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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
288,435
5,541
293,976
293,976
288,435
xbrli:pure
xbrli:shares
iso4217:GBP
12552990
2022-04-01
2023-03-31
12552990
2023-03-31
12552990
2022-03-31
12552990
2021-04-01
2022-03-31
12552990
2022-03-31
12552990
2021-03-31
12552990
bus:Director2
2022-04-01
2023-03-31
12552990
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-04-01
2023-03-31
12552990
core:WithinOneYear
2023-03-31
12552990
core:WithinOneYear
2022-03-31
12552990
core:AfterOneYear
2023-03-31
12552990
core:ShareCapital
2023-03-31
12552990
core:ShareCapital
2022-03-31
12552990
core:RetainedEarningsAccumulatedLosses
2023-03-31
12552990
core:RetainedEarningsAccumulatedLosses
2022-03-31
12552990
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
12552990
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
12552990
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
12552990
bus:SmallEntities
2022-04-01
2023-03-31
12552990
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
12552990
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
12552990
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
12552990
bus:FullAccounts
2022-04-01
2023-03-31
12552990
core:AfterOneYear
2022-04-01
2023-03-31
12552990
core:AllAssociates
2022-04-01
2023-03-31
12552990
core:KeyManagementPersonnel
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
12552990
Filleted Unaudited Financial Statements |
|
Year ended 31 March 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
293,976 |
288,435 |
|
|
|
|
Current assets
Debtors |
6 |
2,392 |
28,902 |
Cash at bank and in hand |
220,279 |
139 |
|
--------- |
-------- |
|
222,671 |
29,041 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
228,455 |
329,454 |
|
--------- |
--------- |
Net current liabilities |
5,784 |
300,413 |
|
--------- |
--------- |
Total assets less current liabilities |
288,192 |
(
11,978) |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
333,840 |
– |
|
|
|
|
Provisions |
(
1,880) |
(
2,295) |
|
--------- |
-------- |
Net liabilities |
(
43,768) |
(
9,683) |
|
--------- |
-------- |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
(
43,868) |
(
9,783) |
|
-------- |
------- |
Shareholders deficit |
(
43,768) |
(
9,683) |
|
-------- |
------- |
|
|
|
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.
Directors' 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 directors acknowledge their 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) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
6 September 2023
, and are signed on behalf of the board by:
Company registration number:
12552990
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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
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 the going concern basis which assumes that the company will continue in existence for the foreseeable future. The Directors have prepared financial forecasts for the business and have a reasonable expectation that the company will be able to meet its liabilities as they fall due for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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.
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. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the company in the year amounted to 3 (2022: 3).
5.
Tangible assets
|
Investment property |
|
£ |
Cost |
|
At 1 April 2022 |
288,435 |
Additions |
5,541 |
|
--------- |
At 31 March 2023 |
293,976 |
|
--------- |
Depreciation |
|
At 1 April 2022 and 31 March 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 March 2023 |
293,976 |
|
--------- |
At 31 March 2022 |
288,435 |
|
--------- |
|
|
Included within the above is investment property as follows:
|
£ |
At 1 April 2022 |
288,435 |
Additions |
5,541 |
|
--------- |
At 31 March 2023 |
293,976 |
|
--------- |
|
|
The directors believe that the market value of the property at the year end has not materially changed since the purchase and therefore the property has been revalued in the accounts accordingly. On a historic cost basis it would have been included at an original cost of £293,976 (2022: £288,435).
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
2,014 |
26,731 |
Other debtors |
378 |
2,171 |
|
------- |
-------- |
|
2,392 |
28,902 |
|
------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
355 |
1,815 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
117,350 |
201,889 |
Other creditors |
110,750 |
125,750 |
|
--------- |
--------- |
|
228,455 |
329,454 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
333,840 |
– |
|
--------- |
---- |
|
|
|
The company's bank loan is guaranteed by way of a negative pledge.
9.
Related party transactions
At the year end the company owed £117,350 (2022: £201,889) to group companies. At the year end the company was owed £2,014 (2022: £26,731) from group companies.
At the year end the company owed directors £100,250 (2022: £100,250).
10.
Controlling party
At the balance sheet date the company's immediate parent company is
Ergan Capital Ltd
, a company registered in the United Kingdom. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN
.