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20 September 2023
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Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
03847348
2022-04-01
2023-03-31
03847348
2023-03-31
03847348
2022-03-31
03847348
2021-04-01
2022-03-31
03847348
2022-03-31
03847348
core:PlantMachinery
2022-04-01
2023-03-31
03847348
core:FurnitureFittings
2022-04-01
2023-03-31
03847348
core:MotorVehicles
2022-04-01
2023-03-31
03847348
bus:Director3
2022-04-01
2023-03-31
03847348
bus:Director4
2022-04-01
2023-03-31
03847348
core:PlantMachinery
2022-03-31
03847348
core:FurnitureFittings
2022-03-31
03847348
core:MotorVehicles
2022-03-31
03847348
core:PlantMachinery
2023-03-31
03847348
core:FurnitureFittings
2023-03-31
03847348
core:MotorVehicles
2023-03-31
03847348
core:WithinOneYear
2023-03-31
03847348
core:WithinOneYear
2022-03-31
03847348
core:AfterOneYear
2023-03-31
03847348
core:AfterOneYear
2022-03-31
03847348
core:ShareCapital
2023-03-31
03847348
core:ShareCapital
2022-03-31
03847348
core:SharePremium
2023-03-31
03847348
core:SharePremium
2022-03-31
03847348
core:RetainedEarningsAccumulatedLosses
2023-03-31
03847348
core:RetainedEarningsAccumulatedLosses
2022-03-31
03847348
core:PlantMachinery
2022-03-31
03847348
core:FurnitureFittings
2022-03-31
03847348
core:MotorVehicles
2022-03-31
03847348
bus:SmallEntities
2022-04-01
2023-03-31
03847348
bus:Audited
2022-04-01
2023-03-31
03847348
bus:FullAccounts
2022-04-01
2023-03-31
03847348
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
03847348
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
03847348
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
|
36,407 |
9,523 |
|
|
|
|
|
Current assets
Work in progress |
61,626 |
|
– |
Debtors |
6 |
553,778 |
|
248,180 |
Cash at bank and in hand |
119,730 |
|
750,622 |
|
--------- |
|
--------- |
|
735,134 |
|
998,802 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
610,790) |
|
(
518,674) |
|
--------- |
|
--------- |
Net current assets |
|
124,344 |
480,128 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
160,751 |
489,651 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
(
86,667) |
(
126,667) |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
6,918) |
(
1,564) |
|
|
--------- |
--------- |
Net assets |
|
67,166 |
361,420 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
156 |
156 |
Share premium account |
|
99,870 |
99,870 |
Profit and loss account |
|
(
32,860) |
261,394 |
|
|
-------- |
--------- |
Shareholders funds |
|
67,166 |
361,420 |
|
|
-------- |
--------- |
|
|
|
|
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2023
, and are signed on behalf of the board by:
F Macmillan |
V Beacham |
Director |
Director |
|
|
Company registration number:
03847348
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 5 Godalming Business Centre, Woolsack Way, Godalming Surrey GU7 1XW. The principal place of business is Terminal House, Station Approach, Shepperton, Middlesex, TW17 8AS.
The principal activity of the company is the provision of commercial building services including interior design, refurbishment and facilities management
.
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 set out in the accounting policies below. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have made appropriate enquiries and having reviewed the company's forecasts and projections, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its obligations and settle its liabilities as they fall due for payment (at least 12 months from the date the accounts are approved and signed). The company therefore continues to adopt the going concern basis in preparing the company financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from construction contracts includes the amount agreed in the initial contract, plus revenue from alterations in the original contract work. Revenue in respect of construction contracts are recognised by reference to the stage of completion of the contract.
Income tax
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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 |
- |
25% reducing balance |
|
Fixtures & Fittings |
- |
25% reducing balance |
|
Motor Vehicles |
- |
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.
Trade debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment for bad and doubtful debts.
Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts.
Work in progress
Work in progress on long-term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract.
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. Government grants are recognised using the accrual 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 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
12
(2022:
11
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 April 2022 |
2,950 |
112,596 |
15,421 |
130,967 |
Additions |
– |
5,867 |
26,211 |
32,078 |
Disposals |
– |
– |
(
15,004) |
(
15,004) |
|
------- |
--------- |
-------- |
--------- |
At 31 March 2023 |
2,950 |
118,463 |
26,628 |
148,041 |
|
------- |
--------- |
-------- |
--------- |
Depreciation |
|
|
|
|
At 1 April 2022 |
2,390 |
105,342 |
13,712 |
121,444 |
Charge for the year |
140 |
2,688 |
1,506 |
4,334 |
Disposals |
– |
– |
(
14,144) |
(
14,144) |
|
------- |
--------- |
-------- |
--------- |
At 31 March 2023 |
2,530 |
108,030 |
1,074 |
111,634 |
|
------- |
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
At 31 March 2023 |
420 |
10,433 |
25,554 |
36,407 |
|
------- |
--------- |
-------- |
--------- |
At 31 March 2022 |
560 |
7,254 |
1,709 |
9,523 |
|
------- |
--------- |
-------- |
--------- |
|
|
|
|
|
Capital commitments
|
2023 |
2022 |
|
£ |
£ |
Contracted for but not provided for in the financial statements |
– |
31,337 |
|
---- |
-------- |
|
|
|
In the prior year before 31st March 2022 an agreement was entered in to purchase a new van worth £31,887. A deposit of £500 was paid on 8 March 2022. The balance of £31,387 less VAT claimed has been recognised as an addition in the year upon delivery of the van in January 2023.
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
440,129 |
205,023 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
52,428 |
– |
Other debtors |
61,221 |
43,157 |
|
--------- |
--------- |
|
553,778 |
248,180 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
40,000 |
40,000 |
Trade creditors |
309,238 |
187,666 |
Corporation tax |
– |
19,798 |
Social security and other taxes |
145,948 |
107,352 |
Other creditors |
115,604 |
163,858 |
|
--------- |
--------- |
|
610,790 |
518,674 |
|
--------- |
--------- |
|
|
|
A debenture dated 29 November 2011 secures a fixed and floating charge over all current and future assets of the company in favour of Shawbrook Bank Limited.
A second charge dated 7 October 2022 secures a fixed and floating charge over all current and future assets of the company in favour of Dawn Walker, John Ponti and Nigel Baxter.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
86,667 |
126,667 |
|
-------- |
--------- |
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
8,925 |
10,196 |
|
------- |
-------- |
|
|
|
10.
Summary audit opinion
The auditor's report for the year dated
20 September 2023
was
unqualified
.
The senior statutory auditor was
Stephen Foster
, for and on behalf of
Shipleys LLP
.
11.
Related party transactions
As a wholly owned subsidiary of PW Holdings Surrey Limited, the company has taken advantage of the disclosure exemption available under Financial Reporting Standard 102 in respect of transactions with other group companies. PW Holdings Surrey Limited is registered at 1 Godalming Business Centre, Woolsack Way, Godalming, Surrey, United Kingdom, GU7 1XW.
12.
Controlling party
The company is a 100% subsidiary of PW Holdings Surrey Limited.