Contents of the Financial Statements
for the Period Ended 31 December 2021
Balance sheet
As at 31 December 2021
| Notes | 2021 | 2020 |
| | £ | £ |
Fixed assets |
Tangible assets: | 3 | 5,779 | 4,593 |
Investments: | 4 | 1,223,095 | 1,223,095 |
Total fixed assets: | | 1,228,874 | 1,227,688 |
Current assets |
Debtors: | 5 | 557,424 | 620,254 |
Cash at bank and in hand: | | 26,046 | 15,578 |
Total current assets: | | 583,470 | 635,832 |
Creditors: amounts falling due within one year: | 6 | (1,435) | (3,006) |
Net current assets (liabilities): | | 582,035 | 632,826 |
Total assets less current liabilities: | | 1,810,909 | 1,860,514 |
Creditors: amounts falling due after more than one year: | | 0 | 0 |
Total net assets (liabilities): | | 1,810,909 | 1,860,514 |
Capital and reserves |
Called up share capital: | | 200 | 200 |
Profit and loss account: | | 1,810,709 | 1,860,314 |
Shareholders funds: | | 1,810,909 | 1,860,514 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 09 September 2022
and signed on behalf of the board by:
Name: Robert Lyle
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2021
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
Revenue from the sale of goods is recognised when all the following conditions are satisfied:- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the services provided;- the amount of revenue can be measured reliably;- it is probably that the economic benefits associated with the transaction will flow to the company; and- the costs incurred or to be incurred in respect of the transition can be measured reliably.Tangible fixed assets and depreciation policy
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful economic lives as follows:- Fixtures and fittings - 5 yearsAt each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order todetermine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.Intangible fixed assets and amortisation policy
Purchased goodwill (representing the excess of the fair value of the consideration given over the fair value of the separable net assets acquired) arising on consolidation is capitalised. Positive goodwill is amortised to nil by equal annual instalments over its estimated useful life. Negative goodwill arising on consolidation is included within fixed assets and released to the profit and loss account in the periods in which the fair values of the non-monetary assets purchased on the same acquisition are recovered, whether through depreciation or sale. On the subsequent disposal or termination of a business, the profit or loss on disposal or termination is calculated after charging/crediting the unnoticed amount of any related goodwill/negative goodwill. In the company's financial statements, investments in subsidiary undertakings, associates and joint ventures are stated at cost less impairment. Intangible fixed assets purchased separately from a business are capitalised at their cost. Intangible assets acquired as part of an acquisition are capitalised at their fair value where this can be measured reliably. Concessions, franchises, patents, licences and trademarks purchased by the company are amortised to nil by equal annual instalments over their useful economic lives, generally their respective unexpired periods.Valuation and information policy
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account. The assets and liabilities and profit and loss accounts of overseas subsidiary undertakings arc translated using the temporal method. Gains and losses arising on these translations are recorded within other comprehensive income.Other accounting policies
Foreign currenciesTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account. The assets and liabilities and profit and loss accounts of overseas subsidiary undertakings arc translated using the temporal method. Gains and losses arising on these translations are recorded within other comprehensive income. LeasesLease assets acquired under finance leases are capitalised and the outstanding future lease obligations are shown in creditors. Operating lease rentals are charged to the profit and loss account on a straight-line basis over the period of the lease. Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected lax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Post-retirement benefitsThe Group and company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period. DebtorsBasic financial and other debtors are recognised initially at transaction price less attributable transaction costs. CreditorsTrade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. InvestmentsInvestments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in profit or loss. Other investments are measured at cost less impairment in profit or loss. Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Notes to the Financial Statements
for the Period Ended 31 December 2021
2. Employees
| 2021 | 2020 |
Average number of employees during the period | 9 | 9 |
Notes to the Financial Statements
for the Period Ended 31 December 2021
3. Tangible Assets
| Total |
Cost | £ |
At 01 January 2021 | 132,837 |
Additions | 6,298 |
Disposals | (125,641) |
At 31 December 2021 | 13,494 |
Depreciation | |
At 01 January 2021 | 128,244 |
Charge for year | 5,152 |
On disposals | (125,681) |
At 31 December 2021 | 7,715 |
Net book value | |
At 31 December 2021 | 5,779 |
At 31 December 2020 | 4,593 |
Notes to the Financial Statements
for the Period Ended 31 December 2021
4. Fixed investments
Cost: At the beginning of period £1,300,618 Additions £0 At the end of period £1,300,618 Impairment: At the beginning of period (£77,523)Charge for the year £0 At the end of period (£77,523)Net book value: At 31 December 2021 £1,223,095 At 31 December 2020 £1,223,095
Notes to the Financial Statements
for the Period Ended 31 December 2021
5. Debtors
Amounts owed by group undertakings £547,505 Other debtors £9,919 TOTAL 2021: £557,424
Notes to the Financial Statements
for the Period Ended 31 December 2021
6. Creditors: amounts falling due within one year note
Other creditors £1,435 TOTAL 2021: £1,435
Notes to the Financial Statements
for the Period Ended 31 December 2021
7. Related party transactions
All significant related party transactions are intercompany.