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No description of principal activity
2022-06-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
9038434
2022-06-01
2023-05-31
9038434
2023-05-31
9038434
2022-05-31
9038434
2021-06-01
2022-05-31
9038434
2022-05-31
9038434
core:PlantMachinery
2022-06-01
2023-05-31
9038434
core:FurnitureFittings
2022-06-01
2023-05-31
9038434
core:MotorVehicles
2022-06-01
2023-05-31
9038434
bus:Director1
2022-06-01
2023-05-31
9038434
core:WithinOneYear
2023-05-31
9038434
core:WithinOneYear
2022-05-31
9038434
core:AfterOneYear
2023-05-31
9038434
core:AfterOneYear
2022-05-31
9038434
core:ShareCapital
2023-05-31
9038434
core:ShareCapital
2022-05-31
9038434
core:RetainedEarningsAccumulatedLosses
2023-05-31
9038434
core:RetainedEarningsAccumulatedLosses
2022-05-31
9038434
bus:SmallEntities
2022-06-01
2023-05-31
9038434
bus:AuditExempt-NoAccountantsReport
2022-06-01
2023-05-31
9038434
bus:AbridgedAccounts
2022-06-01
2023-05-31
9038434
bus:SmallCompaniesRegimeForAccounts
2022-06-01
2023-05-31
9038434
bus:PrivateLimitedCompanyLtd
2022-06-01
2023-05-31
9038434
core:OfficeEquipment
2022-06-01
2023-05-31
COMPANY REGISTRATION NUMBER:
9038434
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 May 2023
Fixed assets
Tangible assets |
5 |
|
351,270 |
317,942 |
|
|
|
|
|
Current assets
Debtors |
3,836,951 |
|
2,726,558 |
Cash at bank and in hand |
1,299,840 |
|
58,463 |
|
------------ |
|
------------ |
|
5,136,791 |
|
2,785,021 |
|
|
|
|
Creditors: amounts falling due within one year |
4,655,400 |
|
2,332,303 |
|
------------ |
|
------------ |
Net current assets |
|
481,391 |
452,718 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
832,661 |
770,660 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
355,185 |
412,541 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
79,793 |
45,509 |
|
|
--------- |
--------- |
Net assets |
|
397,683 |
312,610 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
397,583 |
312,510 |
|
|
--------- |
--------- |
Shareholders funds |
|
397,683 |
312,610 |
|
|
--------- |
--------- |
|
|
|
|
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.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 May 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
10 October 2023
, and are signed on behalf of the board by:
Company registration number:
9038434
Notes to the Abridged Financial Statements |
|
Year ended 31 May 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 Unit 1 River Reach Business Park, 1 Gartons Way, London, SW11 3SX.
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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
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.
Revenue and profit recognition
Revenue comprises the fair value of the consideration received or receivable, net of value added tax, rebates and discounts. The general principles for revenue and profit recognition of the company are as follows: - Provision is made for any unavoidable future net losses arising from contract obligations, as soon as they become apparent; - Additional consideration for contract modifications is only included in revenue if the scope of the modification has been approved by the customer. If the scope of the modification has been approved but the parties have not yet determined the corresponding change in the contract price, an estimate of the changeto the transaction price is made and included in calculating revenue to the extent that any increase in price is highly probable not to reverse. Where consideration is not specified in the contract and is therefore subject to variability, the Company estimates the amount of consideration to be received from its customer. The consideration is the amount which is highly probable not to reverse in a significant reversal in future periods. Revenue is recognised on construction services over time as the benefit is transferred to the customer. The company uses an input method to measure progress. The percentage of completion is measured using costs incurred to date as a proportion of the estimated full costs of completing the contract and is applied to the total expected contract revenue to determine the revenue to be recognised to date. The assessment of the outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Consistent contract review procedures are in place in respect of contract forecasting. The Company does not expect to have any contracts where the period from the promised transfer of services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust its transaction price for the time value of money.
Corporation 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.
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:
|
Short leasehold property |
- |
Straight line over the life of the lease |
|
Plant & machinery |
- |
10% straight line |
|
Fixtures & fittings |
- |
10% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
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.
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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
22
(2022:
22
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 June 2022 |
472,165 |
Additions |
116,511 |
Disposals |
(
23,390) |
|
--------- |
At 31 May 2023 |
565,286 |
|
--------- |
Depreciation |
|
At 1 June 2022 |
154,223 |
Charge for the year |
79,384 |
Disposals |
(
19,591) |
|
--------- |
At 31 May 2023 |
214,016 |
|
--------- |
Carrying amount |
|
At 31 May 2023 |
351,270 |
|
--------- |
At 31 May 2022 |
317,942 |
|
--------- |
|
|
6.
Related party transactions
The company was under the control of
D R C Jones
throughout the current year and previous period in his capacity as managing director and majority shareholder.