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COMPANY REGISTRATION NUMBER: 11218503
Restore AH Limited
Unaudited Financial Statements
28 February 2022
Restore AH Limited
Financial Statements
Year ended 28 February 2022
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
Restore AH Limited
Director's Report
Year ended 28 February 2022
The director presents her report and the unaudited financial statements of the company for the year ended 28 February 2022 .
Director
The director who served the company during the year was as follows:
Miss A Haynes
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 September 2022 and signed on behalf of the board by:
Miss A Haynes
Director
Registered office:
77b High Street
Fareham
Hants
PO16 7AW
Restore AH Limited
Statement of Income and Retained Earnings
Year ended 28 February 2022
2022
2021
Note
£
£
Turnover
83,359
51,608
Cost of sales
60,983
48,806
--------
--------
Gross profit
22,376
2,802
Distribution costs
669
172
Administrative expenses
28,868
22,308
--------
--------
Operating loss
( 7,161)
( 19,678)
Other interest receivable and similar income
1
Interest payable and similar expenses
863
705
--------
--------
Loss before taxation
5
( 8,024)
( 20,382)
Tax on loss
-------
--------
Loss for the financial year and total comprehensive income
( 8,024)
( 20,382)
-------
--------
Retained losses at the start of the year
( 31,729)
( 11,347)
--------
--------
Retained losses at the end of the year
( 39,753)
( 31,729)
--------
--------
All the activities of the company are from continuing operations.
Restore AH Limited
Statement of Financial Position
28 February 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
6
9,000
18,000
Tangible assets
7
6,218
3,239
--------
--------
15,218
21,239
Current assets
Stocks
1,064
947
Debtors
8
452
1,160
Cash at bank and in hand
2,849
4,970
-------
-------
4,365
7,077
Creditors: amounts falling due within one year
9
37,539
36,495
--------
--------
Net current liabilities
33,174
29,418
--------
--------
Total assets less current liabilities
( 17,956)
( 8,179)
Creditors: amounts falling due after more than one year
10
21,796
23,549
--------
--------
Net liabilities
( 39,752)
( 31,728)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 39,753)
( 31,729)
--------
--------
Shareholders deficit
( 39,752)
( 31,728)
--------
--------
These financial statements have been prepared 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'.
For the year ending 28 February 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 .
Restore AH Limited
Statement of Financial Position (continued)
28 February 2022
These financial statements were approved by the board of directors and authorised for issue on 12 September 2022 , and are signed on behalf of the board by:
Miss A Haynes
Director
Company registration number: 11218503
Restore AH Limited
Notes to the Financial Statements
Year ended 28 February 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 77b High Street, Fareham, Hants, PO16 7AW.
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, 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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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
-
20% 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:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2022
2021
£
£
Amortisation of intangible assets
9,000
9,000
Depreciation of tangible assets
2,013
1,291
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 March 2021 and 28 February 2022
45,000
--------
Amortisation
At 1 March 2021
27,000
Charge for the year
9,000
--------
At 28 February 2022
36,000
--------
Carrying amount
At 28 February 2022
9,000
--------
At 28 February 2021
18,000
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2021
4,754
2,608
7,362
Additions
4,992
4,992
-------
-------
--------
At 28 February 2022
4,754
7,600
12,354
-------
-------
--------
Depreciation
At 1 March 2021
2,820
1,303
4,123
Charge for the year
644
1,369
2,013
-------
-------
--------
At 28 February 2022
3,464
2,672
6,136
-------
-------
--------
Carrying amount
At 28 February 2022
1,290
4,928
6,218
-------
-------
--------
At 28 February 2021
1,934
1,305
3,239
-------
-------
--------
8. Debtors
2022
2021
£
£
Trade debtors
452
452
Other debtors
708
----
-------
452
1,160
----
-------
9. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
174
1,624
Social security and other taxes
469
294
Other creditors
36,896
34,577
--------
--------
37,539
36,495
--------
--------
10. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
17,000
20,000
Trade creditors
4,796
3,549
--------
--------
21,796
23,549
--------
--------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Miss A Haynes
----
----
----
2021
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Miss A Haynes
( 30,301)
( 1,956)
( 32,257)
--------
-------
--------