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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
04263403
2022-04-01
2023-03-31
04263403
2023-03-31
04263403
2022-03-31
04263403
2021-04-01
2022-03-31
04263403
2022-03-31
04263403
core:MotorVehicles
2022-04-01
2023-03-31
04263403
bus:Director3
2022-04-01
2023-03-31
04263403
core:WithinOneYear
2023-03-31
04263403
core:WithinOneYear
2022-03-31
04263403
core:AfterOneYear
2023-03-31
04263403
core:AfterOneYear
2022-03-31
04263403
core:UKTax
2022-04-01
2023-03-31
04263403
core:UKTax
2021-04-01
2022-03-31
04263403
core:ShareCapital
2023-03-31
04263403
core:ShareCapital
2022-03-31
04263403
core:OtherReservesSubtotal
2023-03-31
04263403
core:OtherReservesSubtotal
2022-03-31
04263403
core:RetainedEarningsAccumulatedLosses
2023-03-31
04263403
core:RetainedEarningsAccumulatedLosses
2022-03-31
04263403
bus:SmallEntities
2022-04-01
2023-03-31
04263403
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
04263403
bus:AbridgedAccounts
2022-04-01
2023-03-31
04263403
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
04263403
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
04263403
core:OfficeEquipment
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
04263403
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 March 2023
Fixed Assets
Tangible assets |
6 |
4,279,308 |
4,099,853 |
|
|
|
|
Current Assets
Debtors |
15,566 |
10,973 |
Cash at bank and in hand |
136,748 |
107,704 |
|
----------- |
----------- |
|
152,314 |
118,677 |
|
|
|
Creditors: amounts falling due within one year |
229,064 |
174,813 |
|
----------- |
----------- |
Net Current Liabilities |
76,750 |
56,136 |
|
-------------- |
-------------- |
Total Assets Less Current Liabilities |
4,202,558 |
4,043,717 |
|
|
|
Creditors: amounts falling due after more than one year |
2,102,831 |
2,102,831 |
|
|
|
Provisions
Taxation including deferred tax |
292,962 |
188,345 |
|
-------------- |
-------------- |
Net Assets |
1,806,765 |
1,752,541 |
|
-------------- |
-------------- |
|
|
|
Capital and Reserves
Called up share capital |
200 |
200 |
Other reserves |
1,486,267 |
1,457,002 |
Profit and loss account |
320,298 |
295,339 |
|
-------------- |
-------------- |
Shareholders Funds |
1,806,765 |
1,752,541 |
|
-------------- |
-------------- |
|
|
|
These abridged 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 abridged statement of comprehensive income has not been delivered.
Abridged Statement of Financial Position (continued) |
|
31 March 2023
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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
16 October 2023
, and are signed on behalf of the board by:
Company registration number:
04263403
Notes to the Abridged 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 Treetops, 116 Nottingham Road, Ravenshead, Nottingham, NG15 9HL.
2.
Statement of Compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
The turnover shown in the profit and loss account represents rents received during the year.
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.
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:
|
Motor vehicles |
- |
20% straight line |
|
Office equipment |
- |
33% straight line |
|
|
|
|
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. 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.
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 abridged 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
Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Debtors and creditors receivable / payable within one year 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 or loss account.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tax on Profit
Major components of tax expense
Current tax:
UK current tax expense |
3,419 |
10,174 |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
104,617 |
20,670 |
|
----------- |
--------- |
Tax on profit |
108,036 |
30,844 |
|
----------- |
--------- |
|
|
|
6.
Tangible Assets
|
£ |
Cost or valuation |
|
At 1 April 2022 |
4,139,064 |
Additions |
118,182 |
Disposals |
(
84,528) |
Revaluations |
122,700 |
|
-------------- |
At 31 March 2023 |
4,295,418 |
|
-------------- |
Depreciation |
|
At 1 April 2022 |
39,211 |
Charge for the year |
11,954 |
Disposals |
(
35,055) |
|
-------------- |
At 31 March 2023 |
16,110 |
|
-------------- |
Carrying amount |
|
At 31 March 2023 |
4,279,308 |
|
-------------- |
At 31 March 2022 |
4,099,853 |
|
-------------- |
|
|
Tangible assets held at valuation
Land and buildings include investment properties at fair value of £4,220,002 (2022:£4,097,3020. Movements in the fair value of investment properties are as follows: | | 2023 | 2022 |
| | £ | £ |
| Fair Value | | |
| At 1 April 2022 | 4,097,302 | 3,895,302 |
| Surplus on valuation | 122,700 | 202,000 |
| | -------------- | -------------- |
| At 31 March 2023 | 4,220,002 | 4,097,302 |
| | -------------- | -------------- |
| | | |
The historical cost of investment properties held at fair value is £2,452,957(2022:£2,452,957) The company has adopted the previous investment property revaluations as its deemed cost on transition to fair value recognition. The valuation of investment properties was performed by a director of the Company who is of the opinion there has been no movement in the fair value during the year.It is the directors' opinion that the cost of a formal valuation would considerably exceed the benefit achieved.
7.
Directors' Advances, Credits and Guarantees
The directors have made loans to the company and at the year end were owed £2,300,608 (2022:£2,239,066). There is no fixed repayment term for loans but the Directors expect £2,102,831 (2022:£2,102,831) will be repaid after more one year and have included these loans within creditors due after more than one year. Interest of £58,848 (2022:£58,848) was paid during the year.
8.
Capital and Reserves
Other reserves include non distributable profits of £1,486,267 (2022: £1,457,002)