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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
09261193
2022-11-01
2023-10-31
09261193
2023-10-31
09261193
2022-10-31
09261193
2021-11-01
2022-10-31
09261193
2022-10-31
09261193
2021-10-31
09261193
core:PlantMachinery
2022-11-01
2023-10-31
09261193
bus:OrdinaryShareClass1
2022-11-01
2023-10-31
09261193
bus:Director1
2022-11-01
2023-10-31
09261193
core:WithinOneYear
2023-10-31
09261193
core:WithinOneYear
2022-10-31
09261193
core:AfterOneYear
2023-10-31
09261193
core:AfterOneYear
2022-10-31
09261193
core:ShareCapital
2023-10-31
09261193
core:ShareCapital
2022-10-31
09261193
core:RetainedEarningsAccumulatedLosses
2023-10-31
09261193
core:RetainedEarningsAccumulatedLosses
2022-10-31
09261193
core:BetweenOneFiveYears
2023-10-31
09261193
core:BetweenOneFiveYears
2022-10-31
09261193
bus:SmallEntities
2022-11-01
2023-10-31
09261193
bus:AuditExemptWithAccountantsReport
2022-11-01
2023-10-31
09261193
bus:SmallCompaniesRegimeForAccounts
2022-11-01
2023-10-31
09261193
bus:PrivateLimitedCompanyLtd
2022-11-01
2023-10-31
09261193
bus:AbridgedAccounts
2022-11-01
2023-10-31
09261193
bus:OrdinaryShareClass1
2023-10-31
09261193
bus:OrdinaryShareClass1
2022-10-31
09261193
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-11-01
2023-10-31
09261193
core:MotorVehicles
2022-11-01
2023-10-31
09261193
core:OfficeEquipment
2022-11-01
2023-10-31
09261193
core:AllAssociates
2022-11-01
2023-10-31
COMPANY REGISTRATION NUMBER:
09261193
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year Ended 31 October 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 October 2023
Fixed Assets
Tangible assets |
5 |
|
2,466,588 |
2,441,326 |
|
|
|
|
|
Current Assets
Stocks |
90,927 |
|
86,882 |
Debtors |
1,260,077 |
|
1,263,052 |
Cash at bank and in hand |
291,864 |
|
365,902 |
|
------------ |
|
------------ |
|
1,642,868 |
|
1,715,836 |
|
|
|
|
Creditors: amounts falling due within one year |
1,280,078 |
|
1,240,865 |
|
------------ |
|
------------ |
Net Current Assets |
|
362,790 |
474,971 |
|
|
------------ |
------------ |
Total Assets Less Current Liabilities |
|
2,829,378 |
2,916,297 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
1,108,718 |
1,396,233 |
|
|
|
|
Provisions |
|
323,270 |
252,475 |
|
|
------------ |
------------ |
Net Assets |
|
1,397,390 |
1,267,589 |
|
|
------------ |
------------ |
|
|
|
|
Capital and Reserves
Called up share capital |
7 |
|
1 |
1 |
Profit and loss account |
|
1,397,389 |
1,267,588 |
|
|
------------ |
------------ |
Shareholders Funds |
|
1,397,390 |
1,267,589 |
|
|
------------ |
------------ |
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 October 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 income and retained earnings and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 October 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
8 February 2024
, and are signed on behalf of the board by:
Company registration number:
09261193
Notes to the Abridged Financial Statements |
|
Year Ended 31 October 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 Birchwood Way, Alfreton, Derbyshire, DE55 4QQ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
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.
Income tax
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.
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.
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.
|
Leasehold property |
- |
In accordance with lease agreement
|
|
Plant and machinery |
- |
25% reducing balance |
|
Motor vehicles |
- |
20% and 15% on reducing balance
|
|
Equipment |
- |
25% reducing balance |
|
|
|
|
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.
Stocks
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 stock to its present location and condition.
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.
Financial instruments
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 and loss account in other administrative expenses.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
30
(2022:
27
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 November 2022 |
3,064,849 |
Additions |
669,332 |
Disposals |
(
275,767) |
|
------------ |
At 31 October 2023 |
3,458,414 |
|
------------ |
Depreciation |
|
At 1 November 2022 |
623,523 |
Charge for the year |
464,966 |
Disposals |
(
96,663) |
|
------------ |
At 31 October 2023 |
991,826 |
|
------------ |
Carrying amount |
|
At 31 October 2023 |
2,466,588 |
|
------------ |
At 31 October 2022 |
2,441,326 |
|
------------ |
|
|
6.
Secured creditors
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were HP contracts £1,555,487 (2022: £1,774,530) and bank loans £222,872 (2022 £339,965).
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
56,941 |
95,903 |
Later than 1 year and not later than 5 years |
6,696 |
63,637 |
|
-------- |
--------- |
|
63,637 |
159,540 |
|
-------- |
--------- |
|
|
|
9.
Director's advances, credits and guarantees
At the year end Alex Lymer had an overdrawn directors loan account of £13,060 (2022: £9,785). This will be repaid within 9 months.
10.
Related party transactions
The company has taken advantage of exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies. Lymers' Group Ltd is the beneficial owner of 100% of the ordinary share capital of Lymers Assist Ltd. During the year the company provided a loan to a related party. The balance as at 31 October 2023 was £134,297.39. The loan is unsecured, interest free and repayable on demand.
11.
Controlling party
On 1 November 2022 Lymer's Group Ltd became the ultimate parent company, a company incorporated in England and Wales. The registered office address is Birchwood Way, Somercotes, Alfreton, DE55 4QQ.