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No description of principal activity
2018-06-01
Sage Accounts Production Advanced 2019 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
05120005
2018-06-01
2019-05-31
05120005
2019-05-31
05120005
2018-05-31
05120005
2017-06-01
2018-05-31
05120005
2018-05-31
05120005
core:NetGoodwill
2018-06-01
2019-05-31
05120005
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-06-01
2019-05-31
05120005
core:PlantMachinery
2018-06-01
2019-05-31
05120005
core:MotorVehicles
2018-06-01
2019-05-31
05120005
bus:Director1
2018-06-01
2019-05-31
05120005
core:WithinOneYear
2019-05-31
05120005
core:WithinOneYear
2018-05-31
05120005
core:AfterOneYear
2019-05-31
05120005
core:ShareCapital
2019-05-31
05120005
core:ShareCapital
2018-05-31
05120005
core:RetainedEarningsAccumulatedLosses
2019-05-31
05120005
core:RetainedEarningsAccumulatedLosses
2018-05-31
05120005
bus:SmallEntities
2018-06-01
2019-05-31
05120005
bus:AuditExemptWithAccountantsReport
2018-06-01
2019-05-31
05120005
bus:AbridgedAccounts
2018-06-01
2019-05-31
05120005
bus:SmallCompaniesRegimeForAccounts
2018-06-01
2019-05-31
05120005
bus:PrivateLimitedCompanyLtd
2018-06-01
2019-05-31
05120005
core:AllAssociates
2018-06-01
2019-05-31
COMPANY REGISTRATION NUMBER:
05120005
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 May 2019
FIXED ASSETS
|
Tangible assets |
6 |
|
148,733 |
|
153,771 |
|
|
|
|
|
|
CURRENT ASSETS
|
Stocks |
6,000 |
|
6,000 |
|
|
Cash at bank and in hand |
1,896 |
|
– |
|
|
------- |
|
------- |
|
|
7,896 |
|
6,000 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
143,622 |
|
158,668 |
|
|
---------- |
|
---------- |
|
|
NET CURRENT LIABILITIES |
|
135,726 |
|
152,668 |
|
|
---------- |
|
---------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
13,007 |
|
1,103 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
|
4,448 |
|
– |
|
|
|
|
|
|
PROVISIONS |
|
1,318 |
|
– |
|
|
--------- |
|
------- |
|
NET ASSETS |
|
7,241 |
|
1,103 |
|
|
--------- |
|
------- |
|
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
|
2 |
|
2 |
|
Profit and loss account |
|
7,239 |
|
1,101 |
|
|
------- |
|
------- |
|
SHAREHOLDERS FUNDS |
|
7,241 |
|
1,103 |
|
|
------- |
|
------- |
|
|
|
|
|
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 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 income statement has not been delivered.
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 May 2019
For the year ending 31 May 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 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 income statement and the abridged statement of financial position for the year ending 31 May 2019 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
12 November 2019
, and are signed on behalf of the board by:
Company registration number:
05120005
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MAY 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 Alexander House, Unit 10, Watnall Road, Hucknall, NG15 6ES.
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.
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.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 |
- |
10% 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:
|
Freehold property |
- |
2% straight line |
|
Plant and machinery |
- |
25% straight line |
|
Motor vehicles |
- |
15% 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 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 abridged 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2018:
2
).
5.
Intangible assets
|
£ |
|
Cost |
|
|
At 1 June 2018 and 31 May 2019 |
40,000 |
|
--------- |
|
Amortisation |
|
|
At 1 June 2018 and 31 May 2019 |
40,000 |
|
--------- |
|
Carrying amount |
|
|
At 31 May 2019 |
– |
|
--------- |
|
At 31 May 2018 |
– |
|
--------- |
|
|
6.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 June 2018 and 31 May 2019 |
215,373 |
|
---------- |
|
Depreciation |
|
|
At 1 June 2018 |
61,602 |
|
Charge for the year |
5,038 |
|
---------- |
|
At 31 May 2019 |
66,640 |
|
---------- |
|
Carrying amount |
|
|
At 31 May 2019 |
148,733 |
|
---------- |
|
At 31 May 2018 |
153,771 |
|
---------- |
|
|
7.
Directors' advances, credits and guarantees
Included within creditors is an amount of £19,226 (2018: £11,762). This amount is interest free, unsecured and repayable upon demand.
8.
Related party transactions
Included within creditors is an amount owing to Busy Bee Paving Limited; a company in which the directors, S Bamford and R Wilson, hold an interest, of £295 (2018: £530): This amount is interest free, unsecured and repayable upon demand.
