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No description of principal activity
2021-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
01155036
2021-04-01
2022-03-31
01155036
2022-03-31
01155036
2021-03-31
01155036
2020-04-01
2021-03-31
01155036
2021-03-31
01155036
core:FurnitureFittings
2021-04-01
2022-03-31
01155036
core:MotorVehicles
2021-04-01
2022-03-31
01155036
bus:OrdinaryShareClass1
2021-04-01
2022-03-31
01155036
bus:Director1
2021-04-01
2022-03-31
01155036
core:WithinOneYear
2022-03-31
01155036
core:WithinOneYear
2021-03-31
01155036
core:FurnitureFittings
2021-03-31
01155036
core:MotorVehicles
2021-03-31
01155036
core:FurnitureFittings
2022-03-31
01155036
core:MotorVehicles
2022-03-31
01155036
core:ShareCapital
2022-03-31
01155036
core:ShareCapital
2021-03-31
01155036
core:RetainedEarningsAccumulatedLosses
2022-03-31
01155036
core:RetainedEarningsAccumulatedLosses
2021-03-31
01155036
core:BetweenOneFiveYears
2022-03-31
01155036
core:BetweenOneFiveYears
2021-03-31
01155036
core:AcceleratedTaxDepreciationDeferredTax
2022-03-31
01155036
core:AcceleratedTaxDepreciationDeferredTax
2021-03-31
01155036
core:FurnitureFittings
2021-03-31
01155036
core:MotorVehicles
2021-03-31
01155036
bus:SmallEntities
2021-04-01
2022-03-31
01155036
bus:AuditExemptWithAccountantsReport
2021-04-01
2022-03-31
01155036
bus:FullAccounts
2021-04-01
2022-03-31
01155036
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
01155036
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
01155036
bus:OrdinaryShareClass1
2022-03-31
01155036
bus:OrdinaryShareClass1
2021-03-31
COMPANY REGISTRATION NUMBER:
01155036
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MARCH 2022
Balance sheet
1
Notes to the financial statements
2 to 5
31 March 2022
Fixed assets
Tangible assets
|
5
|
25,645
|
9,828
|
|
|
|
|
Current assets
Stocks
|
541,785
|
306,126
|
Debtors
|
6
|
150,636
|
110,794
|
Cash at bank and in hand
|
72,220
|
366,160
|
|
------------
|
------------
|
|
764,641
|
783,080
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
306,975)
|
(
442,515)
|
|
------------
|
------------
|
Net current assets
|
457,666
|
340,565
|
|
------------
|
------------
|
Total assets less current liabilities
|
483,311
|
350,393
|
|
------------
|
------------
|
Net assets
|
483,311
|
350,393
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
9
|
100
|
100
|
Profit and loss account
|
483,211
|
350,293
|
|
------------
|
------------
|
Shareholders funds
|
483,311
|
350,393
|
|
------------
|
------------
|
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 March 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
8 November 2022
, and are signed on behalf of the board by:
A E Taylor
Director
Company registration number:
01155036
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MARCH 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 Unit 14 Beckbridge Road, Normanton Industrial Estate, Normanton, WF6 1TE.
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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 and Equipment
|
-
|
20% straight line
|
|
Motor Vehicles
|
-
|
25% straight line
|
|
|
|
|
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Government grants are recognised using the accrual model and the performance model. 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2021:
15
).
5.
Tangible assets
|
Fixtures, Fittings and Equipment
|
Motor Vehicles
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2021
|
93,479
|
52,350
|
145,829
|
Additions
|
9,118
|
19,090
|
28,208
|
Disposals
|
(
8,164)
|
–
|
(
8,164)
|
|
------------
|
------------
|
------------
|
At 31 March 2022
|
94,433
|
71,440
|
165,873
|
|
------------
|
------------
|
------------
|
Depreciation
|
|
|
|
At 1 April 2021
|
86,757
|
49,244
|
136,001
|
Charge for the year
|
4,512
|
7,879
|
12,391
|
Disposals
|
(
8,164)
|
–
|
(
8,164)
|
|
------------
|
------------
|
------------
|
At 31 March 2022
|
83,105
|
57,123
|
140,228
|
|
------------
|
------------
|
------------
|
Carrying amount
|
|
|
|
At 31 March 2022
|
11,328
|
14,317
|
25,645
|
|
------------
|
------------
|
------------
|
At 31 March 2021
|
6,722
|
3,106
|
9,828
|
|
------------
|
------------
|
------------
|
|
|
|
|
6.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Trade debtors
|
137,782
|
99,944
|
Deferred tax asset
|
7,645
|
8,373
|
Prepayments and accrued income
|
2,047
|
2,477
|
Corporation tax recoverable
|
3,162
|
–
|
|
------------
|
------------
|
|
150,636
|
110,794
|
|
------------
|
------------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Bank loans and overdrafts
|
–
|
50,000
|
Trade creditors
|
119,143
|
171,502
|
Amounts owed to group undertakings
|
106,000
|
100,000
|
Accruals and deferred income
|
29,578
|
47,144
|
Corporation tax
|
–
|
25,784
|
Social security and other taxes
|
52,254
|
48,085
|
|
------------
|
------------
|
|
306,975
|
442,515
|
|
------------
|
------------
|
|
|
|
8.
Deferred tax
The deferred tax included in the balance sheet is as follows:
|
2022
|
2021
|
|
£
|
£
|
Included in debtors (note 6)
|
7,645
|
8,373
|
|
------------
|
------------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2022
|
2021
|
|
£
|
£
|
Accelerated capital allowances
|
(
7,645)
|
(
8,373)
|
|
------------
|
------------
|
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2022
|
2021
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
------------
|
------------
|
------------
|
------------
|
|
|
|
|
|
During the year the issued share capital was redesignated as 99 ordinary shares of £1 each and 1 A ordinary share of £1. The different share classes generally rank pari passu.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022
|
2021
|
|
£
|
£
|
Not later than 1 year
|
8,830
|
9,314
|
Later than 1 year and not later than 5 years
|
1,472
|
10,302
|
|
------------
|
------------
|
|
10,302
|
19,616
|
|
------------
|
------------
|
|
|
|
11.
Related party transactions
Included in creditors due within one year is a balance of £106,000 (2021: £100,000) that is owed to the parent company. The loan is repayable on demand, unsecured and currently interest free.
12.
Controlling party
The company is a subsidiary of AET Holdings Limited, a company registered in England. This company is controlled by
A E Taylor
.