0
false
false
false
false
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false
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true
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No description of principal activity
2022-04-06
Sage Accounts Production Advanced 2021 - FRS102_2021
4,240
1,734
700
2,434
1,806
2,506
xbrli:pure
xbrli:shares
iso4217:GBP
05192220
2022-04-06
2023-04-05
05192220
2023-04-05
05192220
2022-04-05
05192220
2022-04-05
05192220
core:PlantMachinery
2022-04-06
2023-04-05
05192220
bus:Director1
2022-04-06
2023-04-05
05192220
core:PlantMachinery
2022-04-05
05192220
core:PlantMachinery
2023-04-05
05192220
core:WithinOneYear
2023-04-05
05192220
core:WithinOneYear
2022-04-05
05192220
core:ShareCapital
2023-04-05
05192220
core:ShareCapital
2022-04-05
05192220
core:RetainedEarningsAccumulatedLosses
2023-04-05
05192220
core:RetainedEarningsAccumulatedLosses
2022-04-05
05192220
core:PlantMachinery
2022-04-05
05192220
bus:SmallEntities
2022-04-06
2023-04-05
05192220
bus:AuditExemptWithAccountantsReport
2022-04-06
2023-04-05
05192220
bus:FullAccounts
2022-04-06
2023-04-05
05192220
bus:SmallCompaniesRegimeForAccounts
2022-04-06
2023-04-05
05192220
bus:PrivateLimitedCompanyLtd
2022-04-06
2023-04-05
05192220
1
2022-04-06
2023-04-05
COMPANY REGISTRATION NUMBER:
05192220
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
5 April 2023
Fixed assets
Tangible assets |
4 |
|
1,806 |
|
2,506 |
|
|
|
|
|
|
Current assets
Stocks |
186,173 |
|
680,458 |
|
Debtors |
5 |
1,339,965 |
|
369,695 |
|
Cash at bank and in hand |
3,233,654 |
|
3,365,521 |
|
|
------------ |
|
------------ |
|
|
4,759,792 |
|
4,415,674 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
209,687) |
|
(
735,043) |
|
|
------------ |
|
------------ |
|
Net current assets |
|
4,550,105 |
|
3,680,631 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
4,551,911 |
|
3,683,137 |
|
|
------------ |
|
------------ |
Net assets |
|
4,551,911 |
|
3,683,137 |
|
|
------------ |
|
------------ |
|
|
|
|
|
|
Capital and reserves
Called up share capital |
|
3,500,000 |
|
3,500,000 |
Profit and loss account |
|
1,051,911 |
|
183,137 |
|
|
------------ |
|
------------ |
Shareholders funds |
|
4,551,911 |
|
3,683,137 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These accounts 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 5 April 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 accounts 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 accounts
.
Statement of Financial Position (continued) |
|
5 April 2023
These accounts 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:
05192220
Year ended 5 April 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 14 Egerton Garden Mews, London, SW3 2EH.
2.
Statement of compliance
These accounts 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 accounts 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 accounts 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
The turnover shown in the profit and loss account represents sale of cars invoiced during the year, exclusive of Value Added Tax, when significant risks and rewards of ownership have been transferred.
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.
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
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 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 properties Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are included on completion once risk and rewards and control are passed. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are 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 |
- |
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.
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.
4.
Tangible assets
|
Plant and machinery |
Total |
|
£ |
£ |
Cost |
|
|
At 6 April 2022 and 5 April 2023 |
4,240 |
4,240 |
|
------- |
------- |
Depreciation |
|
|
At 6 April 2022 |
1,734 |
1,734 |
Charge for the year |
700 |
700 |
|
------- |
------- |
At 5 April 2023 |
2,434 |
2,434 |
|
------- |
------- |
Carrying amount |
|
|
At 5 April 2023 |
1,806 |
1,806 |
|
------- |
------- |
At 5 April 2022 |
2,506 |
2,506 |
|
------- |
------- |
|
|
|
See note 7 for capital commitments contracted but not provided in the accounts as at 5 April 2023.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
1,135,913 |
362,228 |
Other debtors |
204,052 |
7,467 |
|
------------ |
--------- |
|
1,339,965 |
369,695 |
|
------------ |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Corporation tax |
201,159 |
– |
Social security and other taxes |
7,528 |
7,728 |
Other creditors |
1,000 |
727,315 |
|
--------- |
--------- |
|
209,687 |
735,043 |
|
--------- |
--------- |
|
|
|
7.
Events after the end of the reporting period
The company exchanged on an investment property prior to the year end, which completed after the year end for £1,950,000.