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9 November 2023
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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
02211543
2022-01-01
2022-12-31
02211543
2022-12-31
02211543
2021-01-01
2021-12-31
02211543
2021-12-31
02211543
core:FurnitureFittings
2022-01-01
2022-12-31
02211543
bus:OrdinaryShareClass1
2022-01-01
2022-12-31
02211543
bus:OrdinaryShareClass2
2022-01-01
2022-12-31
02211543
bus:Director1
2022-01-01
2022-12-31
02211543
core:FurnitureFittings
2022-12-31
02211543
core:WithinOneYear
2022-12-31
02211543
core:WithinOneYear
2021-12-31
02211543
core:ShareCapital
2022-12-31
02211543
core:ShareCapital
2021-12-31
02211543
core:RetainedEarningsAccumulatedLosses
2022-12-31
02211543
core:RetainedEarningsAccumulatedLosses
2021-12-31
02211543
core:BetweenOneFiveYears
2022-12-31
02211543
core:BetweenOneFiveYears
2021-12-31
02211543
core:FurnitureFittings
2021-12-31
02211543
bus:SmallEntities
2022-01-01
2022-12-31
02211543
bus:Audited
2022-01-01
2022-12-31
02211543
bus:FullAccounts
2022-01-01
2022-12-31
02211543
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
02211543
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
02211543
bus:OrdinaryShareClass1
2022-12-31
02211543
bus:OrdinaryShareClass1
2021-12-31
02211543
bus:OrdinaryShareClass2
2022-12-31
02211543
bus:OrdinaryShareClass2
2021-12-31
02211543
bus:AllOrdinaryShares
2022-12-31
02211543
bus:AllOrdinaryShares
2021-12-31
02211543
core:ComputerEquipment
2022-01-01
2022-12-31
02211543
core:ComputerEquipment
2022-12-31
02211543
core:ComputerEquipment
2021-12-31
COMPANY REGISTRATION NUMBER:
02211543
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Current assets
Debtors |
5 |
19,645 |
|
14,146 |
Cash at bank and in hand |
160,528 |
|
168,951 |
|
--------- |
|
--------- |
|
180,173 |
|
183,097 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
65,356 |
|
65,503 |
|
--------- |
|
--------- |
Net current assets |
|
114,817 |
117,594 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
114,860 |
117,637 |
|
|
--------- |
--------- |
Net assets |
|
114,860 |
117,637 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
7 |
|
320 |
320 |
Profit and loss account |
|
114,540 |
117,317 |
|
|
--------- |
--------- |
Shareholders funds |
|
114,860 |
117,637 |
|
|
--------- |
--------- |
|
|
|
|
|
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
9 November 2023
, and are signed on behalf of the board by:
Mr P De Bailliencourt |
|
Director |
|
|
|
Company registration number:
02211543
Year ended 31 December 2022
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.
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. In the view of the director in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 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:
|
Office equipment |
- |
25% straight line |
|
Computer equipment |
- |
33% 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales with registration number
02211543
. The address of the registered office is 8 The Old Yard, Lodge Farm Business Centre, Castlethorpe, Milton Keynes, MK19 7ES and the trading address is Regal Chambers, 49-51 Bancroft, Hitchin, SG5 1LL.
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.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2021:
1
).
4.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2022 and 31 December 2022 |
3,244 |
14,799 |
18,043 |
|
------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 January 2022 and 31 December 2022 |
3,233 |
14,767 |
18,000 |
|
------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2022 |
11 |
32 |
43 |
|
------- |
-------- |
-------- |
At 31 December 2021 |
11 |
32 |
43 |
|
------- |
-------- |
-------- |
|
|
|
|
5.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
15,816 |
13,962 |
Other debtors |
3,829 |
184 |
|
-------- |
-------- |
|
19,645 |
14,146 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
5,063 |
58 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
51,573 |
54,752 |
Social security and other taxes |
4,558 |
6,059 |
Other creditors |
4,162 |
4,634 |
|
-------- |
-------- |
|
65,356 |
65,503 |
|
-------- |
-------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2022 |
2021 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
300 |
300 |
300 |
300 |
Non-voting redeemable ordinary shares of £ 1 each |
20 |
20 |
20 |
20 |
|
---- |
---- |
---- |
---- |
|
320 |
320 |
320 |
320 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
The non-voting redeemable ordinary shares are entitled to receive such dividends as the directors may declare. There are no voting rights attached. In the event of winding-up the holders are entitled to receive £1 per share. The shares may be redeemed by the company, with three months notice, and at the latest by 31 December 2024 at a redemption value of £1 each.
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022 |
2021 |
|
£ |
£ |
Not later than 1 year |
6,900 |
6,900 |
Later than 1 year and not later than 5 years |
6,900 |
13,800 |
|
-------- |
-------- |
|
13,800 |
20,700 |
|
-------- |
-------- |
|
|
|
9.
Summary audit opinion
The auditor's report for the year dated
9 November 2023
was
unqualified
.
The senior statutory auditor was
TREVOR TRIBE FCA
, for and on behalf of
GP Financial Management Ltd
.
10.
Controlling party
The ultimate parent company is
ARC Group
, a company registered in France, in which P De Bailliencourt
, a director, has a controlling interest. Accounts of the ultimate parent company are available to the public from the registered address of the company, being ARC Group 16 bis, rue d'Odessa - Boite 37 75014 Paris France