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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,055,000
15,000
1,070,000
1,070,000
1,055,000
xbrli:pure
xbrli:shares
iso4217:GBP
11596599
2022-11-01
2023-10-31
11596599
2023-10-31
11596599
2022-10-31
11596599
2021-11-01
2022-10-31
11596599
2022-10-31
11596599
2021-10-31
11596599
bus:OrdinaryShareClass1
2022-11-01
2023-10-31
11596599
bus:Director1
2022-11-01
2023-10-31
11596599
core:WithinOneYear
2023-10-31
11596599
core:WithinOneYear
2022-10-31
11596599
core:AfterOneYear
2023-10-31
11596599
core:AfterOneYear
2022-10-31
11596599
core:ShareCapital
2023-10-31
11596599
core:ShareCapital
2022-10-31
11596599
core:RetainedEarningsAccumulatedLosses
2023-10-31
11596599
core:RetainedEarningsAccumulatedLosses
2022-10-31
11596599
core:LandBuildings
2023-10-31
11596599
core:LandBuildings
2022-10-31
11596599
core:LandBuildings
2022-10-31
11596599
core:LandBuildings
2022-11-01
2023-10-31
11596599
bus:SmallEntities
2022-11-01
2023-10-31
11596599
bus:AuditExemptWithAccountantsReport
2022-11-01
2023-10-31
11596599
bus:SmallCompaniesRegimeForAccounts
2022-11-01
2023-10-31
11596599
bus:PrivateLimitedCompanyLtd
2022-11-01
2023-10-31
11596599
bus:FullAccounts
2022-11-01
2023-10-31
11596599
bus:OrdinaryShareClass1
2023-10-31
11596599
bus:OrdinaryShareClass1
2022-10-31
COMPANY REGISTRATION NUMBER:
11596599
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
3 |
|
1,070,000 |
1,055,000 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
540 |
|
2,472 |
|
|
|
|
Creditors: amounts falling due within one year |
4 |
242,771 |
|
251,610 |
|
-------- |
|
-------- |
Net current liabilities |
|
242,231 |
249,138 |
|
|
----------- |
----------- |
Total assets less current liabilities |
|
827,769 |
805,862 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
5 |
|
594,428 |
594,428 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
42,683 |
– |
|
|
-------- |
-------- |
Net assets |
|
190,658 |
211,434 |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
6 |
|
2 |
2 |
Profit and loss account |
|
190,656 |
211,432 |
|
|
-------- |
-------- |
Shareholders funds |
|
190,658 |
211,434 |
|
|
-------- |
-------- |
|
|
|
|
|
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.
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 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 October 2023
These financial statements were approved by the
board of directors
and authorised for issue on
29 January 2024
, and are signed on behalf of the board by:
Company registration number:
11596599
Notes to the Financial Statements |
|
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales with company number
11596599
. The address of the registered office is 8 Jury Street, Warwick, CV34 4EW, United Kingdom.
2.
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.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors/members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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
The company only has basic financial instruments. - Financial Assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
3.
Tangible assets
|
Land and buildings |
|
£ |
Cost or valuation |
|
At 1 November 2022 |
1,055,000 |
Revaluations |
15,000 |
|
----------- |
At 31 October 2023 |
1,070,000 |
|
----------- |
Depreciation |
|
At 1 November 2022 and 31 October 2023 |
– |
|
----------- |
Carrying amount |
|
At 31 October 2023 |
1,070,000 |
|
----------- |
At 31 October 2022 |
1,055,000 |
|
----------- |
|
|
Property The investment properties were purchased between December 2018 and June 2022. The fair value of the properties at 31 October 2023 has been arrived at on the basis of a valuation carried out by M. Turner, a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their locations. The historic cost of the investment properties was £844,283 (2022: £844,283).
4.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
23,273 |
23,273 |
Social security and other taxes |
1,728 |
108 |
Other creditors |
217,770 |
228,229 |
|
-------- |
-------- |
|
242,771 |
251,610 |
|
-------- |
-------- |
|
|
|
5.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
594,428 |
594,428 |
|
-------- |
-------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £510,223 (2022: £510,223) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The long term loan is due for repayment in full at the end of loan period. Interest is due on the loan at a rate of 3.80% per annum.
The bank has a floating charge over the company's assets to secure the bank loans.
6.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
7.
Director's advances, credits and guarantees
At the reporting date the directors loan account was in credit by £216,588 (2022: £227,088). There is no fixed term for repayment and no interest is charged.
8.
Related party transactions
The company was under the control of M. Turner and D. Turner-Burr during the current and previous period.