Contents of the Financial Statements
for the Period Ended 31 December 2021
Balance sheet
As at 31 December 2021
| Notes | 2021 | 2020 |
| | £ | £ |
Fixed assets |
Tangible assets: | 3 | 44,800 | 43,100 |
Total fixed assets: | | 44,800 | 43,100 |
Current assets |
Debtors: | | 535,834 | 386,948 |
Cash at bank and in hand: | | 70,426 | 65,127 |
Total current assets: | | 606,260 | 452,075 |
Creditors: amounts falling due within one year: | | (135,894) | (106,663) |
Net current assets (liabilities): | | 470,366 | 345,412 |
Total assets less current liabilities: | | 515,166 | 388,512 |
Creditors: amounts falling due after more than one year: | | (36,254) | (50,000) |
Provision for liabilities: | | (7,387) | (7,387) |
Total net assets (liabilities): | | 471,525 | 331,125 |
Capital and reserves |
Called up share capital: | | 100 | 100 |
Profit and loss account: | | 471,425 | 331,025 |
Shareholders funds: | | 471,525 | 331,125 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 04 August 2022
and signed on behalf of the board by:
Name: Miss N Wylie
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2021
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.Tangible fixed assets and depreciation policy
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:Plant and machinery - 20% reducing balanceFixtures, fittings & equipment - 20% reducing balanceMotor vehicles - 25% reducing balanceThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.Intangible fixed assets and amortisation policy
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.An impairment loss is recognised immediately in profit or loss , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.Other accounting policies
Cash and cash equivalentsCash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax. Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account , except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.Retirement benefitsPayments to defined contribution retirement benefit schemes are charged as an expense as they fall due.Government grantsGovernment grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.
Notes to the Financial Statements
for the Period Ended 31 December 2021
2. Employees
| 2021 | 2020 |
Average number of employees during the period | 25 | 23 |
Notes to the Financial Statements
for the Period Ended 31 December 2021
3. Tangible Assets
| Total |
Cost | £ |
At 01 January 2021 | 200,096 |
Additions | 14,832 |
At 31 December 2021 | 214,928 |
Depreciation | |
At 01 January 2021 | 156,996 |
Charge for year | 13,132 |
At 31 December 2021 | 170,128 |
Net book value | |
At 31 December 2021 | 44,800 |
At 31 December 2020 | 43,100 |