(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 82 James Carter Road, Bury St. Edmunds, IP28 7DE. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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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. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Sale of goods
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Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
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Rendering of Services
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Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
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Tangible Fixed Assets and Depreciation
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases : | Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 25% reducing balance | Equipment | | Motor Cars | |
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(4) Employees
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During the year, the average number of employees including director was 2 (2022 : 2). |
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(5) Creditors: Amounts falling due within one year
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| | | 2023 | | 2022 | | £ | | £ | | | | | | Bank loans and overdrafts | 3,169 | | 5,169 | | | | | | | | | Other creditors | 25,606 | | 20,291 | Accruals and deferred income | 375 | | 275 | | 29,150 | | 25,735 |
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(6) Creditors: Amounts falling due after more than one year
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| | | 2023 | | 2022 | | £ | | £ | | Bank loans and overdrafts | 8,892 | | 8,892 | | | | | | | | | | 8,892 | | 8,892 |
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(7) Share capital and reserves
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| Alloted,called up and fully paid: | 2023 | | 2022 | | £ | | £ | | 1 (2022 : 1) Ordinary Shares of £ 1 each | 1 | | 1 | | 1 | | 1 | | | | Retained earnings | | | 2023 | | | | £ | At 1 March 2022 | | | (34,487) | Loss of the year | | | (3,450) | | | | | At 28 February 2023 | | | (37,937) | |
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(8) Fixed assets
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| Tangible £ | Cost | | As at 01 March 2022 | 444 | As at 28 February 2023 | 444 | Depreciation/Amortisation | | As at 01 March 2022 | 303 | For the year | 35 | As at 28 February 2023 | 338 | Net book value | | As at 28 February 2023 | 106 | As at 28 February 2022 | 141 |
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