(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Suite 22 2nd Floor Winsor and amp; Newton Building, Whitefriars Avenue, Harrow and amp; Wealdstone, United Kingdom, HA3 5RN. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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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. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Rendering of Services
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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. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Interest income
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Interest income is recognised using the effective interest method. |
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Borrowing costs
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All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | | Equipment | 33% straight line | Motor Cars | |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Employee benefits
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Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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(4) Critical accounting judgements and key sources of estimation uncertainty
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No judgement
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No significant judgements or estimates have been made in preparation of these financial statements. |
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(5) Employees
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During the year, the average number of employees including director was 2 (2022 : 2). |
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(6) Fixed assets
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| Tangible £ | Cost | | As at 01 February 2022 | 4,747 | As at 31 January 2023 | 4,747 | Depreciation/Amortisation | | As at 01 February 2022 | 2,262 | For the year | 1,922 | As at 31 January 2023 | 4,184 | Net book value | | As at 31 January 2023 | 563 | As at 31 January 2022 | 2,485 |
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(7) Directors advances, credit and guarantees
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During the year the company made an advance of £49,685 to a director of the company. The balance was fully repaid on 31 July 2023. The closing balance at the year-end is £49.685.
Terms of loans:- The loan is repayable on demand, and the company has charged HMRC's official rate of interest towards the outstanding loan. |
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