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No description of principal activity
2021-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
07047055
2021-04-01
2022-03-31
07047055
2022-03-31
07047055
2021-03-31
07047055
2020-04-01
2021-03-31
07047055
2021-03-31
07047055
core:FurnitureFittings
2021-04-01
2022-03-31
07047055
bus:Director1
2021-04-01
2022-03-31
07047055
core:WithinOneYear
2022-03-31
07047055
core:WithinOneYear
2021-03-31
07047055
core:AfterOneYear
2022-03-31
07047055
core:AfterOneYear
2021-03-31
07047055
core:ShareCapital
2022-03-31
07047055
core:ShareCapital
2021-03-31
07047055
core:RetainedEarningsAccumulatedLosses
2022-03-31
07047055
core:RetainedEarningsAccumulatedLosses
2021-03-31
07047055
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2022-03-31
07047055
core:CostValuation
core:Non-currentFinancialInstruments
2022-03-31
07047055
core:Non-currentFinancialInstruments
2022-03-31
07047055
bus:SmallEntities
2021-04-01
2022-03-31
07047055
bus:AuditExemptWithAccountantsReport
2021-04-01
2022-03-31
07047055
bus:AbridgedAccounts
2021-04-01
2022-03-31
07047055
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
07047055
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
COMPANY REGISTRATION NUMBER:
07047055
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
31 March 2022
Fixed assets
|
Tangible assets |
5 |
5,012 |
3,103 |
|
Investments |
6 |
106 |
– |
|
------- |
------- |
|
5,118 |
3,103 |
|
|
|
|
Current assets
|
Stocks |
10,000 |
10,000 |
|
Debtors |
95,902 |
14,987 |
|
Cash at bank and in hand |
437,814 |
546,768 |
|
--------- |
--------- |
|
543,716 |
571,755 |
|
|
|
|
Creditors: amounts falling due within one year |
210,577 |
166,919 |
|
--------- |
--------- |
|
Net current assets |
333,139 |
404,836 |
|
--------- |
--------- |
|
Total assets less current liabilities |
338,257 |
407,939 |
|
|
|
|
Creditors: amounts falling due after more than one year |
169,936 |
241,667 |
|
--------- |
--------- |
|
Net assets |
168,321 |
166,272 |
|
--------- |
--------- |
|
|
|
Capital and reserves
|
Called up share capital |
1,000 |
1,000 |
|
Profit and loss account |
167,321 |
165,272 |
|
--------- |
--------- |
|
Shareholders funds |
168,321 |
166,272 |
|
--------- |
--------- |
|
|
|
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 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.
|
Abridged Statement of Financial Position (continued) |
|
31 March 2022
These abridged financial statements were approved by the
board of directors
and authorised for issue on
28 September 2022
, and are signed on behalf of the board by:
Company registration number:
07047055
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 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 Suite 1.1, 11 Mallard Way, Pride Park, Derby, DE24 8GX.
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.
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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
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:
|
Fixtures & fittings |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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
7
(2021:
6
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 April 2021 |
13,200 |
|
Additions |
3,826 |
|
Disposals |
(
333) |
|
-------- |
|
At 31 March 2022 |
16,693 |
|
-------- |
|
Depreciation |
|
|
At 1 April 2021 |
10,097 |
|
Charge for the year |
1,675 |
|
Disposals |
(
91) |
|
-------- |
|
At 31 March 2022 |
11,681 |
|
-------- |
|
Carrying amount |
|
|
At 31 March 2022 |
5,012 |
|
-------- |
|
At 31 March 2021 |
3,103 |
|
-------- |
|
|
6.
Investments
|
£ |
|
Cost |
|
|
At 1 April 2021 |
– |
|
Additions |
106 |
|
---- |
|
At 31 March 2022 |
106 |
|
---- |
|
Impairment |
|
|
At 1 April 2021 and 31 March 2022 |
– |
|
---- |
|
Carrying amount |
|
|
At 31 March 2022 |
106 |
|
---- |
|
|
