false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2019-01-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
64,379
51,504
3,219
54,723
9,656
12,875
29,120
805
29,925
25,598
997
26,595
3,330
3,522
xbrli:pure
xbrli:shares
iso4217:GBP
4597788
2019-01-01
2019-12-31
4597788
2019-12-31
4597788
2018-12-31
4597788
2018-01-01
2018-12-31
4597788
2018-12-31
4597788
bus:RegisteredOffice
2019-01-01
2019-12-31
4597788
bus:LeadAgentIfApplicable
2019-01-01
2019-12-31
4597788
bus:Director1
2019-01-01
2019-12-31
4597788
bus:Director2
2019-01-01
2019-12-31
4597788
bus:CompanySecretary1
2019-01-01
2019-12-31
4597788
core:NetGoodwill
2018-12-31
4597788
core:NetGoodwill
2019-12-31
4597788
core:WithinOneYear
2019-12-31
4597788
core:WithinOneYear
2018-12-31
4597788
core:ShareCapital
2019-12-31
4597788
core:ShareCapital
2018-12-31
4597788
core:RetainedEarningsAccumulatedLosses
2019-12-31
4597788
core:RetainedEarningsAccumulatedLosses
2018-12-31
4597788
core:NetGoodwill
2019-01-01
2019-12-31
4597788
core:NetGoodwill
2018-12-31
4597788
bus:SmallEntities
2019-01-01
2019-12-31
4597788
bus:AuditExemptWithAccountantsReport
2019-01-01
2019-12-31
4597788
bus:FullAccounts
2019-01-01
2019-12-31
4597788
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
4597788
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
4597788
core:OtherPropertyPlantEquipment
2019-01-01
2019-12-31
4597788
core:OtherPropertyPlantEquipment
2018-12-31
4597788
core:OtherPropertyPlantEquipment
2019-12-31
COMPANY REGISTRATION NUMBER:
4597788
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 DECEMBER 2019
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
The board of directors
|
J A Banks
|
|
J Banks
|
|
|
Company secretary
|
J Banks
|
|
|
Registered office
|
Tower House
|
|
Lucy Tower Street
|
|
Lincoln
|
|
Lincolnshire
|
|
LN1 1XW
|
|
|
Accountants
|
Streets LLP
|
|
Chartered accountants
|
|
Tower House
|
|
Lucy Tower Street
|
|
Lincoln
|
|
Lincolnshire
|
|
LN1 1XW
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 December 2019
Fixed assets
Intangible assets
|
5
|
|
9,656
|
12,875
|
Tangible assets
|
6
|
|
3,330
|
3,522
|
|
|
---------
|
---------
|
|
|
12,986
|
16,397
|
|
|
|
|
|
Current assets
Stocks
|
3,805
|
|
1,965
|
Debtors
|
7
|
443
|
|
441
|
Cash at bank and in hand
|
4,022
|
|
3,533
|
|
--------
|
|
--------
|
|
8,270
|
|
5,939
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
19,531
|
|
21,628
|
|
---------
|
|
---------
|
Net current liabilities
|
|
11,261
|
15,689
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
1,725
|
708
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
633
|
–
|
|
|
--------
|
-----
|
Net assets
|
|
1,092
|
708
|
|
|
--------
|
-----
|
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 December 2019
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
992
|
608
|
|
|
--------
|
-----
|
Shareholders funds
|
|
1,092
|
708
|
|
|
--------
|
-----
|
|
|
|
|
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 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 31 December 2019 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
29 June 2020
, and are signed on behalf of the board by:
J A Banks
|
J Banks
|
Director
|
Director
|
|
|
Company registration number:
4597788
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 DECEMBER 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.
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
Subsequent to the year-end, the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
20 years straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Equipment
|
-
|
25% reducing balance
|
|
|
|
|
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 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. Cost is based on purchase price.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
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
11
(2018:
11
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 January 2019 and 31 December 2019
|
64,379
|
|
---------
|
Amortisation
|
|
At 1 January 2019
|
51,504
|
Charge for the year
|
3,219
|
|
---------
|
At 31 December 2019
|
54,723
|
|
---------
|
Carrying amount
|
|
At 31 December 2019
|
9,656
|
|
---------
|
At 31 December 2018
|
12,875
|
|
---------
|
|
|
6.
Tangible assets
|
Equipment
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 January 2019
|
29,120
|
29,120
|
Additions
|
805
|
805
|
|
---------
|
---------
|
At 31 December 2019
|
29,925
|
29,925
|
|
---------
|
---------
|
Depreciation
|
|
|
At 1 January 2019
|
25,598
|
25,598
|
Charge for the year
|
997
|
997
|
|
---------
|
---------
|
At 31 December 2019
|
26,595
|
26,595
|
|
---------
|
---------
|
Carrying amount
|
|
|
At 31 December 2019
|
3,330
|
3,330
|
|
---------
|
---------
|
At 31 December 2018
|
3,522
|
3,522
|
|
---------
|
---------
|
|
|
|
7.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Other debtors
|
443
|
441
|
|
-----
|
-----
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans and overdrafts
|
6,419
|
7,086
|
Trade creditors
|
–
|
4,124
|
Corporation tax
|
1,976
|
407
|
Social security and other taxes
|
7,204
|
7,294
|
Other creditors
|
3,932
|
2,717
|
|
---------
|
---------
|
|
19,531
|
21,628
|
|
---------
|
---------
|
|
|
|