(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 20 Marrick Road, Hartburn, Stockton-On-Tees, TS18 5LP. |
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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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Sale of goods
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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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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 | 25% reducing balance | Equipment | | Motor Cars | |
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Taxation
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Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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(4) Employees
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During the year, the average number of employees including director was 1 (2022 : 1). |
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(5) Tangible fixed assets
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| Fixtures and Fittings | | £ | Cost | | As at 01 September 2022 | 1,014 | Disposals | (1,014) | As at 31 August 2023 | - | Depreciation | | As at 01 September 2022 | 773 | For the year | 60 | Write off on disposals | (833) | As at 31 August 2023 | - | Net book value | | As at 31 August 2023 | - | As at 31 August 2022 | 241 |
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(6) Debtors
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Amounts falling due within one year
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| | | 2023 | | 2022 | | £ | | £ | | Trade debtors | - | | 2,000 | | | | | | | | | | - | | 2,000 |
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(7) Creditors: Amounts falling due within one year
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| | | 2023 | | 2022 | | £ | | £ | | | | | | | | | | | | | | | | | | Other creditors | 4,484 | | 3,464 | Accruals and deferred income | - | | 240 | | 4,484 | | 3,704 |
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(8) Share Capital
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| Alloted,called up and fully paid: | 2023 | | 2022 | | £ | | £ | | 100 (2022 : 100) Allotted, Called up and fully paid of £ 1 each | 100 | | 100 | | 100 | | 100 | | | | Retained earnings | | | 2023 | | | | £ | At 1 September 2022 | | | 1 | Loss of the year | | | (4,585) | | | | | At 31 August 2023 | | | (4,584) | |
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