COMPANY REGISTRATION NUMBER:
05903669
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 August 2023
Fixed assets
Tangible assets |
5 |
|
330,944 |
205,732 |
|
|
|
|
|
Current assets
Stocks |
83,228 |
|
73,338 |
Debtors |
6 |
957,562 |
|
772,745 |
Cash at bank and in hand |
329,900 |
|
553,251 |
|
------------ |
|
------------ |
|
1,370,690 |
|
1,399,334 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
738,872 |
|
654,851 |
|
------------ |
|
------------ |
Net current assets |
|
631,818 |
744,483 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
962,762 |
950,215 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
70,000 |
110,000 |
|
|
|
|
|
Provisions |
|
79,043 |
39,089 |
|
|
--------- |
--------- |
Net assets |
|
813,719 |
801,126 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
300 |
300 |
Share premium account |
|
8,600 |
8,600 |
Profit and loss account |
|
804,819 |
792,226 |
|
|
--------- |
--------- |
Shareholders funds |
|
813,719 |
801,126 |
|
|
--------- |
--------- |
|
|
|
|
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 income and retained earnings has not been delivered.
Statement of Financial Position (continued) |
|
31 August 2023
For the year ending 31 August 2020
the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities: - The members have not required the company to obtain an audit
of its financial statements for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act
with respect to accounting records and the preparation of financial statements. These financial statements replace the original financial statements filed at Companies House. These financial statements are now the statutory financial statements. These financial statements are prepared as they were at the date of the original financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
19 February 2024
, and are signed on behalf of the board by:
Company registration number:
05903669
Notes to the Financial Statements |
|
Year ended 31 August 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Taxation
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. 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:
|
Plant and machinery |
- |
15% straight line |
|
Fixtures and fittings |
- |
15% straight line |
|
Motor vehicles |
- |
25% 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. 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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 as a finance cost in profit or loss in the period it arises.
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.
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
31
(2022:
30
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 September 2022 |
179,000 |
31,451 |
– |
210,451 |
Additions |
86,580 |
9,621 |
80,000 |
176,201 |
|
--------- |
-------- |
-------- |
--------- |
At 31 August 2023 |
265,580 |
41,072 |
80,000 |
386,652 |
|
--------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
At 1 September 2022 |
– |
4,719 |
– |
4,719 |
Charge for the year |
38,283 |
5,206 |
7,500 |
50,989 |
|
--------- |
-------- |
-------- |
--------- |
At 31 August 2023 |
38,283 |
9,925 |
7,500 |
55,708 |
|
--------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
At 31 August 2023 |
227,297 |
31,147 |
72,500 |
330,944 |
|
--------- |
-------- |
-------- |
--------- |
At 31 August 2022 |
179,000 |
26,732 |
– |
205,732 |
|
--------- |
-------- |
-------- |
--------- |
|
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
899,040 |
763,545 |
Other debtors |
58,522 |
9,200 |
|
--------- |
--------- |
|
957,562 |
772,745 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
40,000 |
40,000 |
Trade creditors |
348,018 |
288,396 |
Corporation tax |
80,553 |
87,282 |
Social security and other taxes |
175,174 |
111,382 |
Company Credit Card |
|
|
Other creditors |
79,733 |
111,828 |
|
--------- |
--------- |
|
738,872 |
654,851 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
70,000 |
110,000 |
|
-------- |
--------- |
|
|
|
9.
Directors' advances, credits and guarantees
The amount owed to the directors totals £15,547 (2022 - £6,597). No interest is paid on the amount owed by the company.