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No description of principal activity
2021-07-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
01243565
2021-07-01
2022-12-31
01243565
2022-12-31
01243565
2021-06-30
01243565
2021-06-30
01243565
core:PlantMachinery
2021-07-01
2022-12-31
01243565
bus:Director2
2021-07-01
2022-12-31
01243565
bus:Director3
2021-07-01
2022-12-31
01243565
core:LandBuildings
2021-06-30
01243565
core:PlantMachinery
2021-06-30
01243565
core:LandBuildings
2022-12-31
01243565
core:PlantMachinery
2022-12-31
01243565
core:LandBuildings
2021-07-01
2022-12-31
01243565
core:WithinOneYear
2022-12-31
01243565
core:WithinOneYear
2021-06-30
01243565
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
01243565
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-06-30
01243565
core:ShareCapital
2022-12-31
01243565
core:ShareCapital
2021-06-30
01243565
core:OtherReservesSubtotal
2022-12-31
01243565
core:OtherReservesSubtotal
2021-06-30
01243565
core:RetainedEarningsAccumulatedLosses
2022-12-31
01243565
core:RetainedEarningsAccumulatedLosses
2021-06-30
01243565
core:LandBuildings
2021-06-30
01243565
core:PlantMachinery
2021-06-30
01243565
bus:SmallEntities
2021-07-01
2022-12-31
01243565
bus:AuditExemptWithAccountantsReport
2021-07-01
2022-12-31
01243565
bus:FullAccounts
2021-07-01
2022-12-31
01243565
bus:SmallCompaniesRegimeForAccounts
2021-07-01
2022-12-31
01243565
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-12-31
COMPANY REGISTRATION NUMBER:
01243565
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2022
|
31 Dec 22 |
30 Jun 21 |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Fixed Assets
Tangible assets |
5 |
|
2,000,034 |
|
1,735,434 |
|
|
|
|
|
|
Current Assets
Stocks |
277,498 |
|
1,050,660 |
|
Debtors |
6 |
8,894 |
|
250,753 |
|
Cash at bank and in hand |
3,108,189 |
|
1,829,951 |
|
|
------------ |
|
------------ |
|
|
3,394,581 |
|
3,131,364 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
117,278 |
|
156,491 |
|
|
------------ |
|
------------ |
|
Net Current Assets |
|
3,277,303 |
|
2,974,873 |
|
|
------------ |
|
------------ |
Total Assets Less Current Liabilities |
|
5,277,337 |
|
4,710,307 |
|
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
87,091 |
|
36,817 |
|
|
------------ |
|
------------ |
Net Assets |
|
5,190,246 |
|
4,673,490 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Statement of Financial Position (continued) |
|
31 December 2022
|
31 Dec 22 |
30 Jun 21 |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Capital and Reserves
Called up share capital |
|
100 |
|
100 |
Non-distributable fair value reserve |
|
468,338 |
|
203,338 |
Profit and loss account |
|
4,721,808 |
|
4,470,052 |
|
|
------------ |
|
------------ |
Shareholders Funds |
|
5,190,246 |
|
4,673,490 |
|
|
------------ |
|
------------ |
|
|
|
|
|
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 comprehensive income has not been delivered.
For the period ending 31 December 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 period 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
30 June 2023
, and are signed on behalf of the board by:
Mrs E Thomas |
Mr R A Thomas |
Director |
Director |
|
|
Company registration number:
01243565
Notes to the Financial Statements |
|
Period from 1 July 2021 to 31 December 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 First Floor, Pembroke House, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT.
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.
Going Concern
During the period under review management made the decision to cease trading once ongoing projects had been completed and thereafter to liquidate the company. At the date of approval of these financial statements construction activities had ceased and as a result of management's intention to liquidate the company the financial statements have been prepared on a basis other than that of going concern, which includes where appropriate, writing down the company's assets to net realisable value and making provision for any onerous contractual commitments at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business except to the extent that they were committed at the balance sheet date.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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 could have an effect on the amounts recognised in the financial statements are described below: Investment Property The director has made key assumptions in the determination of the fair value investment properties in respect of the state of the relevant property markets where the properties are located and in respect of the range of reasonable fair value estimates of the properties. Estimated Useful Life and Residual Value of Fixed Assets Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate.
Revenue Recognition
For property sales, income is recognised on exchange of contracts for the sale of a property. In respect of long-term contracts for on-going construction services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going construction services is recognised by reference to the stage of completion.
