16 false false false false false false false false false true false false true true false true true true true No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 350,000 81,491 268,509 268,509 xbrli:pure xbrli:shares iso4217:GBP 02300857 2022-04-01 2023-03-31 02300857 2023-03-31 02300857 2022-03-31 02300857 2021-04-01 2022-03-31 02300857 2022-03-31 02300857 core:FurnitureFittings 2022-04-01 2023-03-31 02300857 core:MotorVehicles 2022-04-01 2023-03-31 02300857 core:NetGoodwill 2022-04-01 2023-03-31 02300857 bus:Director5 2022-04-01 2023-03-31 02300857 bus:Director3 2022-04-01 2023-03-31 02300857 core:NetGoodwill 2023-03-31 02300857 core:FurnitureFittings 2022-03-31 02300857 core:MotorVehicles 2022-03-31 02300857 core:FurnitureFittings 2023-03-31 02300857 core:MotorVehicles 2023-03-31 02300857 core:AfterOneYear 2023-03-31 02300857 core:AfterOneYear 2022-03-31 02300857 core:WithinOneYear 2023-03-31 02300857 core:WithinOneYear 2022-03-31 02300857 core:ShareCapital 2023-03-31 02300857 core:ShareCapital 2022-03-31 02300857 core:SharePremium 2023-03-31 02300857 core:SharePremium 2022-03-31 02300857 core:CapitalRedemptionReserve 2023-03-31 02300857 core:CapitalRedemptionReserve 2022-03-31 02300857 core:RetainedEarningsAccumulatedLosses 2023-03-31 02300857 core:RetainedEarningsAccumulatedLosses 2022-03-31 02300857 core:NetGoodwill 2022-03-31 02300857 core:FurnitureFittings 2022-03-31 02300857 core:MotorVehicles 2022-03-31 02300857 bus:Director3 2022-03-31 02300857 bus:Director3 2023-03-31 02300857 bus:Director3 2021-03-31 02300857 bus:Director3 2022-03-31 02300857 bus:Director3 2021-04-01 2022-03-31 02300857 bus:SmallEntities 2022-04-01 2023-03-31 02300857 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02300857 bus:FullAccounts 2022-04-01 2023-03-31 02300857 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 02300857 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 02300857
Reid & Co. Corporate Services Limited
Filleted Unaudited Financial Statements
31 March 2023
Reid & Co. Corporate Services Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
268,509
268,509
Tangible assets
6
14,675
25,407
---------
---------
283,184
293,916
Current assets
Debtors
7
219,060
241,970
Cash at bank and in hand
31,717
26,335
---------
---------
250,777
268,305
Creditors: amounts falling due within one year
8
298,212
298,147
---------
---------
Net current liabilities
47,435
29,842
---------
---------
Total assets less current liabilities
235,749
264,074
Creditors: amounts falling due after more than one year
9
61,128
81,738
---------
---------
Net assets
174,621
182,336
---------
---------
Capital and reserves
Called up share capital
138,348
138,348
Share premium account
19,587
19,587
Capital redemption reserve
13,789
13,789
Profit and loss account
2,897
10,612
---------
---------
Shareholders funds
174,621
182,336
---------
---------
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 .
Reid & Co. Corporate Services Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
Mrs S Powell
Director
Company registration number: 02300857
Reid & Co. Corporate Services Limited
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 Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, Bucks, MK1 1PT, England.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no key judgements. The key estimates include depreciation and amortisation.
Revenue recognition
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.
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.
Goodwill
In the year there has been a change in accounting policy and goodwill is now being amortised at a rate of 6% straight line per annum.
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:
Goodwill
-
10 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. 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.
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:
Fixtures and fittings
-
15% straight line
Motor vehicles
-
18% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 are 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
350,000
---------
Amortisation
At 1 April 2022 and 31 March 2023
81,491
---------
Carrying amount
At 31 March 2023
268,509
---------
At 31 March 2022
268,509
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
48,422
26,262
74,684
Disposals
( 10,725)
( 10,725)
--------
--------
--------
At 31 March 2023
48,422
15,537
63,959
--------
--------
--------
Depreciation
At 1 April 2022
36,183
13,094
49,277
Charge for the year
4,478
3,164
7,642
Disposals
( 7,635)
( 7,635)
--------
--------
--------
At 31 March 2023
40,661
8,623
49,284
--------
--------
--------
Carrying amount
At 31 March 2023
7,761
6,914
14,675
--------
--------
--------
At 31 March 2022
12,239
13,168
25,407
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
110,094
108,906
Other debtors
108,966
133,064
---------
---------
219,060
241,970
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
41,036
41,160
Corporation tax
121,958
120,075
Social security and other taxes
51,209
40,762
Other creditors
84,009
96,150
---------
---------
298,212
298,147
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
57,576
75,758
Other creditors
3,552
5,980
--------
--------
61,128
81,738
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Lewis FCA
46,882
( 1,334)
45,548
--------
-------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Lewis FCA
31,344
15,537
46,881
--------
--------
--------
11. Related party transactions
The company was under the control of Mr J Lewis, a director and majority shareholder.