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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
02859797
2023-01-01
2023-12-31
02859797
2023-12-31
02859797
2022-12-31
02859797
2022-01-01
2022-12-31
02859797
2022-12-31
02859797
2021-12-31
02859797
core:PlantMachinery
2023-01-01
2023-12-31
02859797
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
02859797
bus:OrdinaryShareClass2
2023-01-01
2023-12-31
02859797
bus:OrdinaryShareClass4
2023-01-01
2023-12-31
02859797
bus:Director4
2023-01-01
2023-12-31
02859797
core:LandBuildings
2022-12-31
02859797
core:PlantMachinery
2022-12-31
02859797
core:LandBuildings
2023-12-31
02859797
core:PlantMachinery
2023-12-31
02859797
core:WithinOneYear
2023-12-31
02859797
core:WithinOneYear
2022-12-31
02859797
core:AfterOneYear
2023-12-31
02859797
core:AfterOneYear
2022-12-31
02859797
core:ShareCapital
2023-12-31
02859797
core:ShareCapital
2022-12-31
02859797
core:CapitalRedemptionReserve
2023-12-31
02859797
core:CapitalRedemptionReserve
2022-12-31
02859797
core:RetainedEarningsAccumulatedLosses
2023-12-31
02859797
core:RetainedEarningsAccumulatedLosses
2022-12-31
02859797
core:BetweenOneFiveYears
2022-12-31
02859797
core:PlantMachinery
2022-12-31
02859797
bus:SmallEntities
2023-01-01
2023-12-31
02859797
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
02859797
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
02859797
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
02859797
bus:FullAccounts
2023-01-01
2023-12-31
02859797
bus:AllOrdinaryShares
2023-12-31
02859797
bus:AllOrdinaryShares
2022-12-31
02859797
bus:OrdinaryShareClass1
2023-12-31
02859797
bus:OrdinaryShareClass1
2022-12-31
02859797
bus:OrdinaryShareClass2
2023-12-31
02859797
bus:OrdinaryShareClass2
2022-12-31
02859797
bus:OrdinaryShareClass4
2023-12-31
02859797
bus:OrdinaryShareClass4
2022-12-31
02859797
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
02859797
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
4 |
|
21,858 |
17,046 |
|
|
|
|
|
Current assets
Debtors |
5 |
300,169 |
|
276,104 |
Cash at bank and in hand |
4 |
|
90 |
|
-------- |
|
-------- |
|
300,173 |
|
276,194 |
|
|
|
|
|
Prepayments and accrued income |
15,569 |
|
22,457 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
301,794 |
|
273,009 |
|
-------- |
|
-------- |
Net current assets |
|
13,948 |
25,642 |
|
|
------- |
------- |
Total assets less current liabilities |
|
35,806 |
42,688 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
26,567 |
72,184 |
|
|
|
|
|
Accruals and deferred income |
|
170,213 |
103,905 |
|
|
-------- |
-------- |
Net liabilities |
|
(
160,974) |
(
133,401) |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
8 |
|
481 |
481 |
Capital redemption reserve |
|
61 |
61 |
Profit and loss account |
|
(
161,516) |
(
133,943) |
|
|
-------- |
-------- |
Shareholders deficit |
|
(
160,974) |
(
133,401) |
|
|
-------- |
-------- |
|
|
|
|
|
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 December 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 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 financial statements
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
27 March 2024
, and are signed on behalf of the board by:
Company registration number:
02859797
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, incorporated, registered and trading in England and Wales with company number
02859797
. The address of the registered office is 4th Floor, 85 Great Portland Street, London, W1W 7LT.
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 and rounded to the nearest £.
Going concern
The continuation of the company's affairs are dependent upon the support of the creditors. These accounts have been prepared on a going concern basis which assumes their continued support for the foreseeable future.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
|
Long leasehold property |
- |
Depreciated over length of lease
|
|
Plant and machinery |
- |
15% reducing balance |
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
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.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2022:
7
).
4.
Tangible assets
|
Land and buildings |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
5,025 |
50,856 |
55,881 |
Additions |
– |
8,004 |
8,004 |
|
------ |
------- |
------- |
At 31 December 2023 |
5,025 |
58,860 |
63,885 |
|
------ |
------- |
------- |
Depreciation |
|
|
|
At 1 January 2023 |
5,025 |
33,810 |
38,835 |
Charge for the year |
– |
3,192 |
3,192 |
|
------ |
------- |
------- |
At 31 December 2023 |
5,025 |
37,002 |
42,027 |
|
------ |
------- |
------- |
Carrying amount |
|
|
|
At 31 December 2023 |
– |
21,858 |
21,858 |
|
------ |
------- |
------- |
At 31 December 2022 |
– |
17,046 |
17,046 |
|
------ |
------- |
------- |
|
|
|
|
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
194,937 |
148,423 |
Other debtors |
105,232 |
127,681 |
|
-------- |
-------- |
|
300,169 |
276,104 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
64,234 |
67,393 |
Trade creditors |
228,461 |
200,734 |
Social security and other taxes |
9,099 |
4,882 |
|
-------- |
-------- |
|
301,794 |
273,009 |
|
-------- |
-------- |
|
|
|
The bank loans and overdrafts are secured by the bank.
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
26,567 |
72,184 |
|
------- |
------- |
|
|
|
The bank loans and overdrafts are secured by the bank.
8.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
A Ordinary shares of £ 1 each |
450 |
450 |
450 |
450 |
B Ordinary shares of £ 1 each |
30 |
30 |
30 |
30 |
D Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
481 |
481 |
481 |
481 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
12,077 |
20,703 |
Later than 1 year and not later than 5 years |
– |
12,077 |
|
------- |
------- |
|
12,077 |
32,780 |
|
------- |
------- |
|
|
|
10.
Directors' advances, credits and guarantees
At the reporting date the directors loan account was in debit by £53,596 (2022: £86,731). There is no fixed term for repayment and interest is charged at HMRC's advised rate. Transactions during the year can be summarised as follows:
|
|
2023 |
|
|
£ |
|
Opening Balance Brought Forward |
86,731 |
|
Net Repayments |
(34,054) |
|
Interest |
919 |
|
Closing Balance Carried Forward |
53,596 |
|
|
|