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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
14,267
6,769
1,874
8,643
5,624
7,498
xbrli:pure
xbrli:shares
iso4217:GBP
06678926
2022-04-01
2023-03-31
06678926
2023-03-31
06678926
2022-03-31
06678926
2021-04-01
2022-03-31
06678926
2022-03-31
06678926
core:PlantMachinery
2022-04-01
2023-03-31
06678926
bus:Director2
2022-04-01
2023-03-31
06678926
core:PlantMachinery
2022-03-31
06678926
core:PlantMachinery
2023-03-31
06678926
core:WithinOneYear
2023-03-31
06678926
core:WithinOneYear
2022-03-31
06678926
core:AfterOneYear
2023-03-31
06678926
core:AfterOneYear
2022-03-31
06678926
core:ShareCapital
2023-03-31
06678926
core:ShareCapital
2022-03-31
06678926
core:CapitalRedemptionReserve
2023-03-31
06678926
core:CapitalRedemptionReserve
2022-03-31
06678926
core:RetainedEarningsAccumulatedLosses
2023-03-31
06678926
core:RetainedEarningsAccumulatedLosses
2022-03-31
06678926
core:PlantMachinery
2022-03-31
06678926
bus:SmallEntities
2022-04-01
2023-03-31
06678926
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
06678926
bus:FullAccounts
2022-04-01
2023-03-31
06678926
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
06678926
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
06678926
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
|
5,624 |
7,498 |
|
|
|
|
|
Current assets
Debtors |
6 |
339,691 |
|
437,724 |
Cash at bank and in hand |
33,760 |
|
35,338 |
|
----------- |
|
----------- |
|
373,451 |
|
473,062 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
198,268 |
|
338,202 |
|
----------- |
|
----------- |
Net current assets |
|
175,183 |
134,860 |
|
|
----------- |
----------- |
Total assets less current liabilities |
|
180,807 |
142,358 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
34,815 |
40,836 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
1,068 |
1,425 |
|
|
----------- |
----------- |
Net assets |
|
144,924 |
100,097 |
|
|
----------- |
----------- |
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2023
Capital and reserves
Called up share capital |
|
60 |
60 |
Capital redemption reserve |
|
40 |
40 |
Profit and loss account |
|
144,824 |
99,997 |
|
|
----------- |
----------- |
Shareholders funds |
|
144,924 |
100,097 |
|
|
----------- |
----------- |
|
|
|
|
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 2023 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
26 September 2023
, and are signed on behalf of the board by:
Company registration number:
06678926
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Red Brick House, Back Lane, Brattleby, Lincoln, LN1 2SQ, England.
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
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. The only exception is that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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 |
- |
25% 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 cashgenerating 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.
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.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tangible assets
|
Plant and machinery |
Total |
|
£ |
£ |
Cost |
|
|
At 1 April 2022 and 31 March 2023 |
14,267 |
14,267 |
|
--------- |
--------- |
Depreciation |
|
|
At 1 April 2022 |
6,769 |
6,769 |
Charge for the year |
1,874 |
1,874 |
|
--------- |
--------- |
At 31 March 2023 |
8,643 |
8,643 |
|
--------- |
--------- |
Carrying amount |
|
|
At 31 March 2023 |
5,624 |
5,624 |
|
--------- |
--------- |
At 31 March 2022 |
7,498 |
7,498 |
|
--------- |
--------- |
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
339,691 |
437,724 |
|
----------- |
----------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
5,865 |
5,399 |
Trade creditors |
– |
3,935 |
Corporation tax |
77,313 |
50,639 |
Social security and other taxes |
274 |
3,219 |
Other creditors |
114,816 |
275,010 |
|
----------- |
----------- |
|
198,268 |
338,202 |
|
----------- |
----------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
34,815 |
40,836 |
|
--------- |
--------- |
|
|
|
9.
Director's advances, credits and guarantees
During the year the director operated a loan account with the company. At the year end the loan account was overdrawn by £238,444 (2022: £255,804). The loan is repayable on demand and interest is charged on outstanding balances at 3% per annum.
10.
Related party transactions
The company was under the control of
C Kimbrell
throughout the current and previous period. C Kimbrell
is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102.