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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
08544080
2022-04-01
2023-03-31
08544080
2023-03-31
08544080
2022-03-31
08544080
2021-04-01
2022-03-31
08544080
2022-03-31
08544080
core:NetGoodwill
2022-04-01
2023-03-31
08544080
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-04-01
2023-03-31
08544080
core:FurnitureFittings
2022-04-01
2023-03-31
08544080
bus:Director1
2022-04-01
2023-03-31
08544080
core:WithinOneYear
2023-03-31
08544080
core:WithinOneYear
2022-03-31
08544080
core:AfterOneYear
2023-03-31
08544080
core:AfterOneYear
2022-03-31
08544080
core:ShareCapital
2023-03-31
08544080
core:ShareCapital
2022-03-31
08544080
core:SharePremium
2023-03-31
08544080
core:SharePremium
2022-03-31
08544080
core:RetainedEarningsAccumulatedLosses
2023-03-31
08544080
core:RetainedEarningsAccumulatedLosses
2022-03-31
08544080
bus:SmallEntities
2022-04-01
2023-03-31
08544080
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
08544080
bus:AbridgedAccounts
2022-04-01
2023-03-31
08544080
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
08544080
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
08544080
core:OfficeEquipment
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
08544080
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 March 2023
Fixed assets
Intangible assets |
5 |
21,074 |
109,887 |
Tangible assets |
6 |
4,427 |
4,646 |
|
-------- |
--------- |
|
25,501 |
114,533 |
|
|
|
|
Current assets
Debtors |
348,914 |
298,138 |
Investments |
7 |
100 |
100 |
Cash at bank and in hand |
10 |
10 |
|
--------- |
--------- |
|
349,024 |
298,248 |
|
|
|
|
Creditors: amounts falling due within one year |
347,517 |
291,677 |
|
--------- |
--------- |
Net current assets |
1,507 |
6,571 |
|
-------- |
--------- |
Total assets less current liabilities |
27,008 |
121,104 |
|
|
|
Creditors: amounts falling due after more than one year |
2,392,989 |
2,160,994 |
|
------------ |
------------ |
Net liabilities |
(
2,365,981) |
(
2,039,890) |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
7,500 |
7,500 |
Share premium account |
547,079 |
547,079 |
Profit and loss account |
(
2,920,560) |
(
2,594,469) |
|
------------ |
------------ |
Shareholders deficit |
(
2,365,981) |
(
2,039,890) |
|
------------ |
------------ |
|
|
|
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 March 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
15 December 2023
, and are signed on behalf of the board by:
Company registration number:
08544080
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cotton Mill, B9 Tileyard North, Wakefield, West Yorkshire, WF15FY.
2.
Statement of compliance
These abridged 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis. The company is reliant on the ongoing support of the directors and creditors. The directors have indicated that their support will continue for the foreseeable future.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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% straight line |
|
Development costs |
- |
33% 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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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:
|
Furniture, fixtures & fittings |
- |
25% reducing balance |
|
Office 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.
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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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
8
(2022:
7
).
5.
Intangible assets
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
832,336 |
|
--------- |
Amortisation |
|
At 1 April 2022 |
722,449 |
Charge for the year |
88,813 |
|
--------- |
At 31 March 2023 |
811,262 |
|
--------- |
Carrying amount |
|
At 31 March 2023 |
21,074 |
|
--------- |
At 31 March 2022 |
109,887 |
|
--------- |
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 April 2022 |
23,873 |
Additions |
1,666 |
Disposals |
(
4,609) |
|
-------- |
At 31 March 2023 |
20,930 |
|
-------- |
Depreciation |
|
At 1 April 2022 |
19,227 |
Charge for the year |
1,401 |
Disposals |
(
4,125) |
|
-------- |
At 31 March 2023 |
16,503 |
|
-------- |
Carrying amount |
|
At 31 March 2023 |
4,427 |
|
-------- |
At 31 March 2022 |
4,646 |
|
-------- |
|
|
7.
Investments
|
2023 |
2022 |
|
£ |
£ |
Investments in group undertakings |
100 |
100 |
|
---- |
---- |
|
|
|
8.
Going concern
The directors have reviewed the financial position of the company and are confident that the company will have sufficient resources with the support of a loan from the director Mrs E Riley. At 31 March 2023 Mrs Riley had loaned the company a total of £2,372,739 (2022 - £2,129,494).