10
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
30,080
6,460
6,016
12,476
17,604
23,620
8,696
8,696
8,696
xbrli:pure
xbrli:shares
iso4217:GBP
SC365651
2022-07-01
2023-06-30
SC365651
2023-06-30
SC365651
2022-06-30
SC365651
2021-07-01
2022-06-30
SC365651
2022-06-30
SC365651
2021-06-30
SC365651
bus:OrdinaryShareClass1
2022-07-01
2023-06-30
SC365651
bus:Director1
2022-07-01
2023-06-30
SC365651
core:WithinOneYear
2023-06-30
SC365651
core:WithinOneYear
2022-06-30
SC365651
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-06-30
SC365651
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-06-30
SC365651
core:PlantMachinery
2022-06-30
SC365651
core:FurnitureFittings
2022-06-30
SC365651
core:PlantMachinery
2023-06-30
SC365651
core:FurnitureFittings
2023-06-30
SC365651
core:ShareCapital
2023-06-30
SC365651
core:ShareCapital
2022-06-30
SC365651
core:SharePremium
2023-06-30
SC365651
core:SharePremium
2022-06-30
SC365651
core:RetainedEarningsAccumulatedLosses
2023-06-30
SC365651
core:RetainedEarningsAccumulatedLosses
2022-06-30
SC365651
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-07-01
2023-06-30
SC365651
core:PlantMachinery
2022-07-01
2023-06-30
SC365651
core:FurnitureFittings
2022-07-01
2023-06-30
SC365651
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-06-30
SC365651
core:CostValuation
core:Non-currentFinancialInstruments
2023-06-30
SC365651
core:Non-currentFinancialInstruments
2023-06-30
SC365651
core:Non-currentFinancialInstruments
2022-06-30
SC365651
core:PlantMachinery
2022-06-30
SC365651
core:FurnitureFittings
2022-06-30
SC365651
bus:SmallEntities
2022-07-01
2023-06-30
SC365651
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
SC365651
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
SC365651
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
SC365651
bus:FullAccounts
2022-07-01
2023-06-30
SC365651
bus:OrdinaryShareClass1
2023-06-30
SC365651
bus:OrdinaryShareClass1
2022-06-30
COMPANY REGISTRATION NUMBER:
SC365651
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Intangible assets |
6 |
|
17,604 |
23,620 |
Tangible assets |
7 |
|
13,615 |
28,447 |
Investments |
8 |
|
8,696 |
8,696 |
|
|
-------- |
-------- |
|
|
39,915 |
60,763 |
|
|
|
|
|
Current assets
Stocks |
4,929 |
|
4,705 |
Debtors |
9 |
82,090 |
|
57,650 |
Cash at bank and in hand |
271,663 |
|
333,595 |
|
--------- |
|
--------- |
|
358,682 |
|
395,950 |
|
|
|
|
|
Creditors: amounts falling due within one year |
10 |
155,856 |
|
175,107 |
|
--------- |
|
--------- |
Net current assets |
|
202,826 |
220,843 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
242,741 |
281,606 |
|
|
--------- |
--------- |
Net assets |
|
242,741 |
281,606 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
11 |
|
477 |
477 |
Share premium account |
|
948,458 |
948,458 |
Profit and loss account |
|
(
706,194) |
(
667,329) |
|
|
--------- |
--------- |
Shareholders funds |
|
242,741 |
281,606 |
|
|
--------- |
--------- |
|
|
|
|
|
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 30 June 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
.
Statement of Financial Position (continued) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
12 October 2023
, and are signed on behalf of the board by:
Kenneth J Steele |
|
Director |
|
|
|
Company registration number:
SC365651
Notes to the Financial Statements |
|
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.
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 financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continued support from the director in view of the net liability balance sheet position. On this basis the director continues to adopt the going concern basis of accounting in preparing these financial statements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 7 for carrying amounts of tangible assets. ii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 8 for carrying amount of debtors. iii) Stocks Stock is valued at the lower of cost and net realisable value. This includes any provisions for slow moving or obsolete stock. Calculation of such provisions requires judgements to be made on various aspects of stock based on forecasts and historical trading.
Revenue recognition
Turnover represents the value of the goods and services supplied by the company, excluding value added tax. Turnover is recognised when the company has earned entitlement. In respect of class packages which span the year end, deferred income is calculated on the basis of either time (if the packages are for a specific length of time) or classes outstanding (if the package is for a specific number of classes).
Taxation
Tax expense for the period comprises current and deferred tax. Tax currently payable, relating to UK corporation tax, is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax is calculated at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Website development |
- |
Over five years |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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 |
- |
Over four years |
|
Fixtures & Fittings |
- |
Over the term of the lease |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 cash-generating 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised through profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Average staff numbers
The average number of persons employed by the company during the year amounted to
10
(2022:
12
).
5.
Taxation on ordinary activities
The company has an unrecognised deferred tax asset of £115,101 (2022: £106,178). This arises as a result of trading losses carried forward. Its recoverability is dependent upon future taxable profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
6.
Intangible assets
Cost |
|
At 1 July 2022 and 30 June 2023 |
30,080 |
|
-------- |
Amortisation |
|
At 1 July 2022 |
6,460 |
Charge for the year |
6,016 |
|
-------- |
At 30 June 2023 |
12,476 |
|
-------- |
Carrying amount |
|
At 30 June 2023 |
17,604 |
|
-------- |
At 30 June 2022 |
23,620 |
|
-------- |
|
|
7.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
At 1 July 2022 and 30 June 2023 |
41,305 |
671,948 |
713,253 |
|
-------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 July 2022 |
29,152 |
655,654 |
684,806 |
Charge for the year |
5,523 |
9,309 |
14,832 |
|
-------- |
--------- |
--------- |
At 30 June 2023 |
34,675 |
664,963 |
699,638 |
|
-------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 30 June 2023 |
6,630 |
6,985 |
13,615 |
|
-------- |
--------- |
--------- |
At 30 June 2022 |
12,153 |
16,294 |
28,447 |
|
-------- |
--------- |
--------- |
|
|
|
|
8.
Investments
|
Other investments other than loans |
|
£ |
|
|
Cost |
|
At 1 July 2022 and 30 June 2023 |
8,696 |
|
------- |
Impairment |
|
At 1 July 2022 and 30 June 2023 |
– |
|
------- |
|
|
Carrying amount |
|
At 30 June 2023 |
8,696 |
|
------- |
At 30 June 2022 |
8,696 |
|
------- |
|
|
9.
Debtors
Trade debtors |
2,805 |
1,920 |
Other debtors |
79,285 |
55,730 |
|
-------- |
-------- |
|
82,090 |
57,650 |
|
-------- |
-------- |
|
|
|
10.
Creditors:
amounts falling due within one year
Trade creditors |
58,824 |
51,282 |
Deferred income |
50,274 |
65,819 |
Social security and other taxes |
14,836 |
26,228 |
Other creditors |
31,922 |
31,778 |
|
--------- |
--------- |
|
155,856 |
175,107 |
|
--------- |
--------- |
|
|
|
Deferred income comprises payments received in respect of block bookings or packages of classes where the client had not fully utilised their pre-paid classes at the year end. The cost to the company of providing the classes is considerably less than the income deferred, however the company has accounted for the income on a prudent basis in line with its accounting policy.
11.
Called up share capital
Issued, called up and fully paid
Ordinary shares of £ 1 each |
477 |
477 |
477 |
477 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
12.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Not later than 1 year |
31,125 |
10,375 |
|
-------- |
-------- |
|
|
|
13.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.