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 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.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Plant & machienery |
- |
20% reducing balance |
|
Motor vehicles |
- |
|
|
|
|
|
Investment Property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactional value and subsequently measured at their settlement value. Fixed assets, stock, prepayments and deferred income do not constitute basic financial instruments.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2021 - 2).
5.
Tangible Assets
|
Investment property |
Plant and machinery |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost or valuation |
|
|
|
|
At 1 July 2021 |
1,700,000 |
55,136 |
|
1,806,909 |
Additions |
– |
370 |
|
608 |
Disposals |
– |
(
6,248) |
– |
(
6,248) |
Revaluations |
265,000 |
– |
– |
265,000 |
|
------------ |
-------- |
-------- |
------------ |
At 31 December 2022 |
1,965,000 |
49,258 |
|
2,066,269 |
|
------------ |
-------- |
-------- |
------------ |
Depreciation |
|
|
|
|
At 1 July 2021 |
– |
42,275 |
|
71,475 |
Disposals |
– |
(
5,240) |
– |
(
5,240) |
|
------------ |
-------- |
-------- |
------------ |
At 31 December 2022 |
– |
37,035 |
|
66,235 |
|
------------ |
-------- |
-------- |
------------ |
Carrying amount |
|
|
|
|
At 31 December 2022 |
1,965,000 |
12,223 |
|
2,000,034 |
|
------------ |
-------- |
-------- |
------------ |
At 30 June 2021 |
1,700,000 |
12,861 |
|
1,735,434 |
|
------------ |
-------- |
-------- |
------------ |
|
|
|
|
|
Investment properties are stated in the financial statements at a market valuation of £1,965,000 provided by the director based on an independent valuation carried out by local estate agent. Based on the directors knowledge of the current conditions, the directors considers this to be the fair value of the properties as at 31 December 2022.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property |
|
£ |
At 31 December 2022 |
|
Aggregate cost |
1,497,162 |
Aggregate depreciation |
(61,534) |
|
------------ |
Carrying value |
1,435,628 |
|
------------ |
|
|
At 30 June 2021 |
|
Aggregate cost |
1,497,162 |
Aggregate depreciation |
(46,562) |
|
------------ |
Carrying value |
1,450,600 |
|
------------ |
|
|
6.
Debtors
|
31 Dec 22 |
30 Jun 21 |
|
£ |
£ |
Trade debtors |
– |
10,000 |
Other debtors |
8,894 |
240,753 |
|
------- |
--------- |
|
8,894 |
250,753 |
|
------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Dec 22 |
30 Jun 21 |
|
£ |
£ |
Bank loans and overdrafts |
– |
3,470 |
Trade creditors |
14,926 |
44,735 |
Corporation tax |
82,997 |
38,054 |
Social security and other taxes |
1,790 |
2,026 |
Other creditors |
17,565 |
68,206 |
|
--------- |
--------- |
|
117,278 |
156,491 |
|
--------- |
--------- |
|
|
|
Included in other creditors at the year end is an amount of £8,215 (2021 - £7,945) held by the company representing tenants deposits.
8.
Financial Instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost |
3,109,434 |
2,047,489 |
|
------------ |
------------ |
|
|
|
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost |
34,492 |
116,412 |
|
-------- |
--------- |
|
|
|
Financial assets are measured at amortised cost comprise of other debtors and bank balances. Financial liabilities measured at amortised cost comprise of trade creditors, accruals, bank overdraft, directors loan and rental deposits held on behalf of tenants.
9.
Related Party Transactions
The company was under the control of
Mrs E Thomas
throughout the current and previous year. Mrs Thomas was the managing director and majority shareholder. Tomos Properties Limited is owned and controlled by Mr R A Thomas
who is a close associate of Mrs Thomas and director of Nunndale Limited
. There were no transactions between the two companies in the current year apart from the repayment of outstanding loan. At the period end an amount of £Nil (2021 - £217,538) was owing to the company from Tomos Properties Limited. Tomos Homes Limited is owned and controlled by Mr R A Thomas who is a close associate of Mrs Thomas and director of Nunndale Limited
. During the period Tomos Homes Limited purchased a commercial property from Nunndale Limited
for consideration £225,000. During the period Nunndale Limited
also paid £2,109 (2021 - £Nil) on behalf of Tomos Homes Limited of which £864 was repaid during the period. At the year end an amount of £1,245 (2021 - £Nil) was owing to Nunndale Limited
from Tomos Homes Limited.