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No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
100
100
100
xbrli:pure
xbrli:shares
iso4217:GBP
02695474
2021-01-01
2021-12-31
02695474
2021-12-31
02695474
2020-12-31
02695474
2020-01-01
2020-12-31
02695474
2020-12-31
02695474
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-01-01
2021-12-31
02695474
core:PlantMachinery
2021-01-01
2021-12-31
02695474
core:FurnitureFittings
2021-01-01
2021-12-31
02695474
core:MotorVehicles
2021-01-01
2021-12-31
02695474
bus:Director3
2021-01-01
2021-12-31
02695474
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-31
02695474
core:PlantMachinery
2020-12-31
02695474
core:FurnitureFittings
2020-12-31
02695474
core:MotorVehicles
2020-12-31
02695474
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-12-31
02695474
core:PlantMachinery
2021-12-31
02695474
core:FurnitureFittings
2021-12-31
02695474
core:MotorVehicles
2021-12-31
02695474
core:WithinOneYear
2021-12-31
02695474
core:WithinOneYear
2020-12-31
02695474
core:AfterOneYear
2021-12-31
02695474
core:AfterOneYear
2020-12-31
02695474
core:ShareCapital
2021-12-31
02695474
core:ShareCapital
2020-12-31
02695474
core:SharePremium
2021-12-31
02695474
core:SharePremium
2020-12-31
02695474
core:RetainedEarningsAccumulatedLosses
2021-12-31
02695474
core:RetainedEarningsAccumulatedLosses
2020-12-31
02695474
core:CostValuation
core:Non-currentFinancialInstruments
2021-12-31
02695474
core:Non-currentFinancialInstruments
2021-12-31
02695474
core:Non-currentFinancialInstruments
2020-12-31
02695474
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-31
02695474
core:FurnitureFittings
2020-12-31
02695474
core:MotorVehicles
2020-12-31
02695474
bus:SmallEntities
2021-01-01
2021-12-31
02695474
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
02695474
bus:FullAccounts
2021-01-01
2021-12-31
02695474
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
02695474
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
COMPANY REGISTRATION NUMBER:
02695474
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2021
Fixed assets
Tangible assets |
4 |
|
86,850 |
80,785 |
Investments |
5 |
|
100 |
100 |
|
|
------- |
------- |
|
|
86,950 |
80,885 |
|
|
|
|
|
Current assets
Stocks |
170,049 |
|
201,390 |
Debtors |
6 |
256,152 |
|
68,572 |
Cash at bank and in hand |
118,620 |
|
235,657 |
|
-------- |
|
-------- |
|
544,821 |
|
505,619 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
283,651 |
|
190,464 |
|
-------- |
|
-------- |
Net current assets |
|
261,170 |
315,155 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
348,120 |
396,040 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
165,412 |
291,856 |
|
|
|
|
|
Provisions |
|
13,599 |
11,810 |
|
|
-------- |
-------- |
Net assets |
|
169,109 |
92,374 |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
110 |
110 |
Share premium account |
|
200 |
200 |
Profit and loss account |
|
168,799 |
92,064 |
|
|
-------- |
------- |
Shareholders funds |
|
169,109 |
92,374 |
|
|
-------- |
------- |
|
|
|
|
|
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 31 December 2021 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 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 financial statements
.
Statement of Financial Position (continued) |
|
31 December 2021
These financial statements were approved by the
board of directors
and authorised for issue on
16 June 2022
, and are signed on behalf of the board by:
Company registration number:
02695474
Notes to the Financial Statements |
|
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, incorporated and registered in England and Wales with company number
02695474
. The address of the registered office is 143-149 Bath Road, Kettering, Northants, NN16 8NE.
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 company and rounded to the nearest £.
Consolidation
The company has taken advantage of the option not to prepare consolidated 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.
Judgements in applying accounting policies and key sources of estimation in uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
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.
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:
|
Freehold Property |
- |
15% straight line |
|
License Fees |
- |
10% straight line |
|
Office Equipment |
- |
25% reducing balance |
|
Motor Vehicles |
- |
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the 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.
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
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
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.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2020:
16
).
4.
