1 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 60,000 16,500 1,500 18,000 42,000 43,500 xbrli:pure xbrli:shares iso4217:GBP 07086119 2021-04-01 2022-03-31 07086119 2022-03-31 07086119 2021-03-31 07086119 2020-04-01 2021-03-31 07086119 2021-03-31 07086119 bus:Director1 2021-04-01 2022-03-31 07086119 core:WithinOneYear 2022-03-31 07086119 core:WithinOneYear 2021-03-31 07086119 core:NetGoodwill 2021-03-31 07086119 core:NetGoodwill 2022-03-31 07086119 core:PlantMachinery 2021-03-31 07086119 core:FurnitureFittings 2021-03-31 07086119 core:MotorVehicles 2021-03-31 07086119 core:PlantMachinery 2022-03-31 07086119 core:FurnitureFittings 2022-03-31 07086119 core:MotorVehicles 2022-03-31 07086119 core:PlantMachinery 2021-04-01 2022-03-31 07086119 core:FurnitureFittings 2021-04-01 2022-03-31 07086119 core:MotorVehicles 2021-04-01 2022-03-31 07086119 core:AfterOneYear 2022-03-31 07086119 core:AfterOneYear 2021-03-31 07086119 core:ShareCapital 2022-03-31 07086119 core:ShareCapital 2021-03-31 07086119 core:RetainedEarningsAccumulatedLosses 2022-03-31 07086119 core:RetainedEarningsAccumulatedLosses 2021-03-31 07086119 core:NetGoodwill 2021-04-01 2022-03-31 07086119 core:NetGoodwill 2021-03-31 07086119 core:PlantMachinery 2021-03-31 07086119 core:FurnitureFittings 2021-03-31 07086119 core:MotorVehicles 2021-03-31 07086119 bus:SmallEntities 2021-04-01 2022-03-31 07086119 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 07086119 bus:FullAccounts 2021-04-01 2022-03-31 07086119 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 07086119 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31
COMPANY REGISTRATION NUMBER: 07086119
THURSTON FORGE AND PLANT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2022
THURSTON FORGE AND PLANT LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
42,000
43,500
Tangible assets
6
62,853
84,931
---------
---------
104,853
128,431
CURRENT ASSETS
Stocks
1,382
2,964
Debtors
7
20,841
14,257
Cash at bank and in hand
15,467
34,792
--------
--------
37,690
52,013
CREDITORS: amounts falling due within one year
8
110,418
150,853
---------
---------
NET CURRENT LIABILITIES
72,728
98,840
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
32,125
29,591
CREDITORS: amounts falling due after more than one year
9
24,066
21,185
PROVISIONS
Taxation including deferred tax
4,121
3,673
--------
--------
NET ASSETS
3,938
4,733
--------
--------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
3,937
4,732
-------
-------
SHAREHOLDERS FUNDS
3,938
4,733
-------
-------
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 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THURSTON FORGE AND PLANT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 5 August 2022 , and are signed on behalf of the board by:
D.J. Jackson
Director
Company registration number: 07086119
THURSTON FORGE AND PLANT LIMITED
NOTES TO THE 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 Thurston Forge, Myerscough Road, Mellor Brook, Blackburn, Lancashire, BB2 7LB.
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
(a) 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.
(b) Government grants
Government grants or assistance of a revenue nature are recognised in the same period as the related expenditure. Where the grant is for the purpose of giving immediate financial support with no future related costs the income is recognised in the period in which it becomes receivable.
(c) Revenue recognition
The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.
(d) Taxation
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.
(e) 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
-
2% per annum 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.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) 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:
Plant & Machinery
-
10% per annum reducing balance
Fixtures & Fittings
-
10% per annum reducing balance
Motor Vehicles
-
25% per annum straight line
Equipment
-
10% per annum reducing balance
(h) 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.
(i) 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.
(j) 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.
(k) Financial instruments
Basic financial instruments are recognised at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
60,000
--------
Amortisation
At 1 April 2021
16,500
Charge for the year
1,500
--------
At 31 March 2022
18,000
--------
Carrying amount
At 31 March 2022
42,000
--------
At 31 March 2021
43,500
--------
6. TANGIBLE ASSETS
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
14,656
449
97,000
4,574
116,679
Additions
2,795
620
3,415
--------
----
--------
-------
---------
At 31 March 2022
17,451
449
97,000
5,194
120,094
--------
----
--------
-------
---------
Depreciation
At 1 April 2021
7,078
21,875
2,795
31,748
Charge for the year
980
45
24,250
218
25,493
--------
----
--------
-------
---------
At 31 March 2022
8,058
45
46,125
3,013
57,241
--------
----
--------
-------
---------
Carrying amount
At 31 March 2022
9,393
404
50,875
2,181
62,853
--------
----
--------
-------
---------
At 31 March 2021
7,578
449
75,125
1,779
84,931
--------
----
--------
-------
---------
7. DEBTORS
2022
2021
£
£
Trade debtors
16,798
12,245
Prepayments and accrued income
4,043
2,012
--------
--------
20,841
14,257
--------
--------
8. CREDITORS: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
5,000
25,000
Trade creditors
2,827
4,094
Accruals and deferred income
1,468
1,118
Social security and other taxes
4,399
5,242
Obligations under finance leases and hire purchase contracts
13,348
13,383
Director loan accounts
45,238
47,041
Other creditors
38,138
54,975
---------
---------
110,418
150,853
---------
---------
Obligations under finance leases and hire purchase contracts are secured.
9. CREDITORS: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
16,250
Obligations under finance leases and hire purchase contracts
7,816
21,185
--------
--------
24,066
21,185
--------
--------
Obligations under finance leases and hire purchase contracts are secured.
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102 Section 1A.
11. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under the provisions of FRS 102 Section 1A.