Contents of the Financial Statements
for the Period Ended 31 March 2023
Balance sheet
As at 31 March 2023
| Notes | 14 months to 31 March 2023 |
| | £ |
Called up share capital not paid: | | 0 |
Fixed assets |
Intangible assets: | 3 | 2,404,709 |
Tangible assets: | 4 | 77,081 |
Investments: | 5 | 1 |
Total fixed assets: | | 2,481,791 |
Current assets |
Stocks: | | 9,787,759 |
Debtors: | | 31,532,981 |
Cash at bank and in hand: | | 227,093 |
Total current assets: | | 41,547,833 |
Creditors: amounts falling due within one year: | | (2,377,032) |
Net current assets (liabilities): | | 39,170,801 |
Total assets less current liabilities: | | 41,652,592 |
Creditors: amounts falling due after more than one year: | | (1,287,868) |
Provision for liabilities: | | (68,701) |
Total net assets (liabilities): | | 40,296,023 |
Capital and reserves |
Called up share capital: | | 27,124,000 |
Profit and loss account: | | 13,172,023 |
Shareholders funds: | | 40,296,023 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 04 April 2024
and signed on behalf of the board by:
Name: A L Fraser
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 March 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
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 completions); 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.Tangible fixed assets and depreciation policy
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 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 at 20 per cent straight line per annum, Fixtures and fittings at 20 per cent and 33 per cent straight line per annum and Motor vehicles at 20 per cent straight line per annum.Intangible fixed assets and amortisation policy
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset at rate of 10 per cent straight line per annum. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.Valuation and information policy
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. At the end of each reporting period, stocks and work in progress are assessed for impairment. If an element or elements of stock are impaired, that item is measured at it selling price less costs to complete and sell, and an impairment loss is recognised. 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.Other accounting policies
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention modified to include certain items at fair value Going concern The Directors have reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseeable future Accordingly the company continues to adopt the going concern basis in preparing the financial statements Consolidation The company has taken advantage of the option not to prepare consolidated financial statements on the basis that the company and its subsidiary undertakings comprise a small group Financial instruments The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors creditors hire purchase agreements and loans from banks Investments held by the company are measured at fair value with changes in fair value recognised in profit or loss. Judgements and key sources of estimation uncertainty In the process of applying the accounting policies management has not made any significant judgements There are no key assumptions concerning the future or other key sources of estimation that have significant risk of raising a material adjustment to the carrying amount of assets and liabilities within the financial period 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
Notes to the Financial Statements
for the Period Ended 31 March 2023
2. Employees
| 14 months to 31 March 2023 |
Average number of employees during the period | 3 |
Notes to the Financial Statements
for the Period Ended 31 March 2023
3. Intangible Assets
| Total |
Cost | £ |
Additions | 2,722,312 |
At 31 March 2023 | 2,722,312 |
Amortisation | |
Charge for year | 317,603 |
At 31 March 2023 | 317,603 |
Net book value | |
At 31 March 2023 | 2,404,709 |
Notes to the Financial Statements
for the Period Ended 31 March 2023
4. Tangible Assets
| Total |
Cost | £ |
Transfers | 101,430 |
At 31 March 2023 | 101,430 |
Depreciation | |
Charge for year | 24,349 |
At 31 March 2023 | 24,349 |
Net book value | |
At 31 March 2023 | 77,081 |
Notes to the Financial Statements
for the Period Ended 31 March 2023
5. Fixed investments
Addition in shares of group undertaking of £1 in period
Notes to the Financial Statements
for the Period Ended 31 March 2023
6. Loans to directors
The company is under the control of A F M Fraser