Contents of the Financial Statements
for the Period Ended 31 March 2023
Balance sheet
As at 31 March 2023
| Notes | 2023 | 2022 |
| | £ | £ |
Fixed assets |
Intangible assets: | 3 | 10,000 | 15,000 |
Tangible assets: | 4 | 44,805 | 12,928 |
Total fixed assets: | | 54,805 | 27,928 |
Current assets |
Stocks: | | 65,787 | 76,040 |
Debtors: | | 4,598 | 7,307 |
Cash at bank and in hand: | | 112,674 | 150,829 |
Total current assets: | | 183,059 | 234,176 |
Creditors: amounts falling due within one year: | | (102,596) | (147,761) |
Net current assets (liabilities): | | 80,463 | 86,415 |
Total assets less current liabilities: | | 135,268 | 114,343 |
Creditors: amounts falling due after more than one year: | | (29,131) |
Provision for liabilities: | | (8,513) | (2,456) |
Total net assets (liabilities): | | 97,624 | 111,887 |
Capital and reserves |
Called up share capital: | | 100 | 100 |
Profit and loss account: | | 97,524 | 111,787 |
Shareholders funds: | | 97,624 | 111,887 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 09 November 2023
and signed on behalf of the board by:
Name: Mr Mark Welch
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 March 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
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 for services rendered is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, at the end of the reporting period the stage of completion of the transaction can be measured reliably, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.Tangible fixed assets and depreciation policy
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:Plant and machinery - 15% reducing balance Fittings fixtures and equipment - 15% reducing balance Motor vehicles - 25% reducing balanceIf 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.Intangible fixed assets and amortisation policy
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.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% straight lineIf 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.Valuation and information policy
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.Other 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.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.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. 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 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 - Loans and borrowing's are recognised at the transaction price including transaction costs. If an arrangement constitutes a finance transaction it is measured at the transaction price, less any repayments made during the period.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 in finance costs in profit or loss in the period in which it arises.Controlling party - The company is owned and controlled by Mark Welch, the director and majority shareholder.
Notes to the Financial Statements
for the Period Ended 31 March 2023
2. Employees
| 2023 | 2022 |
Average number of employees during the period | 2 | 2 |
Notes to the Financial Statements
for the Period Ended 31 March 2023
3. Intangible Assets
| Total |
Cost | £ |
At 01 April 2022 | 50,000 |
At 31 March 2023 | 50,000 |
Amortisation | |
At 01 April 2022 | 35,000 |
Charge for year | 5,000 |
At 31 March 2023 | 40,000 |
Net book value | |
At 31 March 2023 | 10,000 |
At 31 March 2022 | 15,000 |
Notes to the Financial Statements
for the Period Ended 31 March 2023
4. Tangible Assets
| Total |
Cost | £ |
At 01 April 2022 | 38,548 |
Additions | 46,257 |
At 31 March 2023 | 84,805 |
Depreciation | |
At 01 April 2022 | 25,620 |
Charge for year | 14,380 |
At 31 March 2023 | 40,000 |
Net book value | |
At 31 March 2023 | 44,805 |
At 31 March 2022 | 12,928 |