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No description of principal activity
2021-05-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
SC482069
2021-05-01
2022-04-30
SC482069
2022-04-30
SC482069
2021-04-30
SC482069
2021-04-30
SC482069
core:PlantMachinery
2021-05-01
2022-04-30
SC482069
core:MotorVehicles
2021-05-01
2022-04-30
SC482069
bus:Director1
2021-05-01
2022-04-30
SC482069
core:AfterOneYear
2021-04-30
SC482069
core:WithinOneYear
2022-04-30
SC482069
core:WithinOneYear
2021-04-30
SC482069
core:ShareCapital
2022-04-30
SC482069
core:ShareCapital
2021-04-30
SC482069
core:RetainedEarningsAccumulatedLosses
2022-04-30
SC482069
core:RetainedEarningsAccumulatedLosses
2021-04-30
SC482069
core:CostValuation
core:Non-currentFinancialInstruments
2022-04-30
SC482069
core:Non-currentFinancialInstruments
2022-04-30
SC482069
core:Non-currentFinancialInstruments
2021-04-30
SC482069
bus:SmallEntities
2021-05-01
2022-04-30
SC482069
bus:AuditExemptWithAccountantsReport
2021-05-01
2022-04-30
SC482069
bus:AbridgedAccounts
2021-05-01
2022-04-30
SC482069
bus:SmallCompaniesRegimeForAccounts
2021-05-01
2022-04-30
SC482069
bus:PrivateLimitedCompanyLtd
2021-05-01
2022-04-30
SC482069
core:ComputerEquipment
2021-05-01
2022-04-30
SC482069
core:KeyManagementPersonnel
2021-05-01
2022-04-30
COMPANY REGISTRATION NUMBER:
SC482069
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 30 April 2022
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
30 April 2022
Fixed assets
Tangible assets |
5 |
63,478 |
44,123 |
Investments |
6 |
1 |
1 |
|
-------- |
-------- |
|
63,479 |
44,124 |
|
|
|
|
Current assets
Stocks |
3,650 |
– |
Debtors |
27,694 |
24,314 |
Cash at bank and in hand |
20,710 |
64,986 |
|
-------- |
-------- |
|
52,054 |
89,300 |
|
|
|
Creditors: amounts falling due within one year |
64,429 |
80,001 |
|
-------- |
-------- |
Net current (liabilities)/assets |
(
12,375) |
9,299 |
|
-------- |
-------- |
Total assets less current liabilities |
51,104 |
53,423 |
|
|
|
Creditors: amounts falling due after more than one year |
|
|
Bank loans and overdrafts |
– |
15,000 |
|
|
|
Provisions |
4,291 |
4,320 |
|
-------- |
-------- |
Net assets |
46,813 |
34,103 |
|
-------- |
-------- |
|
|
|
Abridged Statement of Financial Position (continued) |
|
30 April 2022
Capital and reserves
Called up share capital |
102 |
102 |
Profit and loss account |
46,711 |
34,001 |
|
-------- |
-------- |
Shareholders funds |
46,813 |
34,103 |
|
-------- |
-------- |
|
|
|
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 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 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 income and retained earnings and the abridged statement of financial position for the year ending 30 April 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 April 2023
, and are signed on behalf of the board by:
Company registration number:
SC482069
Notes to the Abridged Financial Statements |
|
Year ended 30 April 2022
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mechanics Workshop, New Lanark, ML11 9DB.
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 financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the company's ability to continue. The directors have taken steps to ensure there are sufficient funds to meet the company's working capital requirement for the foreseeable future, and still consider the going concern approach to be appropriate.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the state of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable
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.
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 and machinery |
- |
15% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
Office equipment |
- |
15% reducing balance |
|
|
|
|
Investments
Fixed asset 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
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Investments are measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
5.
Tangible assets
|
£ |
Cost |
|
At 1 May 2021 |
79,122 |
Additions |
56,504 |
Disposals |
(
43,508) |
|
-------- |
At 30 April 2022 |
92,118 |
|
-------- |
Depreciation |
|
At 1 May 2021 |
34,999 |
Charge for the year |
12,306 |
Disposals |
(
18,665) |
|
-------- |
At 30 April 2022 |
28,640 |
|
-------- |
Carrying amount |
|
At 30 April 2022 |
63,478 |
|
-------- |
At 30 April 2021 |
44,123 |
|
-------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1 May 2021 and 30 April 2022 |
1 |
|
---- |
Impairment |
|
At 1 May 2021 and 30 April 2022 |
– |
|
---- |
Carrying amount |
|
At 30 April 2022 |
1 |
|
---- |
At 30 April 2021 |
1 |
|
---- |
|
|
7.
Directors' advances, credits and guarantees
The directors' loan account was not in debit at any time during the year. There is no interest charged on the loan and it is repayable on demand.
8.
Related party transactions
During the year, the company paid dividends of £7,000 (2021 - £75,000) to the directors of the company.