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COMPANY REGISTRATION NUMBER: 11035142
Big Old House Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2022
Big Old House Limited
Financial Statements
Year ended 31st March 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Big Old House Limited
Officers and Professional Advisers
Director
Miss R L Van Oudheusden
Registered office
81 Loscoe Road
Nottingham
England
NG5 2AP
Accountants
ADS Accountancy Limited
Chartered Certified Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
Barclays
2 High Street
Nottingham
NG1 2EN
Big Old House Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Intangible assets
4
7,080
8,260
Tangible assets
5
2,896
3,686
-------
--------
9,976
11,946
Current assets
Debtors
6
17,887
17,783
Cash at bank and in hand
26,345
32,885
--------
--------
44,232
50,668
Creditors: amounts falling due within one year
7
20,048
17,794
--------
--------
Net current assets
24,184
32,874
--------
--------
Total assets less current liabilities
34,160
44,820
Provisions
( 12)
70
--------
--------
Net assets
34,172
44,750
--------
--------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
34,171
44,749
--------
--------
Shareholders funds
34,172
44,750
--------
--------
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 income statement has not been delivered.
For the year ending 31st 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Big Old House Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 27 July 2022 , and are signed on behalf of the board by:
Miss R L Van Oudheusden
Director
Company registration number: 11035142
Big Old House Limited
Notes to the Financial Statements
Year ended 31st 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 81 Loscoe Road, Nottingham, NG5 2AP, England.
2. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Directors pensions
The company contributes to the director's private pension schemes. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £30,000 (2021: £Nil).
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.
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.
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:
Short leasehold property improvements
-
10% straight line
Office equipment
-
25% reducing balance
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.
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 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
4. Intangible assets
Goodwill
£
Cost
At 1st April 2021 and 31st March 2022
11,800
--------
Amortisation
At 1st April 2021
3,540
Charge for the year
1,180
--------
At 31st March 2022
4,720
--------
Carrying amount
At 31st March 2022
7,080
--------
At 31st March 2021
8,260
--------
5. Tangible assets
Short leasehold property improvements
Office equipment
Total
£
£
£
Cost
At 1st April 2021
2,260
3,715
5,975
Disposals
( 299)
( 299)
-------
-------
-------
At 31st March 2022
2,260
3,416
5,676
-------
-------
-------
Depreciation
At 1st April 2021
452
1,837
2,289
Charge for the year
226
438
664
Disposals
( 173)
( 173)
-------
-------
-------
At 31st March 2022
678
2,102
2,780
-------
-------
-------
Carrying amount
At 31st March 2022
1,582
1,314
2,896
-------
-------
-------
At 31st March 2021
1,808
1,878
3,686
-------
-------
-------
6. Debtors
2022
2021
£
£
Trade debtors
17,887
17,783
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
350
107
Corporation tax
5,292
7,662
Social security and other taxes
7,013
7,573
Other creditors
7,393
2,452
--------
--------
20,048
17,794
--------
--------
8. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Director's advances, credits and guarantees
At the statement of financial position date the company owed the director £6,968 (2021: £2,026). The director's loan is interest free, unsecured and repayable on demand.