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Company registration number: 10406716
Rawnsley Accountants Limited
Unaudited filleted financial statements
31 October 2022
Rawnsley Accountants Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Rawnsley Accountants Limited
Directors and other information
Director Mr David T Andrews
Company number 10406716
Registered office Lindum, High Street
Lower Dean
Huntingdon
Cambs
PE28 0LL
Accountants Rawnsley Accountants Limited
35 Colworth House
Colworth Park, Sharnbrook
Bedford
Beds
MK44 1LQ
Bankers HSBC PLC
Midsummer Place
Milton Keynes
MK9 3GB
Rawnsley Accountants Limited
Statement of financial position
31 October 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 3,762 4,901
Investments 6 17,633 24,744
_______ _______
21,395 29,645
Current assets
Debtors 7 13,290 5,002
Cash at bank and in hand 109,275 112,637
_______ _______
122,565 117,639
Creditors: amounts falling due
within one year 8 ( 74,826) ( 74,379)
_______ _______
Net current assets 47,739 43,260
_______ _______
Total assets less current liabilities 69,134 72,905
Creditors: amounts falling due
after more than one year 9 ( 12,927) ( 17,276)
Provisions for liabilities ( 715) ( 819)
_______ _______
Net assets 55,492 54,810
_______ _______
Capital and reserves
Called up share capital 3 3
Revaluation reserve ( 2,367) 4,744
Profit and loss account 57,856 50,063
_______ _______
Shareholder funds 55,492 54,810
_______ _______
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr David T Andrews
Director
Company registration number: 10406716
Rawnsley Accountants Limited
Statement of changes in equity
Year ended 31 October 2022
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 November 2020 3 - 39,062 39,065
Profit for the year 15,001 15,001
Other comprehensive income for the year:
Revaluation of intangible assets other than goodwill 4,744 4,744
_______ _______ _______ _______
Total comprehensive income for the year - 4,744 15,001 19,745
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 4,000) ( 4,000)
_______ _______ _______ _______
At 31 October 2021 and 1 November 2021 3 4,744 50,063 54,810
Profit for the year 9,793 9,793
Other comprehensive income for the year:
Revaluation of intangible assets other than goodwill ( 7,111) ( 7,111)
_______ _______ _______ _______
Total comprehensive income for the year - ( 7,111) 9,793 2,682
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 2,000) ( 2,000)
_______ _______ _______ _______
At 31 October 2022 3 ( 2,367) 57,856 55,492
_______ _______ _______ _______
Rawnsley Accountants Limited
Notes to the financial statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lindum, High Street, Lower Dean, Huntingdon, Cambs, PE28 0LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 20 % reducing balance
IT equipment - 33.3 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 and the performance 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 becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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 in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Coronavirus covid-19
Like most businesses the company is likely to be adversely affected by the global Coronavirus pandemic. There is considerable uncertainity as to the size, nature and duration of the impact that will result from the pandemic and the national response threto. The director has considered the information available and has reasonable expectation that the company has adequate reserves and resources to continue its operational activities for the forseeable future. Accordingly, the director is satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Fixtures, fittings and equipment IT equipment Total
£ £ £
Cost
At 1 November 2021 4,934 7,983 12,917
Additions - 294 294
_______ _______ _______
At 31 October 2022 4,934 8,277 13,211
_______ _______ _______
Depreciation
At 1 November 2021 2,700 5,316 8,016
Charge for the year 447 986 1,433
_______ _______ _______
At 31 October 2022 3,147 6,302 9,449
_______ _______ _______
Carrying amount
At 31 October 2022 1,787 1,975 3,762
_______ _______ _______
At 31 October 2021 2,234 2,667 4,901
_______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 November 2021 and 31 October 2022 17,633 17,633
_______ _______
Impairment
At 1 November 2021 and 31 October 2022 - -
_______ _______
Carrying amount
At 31 October 2022 17,633 17,633
_______ _______
At 31 October 2021 17,633 17,633
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 13,290 5,002
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 4,579 4,300
Trade creditors 6,340 9,824
Corporation tax 2,540 3,443
Social security and other taxes 1,010 2,640
Other creditors 60,357 54,172
_______ _______
74,826 74,379
_______ _______
The company obtained a "Bounce Back Loan" from its bankers. During the first tewlve months H M Government paid the interest on this loan and thereafter the company pays 2.5% pa interest on the reducing balance. The loan is unsecured and over a term of six years.
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 12,927 17,276
_______ _______
The company obtained a "Bounce Back Loan" from its bankers. During the first twelve months H M Government paid the interest on this loan and thereafter the company pays 2.5% pa interest on the reducing balance. The loan is unsecured and over a period of six years.
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr David T Andrews ( 54,172) ( 6,184) ( 60,356)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr David T Andrews ( 42,174) ( 11,998) ( 54,172)
_______ _______ _______
During the year the Company was provided with services to the value of £12,396(2021: £18,903) by a business in which the Director has a controlling interest.There were no monies owed as at 31st October 2022 (2021: £nil).
11. Controlling party
The company is controlled by the director by virtue of his 100% shareholding.