tax
|
76,753
|
60,709
|
Social security and other taxes
|
99,297
|
63,948
|
Other creditors
|
543,028
|
447,978
|
|
-------------
|
----------
|
|
1,155,290
|
972,159
|
|
-------------
|
----------
|
|
|
|
9.
Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
|
2022
|
2021
|
|
£
|
£
|
Tangible assets
|
200,702
|
29,631
|
|
----------
|
---------
|
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022
|
2021
|
|
£
|
£
|
Not later than 1 year
|
80,000
|
99,487
|
Later than 1 year and not later than 5 years
|
13,333
|
93,333
|
|
---------
|
----------
|
|
93,333
|
192,820
|
|
---------
|
----------
|
|
|
|
11.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2022
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
E Denby
|
320,000
|
(
320,000)
|
–
|
|
|
----------
|
----------
|
----
|
|
|
|
|
|
|
2021
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
E Denby
|
–
|
320,000
|
320,000
|
|
|
----
|
----------
|
----------
|
|
|
|
|
|
12.
Related party transactions
The company has taken advantage of the exemption afforded by FRS 102 Section 1A not to disclose details of transactions and balances with other group undertakings where 100% of the share capital is controlled by the group. There were no further transactions with related parties during the year that should be disclosed under FRS 102 Section 1A.
13.
Controlling party
The ultimate parent company is
Denby Group Holdings Limited
, a company incorporated in England & Wales. The ultimate controlling party is P Denby
.