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No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
23
23
23
xbrli:pure
xbrli:shares
iso4217:GBP
11519326
2021-01-01
2021-12-31
11519326
2021-12-31
11519326
2020-12-31
11519326
bus:OrdinaryShareClass1
2021-01-01
2021-12-31
11519326
bus:Director1
2021-01-01
2021-12-31
11519326
core:WithinOneYear
2021-12-31
11519326
core:WithinOneYear
2020-12-31
11519326
core:AfterOneYear
2021-12-31
11519326
core:ShareCapital
2021-12-31
11519326
core:ShareCapital
2020-12-31
11519326
core:RetainedEarningsAccumulatedLosses
2021-12-31
11519326
core:RetainedEarningsAccumulatedLosses
2020-12-31
11519326
core:CostValuation
core:Non-currentFinancialInstruments
2021-12-31
11519326
core:Non-currentFinancialInstruments
2021-12-31
11519326
core:Non-currentFinancialInstruments
2020-12-31
11519326
bus:SmallEntities
2021-01-01
2021-12-31
11519326
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
11519326
bus:FullAccounts
2021-01-01
2021-12-31
11519326
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
11519326
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
11519326
bus:OrdinaryShareClass1
2021-12-31
11519326
bus:OrdinaryShareClass1
2020-12-31
11519326
core:Associate1
2021-01-01
2021-12-31
COMPANY REGISTRATION NUMBER:
11519326
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31st DECEMBER 2021
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 6 |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2021
FIXED ASSETS
CURRENT ASSETS
Debtors |
5 |
632,718 |
761,142 |
Cash at bank and in hand |
218,535 |
101,055 |
|
---------- |
---------- |
|
851,253 |
862,197 |
|
|
|
|
CREDITORS: amounts falling due within one year |
6 |
547,039 |
817,026 |
|
---------- |
---------- |
NET CURRENT ASSETS |
304,214 |
45,171 |
|
---------- |
-------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
304,237 |
45,194 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
7 |
20,749 |
– |
|
---------- |
-------- |
NET ASSETS |
283,488 |
45,194 |
|
---------- |
-------- |
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2021
CAPITAL AND RESERVES
Called up share capital |
8 |
10 |
10 |
Profit and loss account |
283,478 |
45,184 |
|
---------- |
-------- |
SHAREHOLDERS FUNDS |
283,488 |
45,194 |
|
---------- |
-------- |
|
|
|
|
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 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 statement of income and retained earnings has not been delivered.
For the year ending 31st December 2021 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 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 financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
11 August 2022
, and are signed on behalf of the board by:
Company registration number:
11519326
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31st DECEMBER 2021
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Carter House, Pelaw Leazes Lane, Durham, DH1 1TB, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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.
4.
INVESTMENTS
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1st January 2021 and 31st December 2021 |
23 |
|
---- |
Impairment |
|
At 1st January 2021 and 31st December 2021 |
– |
|
---- |
|
|
Carrying amount |
|
At 31st December 2021 |
23 |
|
---- |
At 31st December 2020 |
23 |
|
---- |
|
|
5.
DEBTORS
|
2021 |
2020 |
|
£ |
£ |
Amounts owed by undertakings in which the company has a participating interest |
558,718 |
761,132 |
Other debtors |
74,000 |
10 |
|
---------- |
---------- |
|
632,718 |
761,142 |
|
---------- |
---------- |
|
|
|
6.
CREDITORS:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Amounts owed to undertakings in which the company has a participating interest |
23 |
23 |
Accruals and deferred income |
1,120 |
1,000 |
Corporation tax |
55,896 |
11,003 |
Other creditors |
490,000 |
805,000 |
|
---------- |
---------- |
|
547,039 |
817,026 |
|
---------- |
---------- |
|
|
|
7.
CREDITORS:
amounts falling due after more than one year
|
2021 |
2020 |
|
£ |
£ |
Director loan accounts |
20,749 |
– |
|
-------- |
---- |
|
|
|
8.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2021 |
2020 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
10 |
10 |
10 |
10 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The company has received loan funding of £20,749 (2020: £nil) from a director within the year. The loan is interest free and repayable on demand, at the balance sheet date £20,749 (2020: £nil) was outstanding.
10.
RELATED PARTY TRANSACTIONS
During the year the company made a loan repayment of £805,000 (2020: £nil) to a company under common control. At the balance sheet date £nil (2020: £805,000) remained outstanding. The loan is interest free and repayable on demand. During the year the company received advancement of £490,000 (2020: £nil) from a company under common control. At the balance sheet date £490,000 (2020: £nil) remained outstanding. The loan is interest free and repayable on demand. During the year the company received a loan repayment of £202,414 (2020: £43,868) from a participating interest. At the balance sheet date £558,718 (2020: £761,132) remained outstanding. The loan is interest free and repayable on demand. During the year the company loaned £24,000 (2020: £nil) to a company under common control. At the balance sheet date £24,000 (2020: £nil) remained outstanding. The loan is interest free and repayable on demand. No further transactions with related parties were undertaken such as required to be disclosed under FRS 102 Section 1A small entities.
11.
EMPLOYEE NUMBERS
The company had no employees during the current and previous financial year.