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No description of principal activity
2021-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
11294942
2021-04-01
2022-03-31
11294942
2022-03-31
11294942
2021-03-31
11294942
2020-04-01
2021-03-31
11294942
2021-03-31
11294942
core:PlantMachinery
2021-04-01
2022-03-31
11294942
core:MotorVehicles
2021-04-01
2022-03-31
11294942
bus:Director1
2021-04-01
2022-03-31
11294942
core:PlantMachinery
2021-03-31
11294942
core:MotorVehicles
2021-03-31
11294942
core:PlantMachinery
2022-03-31
11294942
core:MotorVehicles
2022-03-31
11294942
core:WithinOneYear
2022-03-31
11294942
core:WithinOneYear
2021-03-31
11294942
core:AfterOneYear
2022-03-31
11294942
core:AfterOneYear
2021-03-31
11294942
core:ShareCapital
2022-03-31
11294942
core:ShareCapital
2021-03-31
11294942
core:RetainedEarningsAccumulatedLosses
2022-03-31
11294942
core:RetainedEarningsAccumulatedLosses
2021-03-31
11294942
core:PlantMachinery
2021-03-31
11294942
core:MotorVehicles
2021-03-31
11294942
bus:SmallEntities
2021-04-01
2022-03-31
11294942
bus:AuditExemptWithAccountantsReport
2021-04-01
2022-03-31
11294942
bus:FullAccounts
2021-04-01
2022-03-31
11294942
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
11294942
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
COMPANY REGISTRATION NUMBER:
11294942
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2022
Fixed assets
Tangible assets |
5 |
31,503 |
34,345 |
|
|
|
|
Current assets
Debtors |
6 |
39,744 |
4,709 |
Cash at bank and in hand |
8,591 |
1,656 |
|
-------- |
------- |
|
48,335 |
6,365 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
33,056 |
32,101 |
|
-------- |
-------- |
Net current assets/(liabilities) |
15,279 |
(
25,736) |
|
-------- |
-------- |
Total assets less current liabilities |
46,782 |
8,609 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
12,776 |
16,902 |
|
|
|
|
Provisions |
5,631 |
(
2,197) |
|
-------- |
-------- |
Net assets/(liabilities) |
28,375 |
(
6,096) |
|
-------- |
-------- |
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Profit and loss account |
28,374 |
(
6,097) |
|
-------- |
------- |
Shareholder funds/(deficit) |
28,375 |
(
6,096) |
|
-------- |
------- |
|
|
|
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 member has 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
.
Statement of Financial Position (continued) |
|
31 March 2022
These financial statements were approved by the
board of directors
and authorised for issue on
8 September 2022
, and are signed on behalf of the board by:
Company registration number:
11294942
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 14 Epsom Way, Wrexham, LL13 0LZ, Wales.
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.
Going concern
The accounts have been prepared on a going concern basis. The director considers this basis to be appropriate because of the continuing financial support provided by the director, and the steps he has taken to improve the trading position.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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.
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 |
- |
15% reducing balance |
|
Motor vehicles |
- |
10% reducing balance |
|
|
|
|
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 - covid 19
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.
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 following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trande creditors and directors loans. Director loans (being repyable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2021:
1
).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2021 |
17,738 |
26,435 |
44,173 |
Additions |
1,451 |
– |
1,451 |
|
-------- |
-------- |
-------- |
At 31 March 2022 |
19,189 |
26,435 |
45,624 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 April 2021 |
4,923 |
4,905 |
9,828 |
Charge for the year |
2,140 |
2,153 |
4,293 |
|
-------- |
-------- |
-------- |
At 31 March 2022 |
7,063 |
7,058 |
14,121 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 March 2022 |
12,126 |
19,377 |
31,503 |
|
-------- |
-------- |
-------- |
At 31 March 2021 |
12,815 |
21,530 |
34,345 |
|
-------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
28,479 |
1,104 |
Other debtors |
11,265 |
3,605 |
|
-------- |
------- |
|
39,744 |
4,709 |
|
-------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Social security and other taxes |
6,686 |
1,476 |
Other creditors |
26,370 |
30,625 |
|
-------- |
-------- |
|
33,056 |
32,101 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Other creditors |
12,776 |
16,902 |
|
-------- |
-------- |
|
|
|
9.
Director's advances, credits and guarantees
The director operated a loan account with the company in the year, the opening balance of which was £24,158 (2021 £18,208) and the closing balance at the year end was £21,451 in credit (2021 24,158 in credit). The loan is interest free and repayable upon demand.
10.
Related party transactions
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 33 other than the operation of a directors' loan account. The balance on this account is disclosed in the notes.