COMPANY REGISTRATION NUMBER:
06108757
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
757 |
954 |
|
|
|
|
Current assets
Debtors |
6 |
67,751 |
66,915 |
Cash at bank and in hand |
12,210 |
20,635 |
|
-------- |
-------- |
|
79,961 |
87,550 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,702 |
9,853 |
|
-------- |
-------- |
Net current assets |
77,259 |
77,697 |
|
-------- |
-------- |
Total assets less current liabilities |
78,016 |
78,651 |
|
|
|
|
Provisions |
144 |
181 |
|
-------- |
-------- |
Net assets |
77,872 |
78,470 |
|
-------- |
-------- |
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
77,870 |
78,468 |
|
-------- |
-------- |
Shareholders funds |
77,872 |
78,470 |
|
-------- |
-------- |
|
|
|
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 year ending 31 March 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 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 financial statements
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2023
, and are signed on behalf of the board by:
Company registration number:
06108757
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 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 196 Manod Road, Blaenau Ffestiniog, Gwynedd, LL41 4AR.
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.
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. 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.
Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for consultancy services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when 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 Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
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% reducing balance |
|
Equipment |
- |
33% 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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2022:
1
).
5.
Tangible assets
|
Plant and machinery |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2022 and 31 March 2023 |
2,050 |
10,113 |
12,163 |
|
------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 April 2022 |
1,397 |
9,812 |
11,209 |
Charge for the year |
99 |
98 |
197 |
|
------- |
-------- |
-------- |
At 31 March 2023 |
1,496 |
9,910 |
11,406 |
|
------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 March 2023 |
554 |
203 |
757 |
|
------- |
-------- |
-------- |
At 31 March 2022 |
653 |
301 |
954 |
|
------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
67,751 |
66,915 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Corporation tax |
– |
5,435 |
Social security and other taxes |
35 |
35 |
Other creditors |
2,667 |
4,383 |
|
------- |
------- |
|
2,702 |
9,853 |
|
------- |
------- |
|
|
|
8.
Director's advances, credits and guarantees
There were no director's advances, credits or guarantees during the year.
9.
Related party transactions
During the year the company issued a further loan of £835 to Moelwynion Ltd, a company owned by the director. The balance remaining due at 31 March 2023 was £67,750 (31 March 2022: £66,915) and is included within other debtors. The loan is interest free and repayable on demand.