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No description of principal activity
2022-08-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
NI608255
2022-08-01
2023-07-31
NI608255
2023-07-31
NI608255
2022-07-31
NI608255
2021-08-01
2022-07-31
NI608255
2022-07-31
NI608255
2021-07-31
NI608255
core:FurnitureFittings
2022-08-01
2023-07-31
NI608255
bus:Director1
2022-08-01
2023-07-31
NI608255
bus:Director2
2022-08-01
2023-07-31
NI608255
core:WithinOneYear
2023-07-31
NI608255
core:WithinOneYear
2022-07-31
NI608255
core:AfterOneYear
2023-07-31
NI608255
core:AfterOneYear
2022-07-31
NI608255
core:ShareCapital
2023-07-31
NI608255
core:ShareCapital
2022-07-31
NI608255
core:RetainedEarningsAccumulatedLosses
2023-07-31
NI608255
core:RetainedEarningsAccumulatedLosses
2022-07-31
NI608255
bus:SmallEntities
2022-08-01
2023-07-31
NI608255
bus:AuditExemptWithAccountantsReport
2022-08-01
2023-07-31
NI608255
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-31
NI608255
bus:PrivateLimitedCompanyLtd
2022-08-01
2023-07-31
NI608255
bus:AbridgedAccounts
2022-08-01
2023-07-31
NI608255
core:OfficeEquipment
2022-08-01
2023-07-31
NI608255
core:AfterOneYear
2022-08-01
2023-07-31
NI608255
core:EntitiesControlledByKeyManagementPersonnel
2022-08-01
2023-07-31
NI608255
1
2022-08-01
2023-07-31
NI608255
2
2022-08-01
2023-07-31
COMPANY REGISTRATION NUMBER:
NI608255
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 July 2023
Fixed assets
Tangible assets |
5 |
|
681 |
9,004 |
|
|
|
|
|
Current assets
Stocks |
908,257 |
|
761,513 |
Debtors |
89 |
|
1,402 |
Cash at bank and in hand |
15,648 |
|
4,097 |
|
--------- |
|
--------- |
|
923,994 |
|
767,012 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
559,802 |
|
543,823 |
|
--------- |
|
--------- |
Net current assets |
|
364,192 |
223,189 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
364,873 |
232,193 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
201,888 |
113,806 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
143 |
1,891 |
|
|
--------- |
--------- |
Net assets |
|
162,842 |
116,496 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
162,840 |
116,494 |
|
|
--------- |
--------- |
Shareholders funds |
|
162,842 |
116,496 |
|
|
--------- |
--------- |
|
|
|
|
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 July 2023 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 abridged 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 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 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 July 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
12 April 2024
, and are signed on behalf of the board by:
Mr. G. Wylie |
Mr. G. Davis |
Director |
Director |
|
|
Company registration number:
NI608255
Notes to the Abridged Financial Statements |
|
Year ended 31 July 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 20 Lisburn Square, Lisburn, BT28 1TS, Northern Ireland.
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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Comparative information
Prior period comparative information is included for narrative and descriptive information if it is relevant to understanding the current period’s financial statements. Where the director has considered that reclassification of prior period information presents a better understanding to the current period's financial statements, the relevant prior period balances have been restated.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported and concerning the future. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Consequently, actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below. Significant Judgements To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Going concern In order to assess whether it is appropriate for the company to be reported as a going concern, the directors apply judgement, having undertaken appropriate enquiries and having considered the business activities and the company's principal risks and uncertainties. In arriving at this judgement there are a large number of assumptions and estimates involved. This includes management's expectations of revenue, timing and quantum of any future capital expenditure and estimates and cost of future funding. The world wide economy continues to be affected by geo political events, which have resulted in increased costs and other inflationary pressures. This has had, and is likely to have, a significant impact upon the company's financial position and represents a material uncertainty for the company to be able to continue as a going concern for the foreseeable future and that, therefore, the company may be unable to realise its assets and discharge its liabilities in the normal course of business. However, the directors believe that on the back of another year's strong trading performance, continued prudent management will assist the company to continue as a going concern. As a result they have adopted the going concern basis of accounting. Key Sources of Estimation Uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. They are, by nature, subjective and result in a risk that a material adjustment to the carrying amount of assets or liabilities may be required as a result of changes in those assumptions or estimates in the next period. The key estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Depreciation The company's balance sheet reflects a tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. There have been no significant revisions to the estimated lives during the current financial year. Stock The company reviews the market value and demand for its stock to ensure that it is stated at the lower of cost and net realisable value. In calculating the ultimate realisable value of stock, the company is required to make judgements as to future demand and assess these against current stock levels. Given the nature of the company's business, the timing and success of it's product ranges could impact upon customer demand and selling price.
Revenue recognition
Turnover is stated net of trade discounts, VAT and similar taxes and derives from the provision of goods falling within the company's ordinary activities. 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.
Income tax
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. 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.
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.
Tangible assets
All fixed assets are initially recorded at cost. The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
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:
|
Fixtures and fittings |
- |
25% straight line |
|
Equipment |
- |
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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on normal selling price, less further costs expected to be incurred to disposal.
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 abridged 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
3
(2022:
3
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 August 2022 and 31 July 2023 |
38,795 |
|
-------- |
Depreciation |
|
At 1 August 2022 |
29,791 |
Charge for the year |
8,323 |
|
-------- |
At 31 July 2023 |
38,114 |
|
-------- |
Carrying amount |
|
At 31 July 2023 |
681 |
|
-------- |
At 31 July 2022 |
9,004 |
|
-------- |
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
216,100 |
271,642 |
Trade creditors |
72,333 |
52,188 |
Accruals and deferred income |
4,557 |
3,282 |
Corporation tax |
70,773 |
46,551 |
Social security and other taxes |
19,375 |
11,442 |
Director loan accounts |
175,614 |
157,668 |
Other creditors |
1,050 |
1,050 |
|
--------- |
--------- |
|
559,802 |
543,823 |
|
--------- |
--------- |
|
|
|
Bank borrowings and other loans are secured by way of personal guarantees offered by members of key management personnel of the company.
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
201,888 |
113,806 |
|
--------- |
--------- |
|
|
|
Bank borrowings and other loans are secured by way of personal guarantees offered by members of key management personnel of the company.
8.
Related party transactions
At the balance sheet date the company owed a business owned by a member of key management personnel £13,000 (2022 - £13,000). Key management personnel have both offered personal guarantees to underwrite the borrowings of the company.
9.
Controlling party
The company was not controlled by an individual during the period.
Mr. G. Wylie
owns 1 ordinary share and
Mr. G. Davis
owns 1 ordinary share.