COMPANY REGISTRATION NUMBER:
14081736
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 May 2023
Fixed assets
Tangible assets |
4 |
|
605,981 |
|
|
|
|
Current assets
Cash at bank and in hand |
987 |
|
|
|
|
Creditors: amounts falling due within one year |
5 |
226,340 |
|
|
--------- |
|
Net current liabilities |
|
225,353 |
|
|
--------- |
Total assets less current liabilities |
|
380,628 |
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
383,762 |
|
|
--------- |
Net liabilities |
|
(
3,134) |
|
|
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
|
1 |
Profit and loss account |
|
(
3,135) |
|
|
------- |
Shareholders deficit |
|
(
3,134) |
|
|
------- |
|
|
|
|
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 comprehensive income has not been delivered.
For the period 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 financial statements for the period 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 financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
1 February 2024
, and are signed on behalf of the board by:
Company registration number:
14081736
Notes to the Financial Statements |
|
Period from 3 May 2022 to 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 84 Hollie Lucas Road, Birmingham, B13 0QN, England.
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.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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:
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. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Freehold property |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 3 May 2022 |
– |
– |
– |
Additions |
605,403 |
|
606,174 |
|
--------- |
---- |
--------- |
At 31 May 2023 |
605,403 |
|
606,174 |
|
--------- |
---- |
--------- |
Depreciation |
|
|
|
At 3 May 2022 |
– |
– |
– |
Charge for the period |
– |
|
193 |
|
--------- |
---- |
--------- |
At 31 May 2023 |
– |
|
193 |
|
--------- |
---- |
--------- |
Carrying amount |
|
|
|
At 31 May 2023 |
605,403 |
|
605,981 |
|
--------- |
---- |
--------- |
|
|
|
|
5.
Creditors:
amounts falling due within one year
|
31 May 23 |
|
£ |
Bank loans and overdrafts |
34,854 |
Other creditors |
191,486 |
|
--------- |
|
226,340 |
|
--------- |
|
|
6.
Creditors:
amounts falling due after more than one year
|
31 May 23 |
|
£ |
Bank loans and overdrafts |
383,762 |
|
--------- |
|
|
7.
Called up share capital
Issued, called up and fully paid
|
31 May 23 |
|
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
|
---- |
---- |
|
|
|
8.
Director's advances, credits and guarantees
At the period-end the director was owed £190,766. The loan is interest-free but repayable on demand.