Tangible assets
|
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2021 |
45,000 |
1,000 |
72,032 |
67,245 |
185,277 |
Additions |
– |
– |
– |
23,000 |
23,000 |
|
------- |
------ |
------- |
------- |
-------- |
At 31 December 2021 |
45,000 |
1,000 |
72,032 |
90,245 |
208,277 |
|
------- |
------ |
------- |
------- |
-------- |
Depreciation |
|
|
|
|
|
At 1 January 2021 |
16,546 |
1,000 |
49,470 |
37,476 |
104,492 |
Charge for the year |
4,050 |
– |
5,443 |
7,442 |
16,935 |
|
------- |
------ |
------- |
------- |
-------- |
At 31 December 2021 |
20,596 |
1,000 |
54,913 |
44,918 |
121,427 |
|
------- |
------ |
------- |
------- |
-------- |
Carrying amount |
|
|
|
|
|
At 31 December 2021 |
24,404 |
– |
17,119 |
45,327 |
86,850 |
|
------- |
------ |
------- |
------- |
-------- |
At 31 December 2020 |
28,454 |
– |
22,562 |
29,769 |
80,785 |
|
------- |
------ |
------- |
------- |
-------- |
|
|
|
|
|
|
Tangible assets held at valuation
The properties have been purchased over a number of years. The fair value of the properties at 31st December 2021 has been arrived at on the basis of a valuation carried out at that date by Mr Taylor, a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location. The historic cost of the investment properties was £42,015 (2020: £42,015)
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2021 and 31 December 2021 |
100 |
|
---- |
Impairment |
|
At 1 January 2021 and 31 December 2021 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2021 |
100 |
|
---- |
At 31 December 2020 |
100 |
|
---- |
|
|
The company owns 100% of the share capital of Flomatic Rentals Limited. The company is listed at cost as it is entirely dependent upon trade with
Renovate Limited
. Flomatic Rentals Limited ceased to trade on 31 December 2020 and was dissolved on 1 February 2022.
6.
Debtors
|
2021 |
2020 |
|
£ |
£ |
Trade debtors |
195,366 |
58,446 |
Other debtors |
60,786 |
10,126 |
|
-------- |
------- |
|
256,152 |
68,572 |
|
-------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Bank loans and overdrafts |
28,000 |
– |
Trade creditors |
132,962 |
141,370 |
Social security and other taxes |
58,716 |
31,584 |
Other creditors |
63,973 |
17,510 |
|
-------- |
-------- |
|
283,651 |
190,464 |
|
-------- |
-------- |
|
|
|
Lloyds TSB bank hold a charge over the company's property and undertakings dated 25 November 2020.
8.
Creditors:
amounts falling due after more than one year
|
2021 |
2020 |
|
£ |
£ |
Bank loans and overdrafts |
112,000 |
140,000 |
Other creditors |
53,412 |
151,856 |
|
-------- |
-------- |
|
165,412 |
291,856 |
|
-------- |
-------- |
|
|
|
9.
Called up share capital
|
|
2021 |
|
2020 |
|
|
|
|
£ |
|
£ |
|
Ordinary Shares £0.10 each |
1,000 |
100 |
1,000 |
100 |
|
Ordinary A1 shares of £0.10 each |
32 |
3 |
32 |
3 |
|
Ordinary A2 shares of £0.10 each |
17 |
2 |
17 |
2 |
|
Ordinary A3 shares of £0.10 each |
17 |
2 |
17 |
2 |
|
Ordinary A4 shares of £0.10 each |
17 |
2 |
17 |
2 |
|
Ordinary A5 shares of £0.10 each |
17 |
2 |
17 |
2 |
|
Ordinary B shares of £0.10 each |
1 |
– |
1 |
– |
|
Ordinary C shares of £0.10 each |
1 |
– |
1 |
– |
|
|
------ |
---- |
------ |
---- |
|
|
1,102 |
110 |
1,102 |
110 |
|
|
------ |
---- |
------ |
---- |
|
|
|
|
|
|
10.
Directors' advances, credits and guarantees
At the reporting date the directors loan account was in credit by £225 (2020: £225). There is no fixed term for repayment and no interest is charged.
11.
Controlling party
The ultimate parent company is Flomatic Holdings Limited, a company registered in England and Wales.