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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
14,526,598
14,526,598
14,526,598
132,430
4,419
132,430
4,419
4,419
132,430
xbrli:pure
xbrli:shares
iso4217:GBP
02940964
2023-01-01
2023-12-31
02940964
2023-12-31
02940964
2022-12-31
02940964
2022-01-01
2022-12-31
02940964
2022-12-31
02940964
2021-12-31
02940964
bus:Director1
2023-01-01
2023-12-31
02940964
core:WithinOneYear
2023-12-31
02940964
core:WithinOneYear
2022-12-31
02940964
core:AfterOneYear
2023-12-31
02940964
core:AfterOneYear
2022-12-31
02940964
core:ShareCapital
2023-12-31
02940964
core:ShareCapital
2022-12-31
02940964
core:RetainedEarningsAccumulatedLosses
2023-12-31
02940964
core:RetainedEarningsAccumulatedLosses
2022-12-31
02940964
core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
02940964
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-12-31
02940964
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2023-12-31
02940964
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
02940964
core:Non-currentFinancialInstruments
2023-12-31
02940964
core:Non-currentFinancialInstruments
2022-12-31
02940964
core:LandBuildings
2023-12-31
02940964
core:LandBuildings
2022-12-31
02940964
bus:SmallEntities
2023-01-01
2023-12-31
02940964
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
02940964
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
02940964
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
02940964
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
02940964
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
4 |
|
14,526,598 |
14,526,598 |
Investments |
5 |
|
4,419 |
132,430 |
|
|
------------- |
------------- |
|
|
14,531,017 |
14,659,028 |
|
|
|
|
|
Current assets
Debtors |
6 |
61,797 |
|
37,550 |
Cash at bank and in hand |
38,809 |
|
166,373 |
|
--------- |
|
--------- |
|
100,606 |
|
203,923 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,319,213 |
|
2,163,293 |
|
------------ |
|
------------ |
Net current liabilities |
|
2,218,607 |
1,959,370 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
12,312,410 |
12,699,658 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
3,018,000 |
3,969,919 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
184,815 |
183,962 |
|
|
------------- |
------------- |
Net assets |
|
9,109,595 |
8,545,777 |
|
|
------------- |
------------- |
|
|
|
|
Statement of Financial Position (continued) |
|
31 December 2023
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
9 |
|
9,109,495 |
8,545,677 |
|
|
------------ |
------------ |
Shareholder funds |
|
9,109,595 |
8,545,777 |
|
|
------------ |
------------ |
|
|
|
|
|
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 member has 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
24 July 2024
, and are signed on behalf of the board by:
Company registration number:
02940964
Notes to the Financial Statements |
|
Year ended 31 December 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 21 Dragon Road, Harrogate, HG1 5DB, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for the provision of goods and services to customers outside the company net of returns, sales allowances and VAT. Revenue from goods and services is recognised at the point the company fulfils its commercial obligations to the customer, the revenue and costs in respect of the transaction can be measured reliably and collectability is reasonably assured.
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.
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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being 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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Tangible assets
|
Investment Property |
|
£ |
Cost / Valuation |
|
At 1 January 2023 and 31 December 2023 |
14,526,598 |
|
------------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
------------- |
Carrying amount |
|
At 31 December 2023 |
14,526,598 |
|
------------- |
At 31 December 2022 |
14,526,598 |
|
------------- |
|
|
5.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 January 2023 |
132,430 |
Additions |
4,419 |
Disposals |
(
132,430) |
|
--------- |
At 31 December 2023 |
4,419 |
|
--------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 December 2023 |
4,419 |
|
--------- |
At 31 December 2022 |
132,430 |
|
--------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
47,346 |
19,195 |
Other debtors |
14,451 |
18,355 |
|
-------- |
-------- |
|
61,797 |
37,550 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
– |
26,523 |
Trade creditors |
2,510 |
3,493 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
2,006,082 |
2,006,082 |
Corporation tax |
172,541 |
99,185 |
Social security and other taxes |
13,677 |
13,835 |
Other creditors |
124,403 |
14,175 |
|
------------ |
------------ |
|
2,319,213 |
2,163,293 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
3,018,000 |
3,969,919 |
|
------------ |
------------ |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £3,018,000 (2022: £3,969,919) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within loans and overdrafts above are £3,018,000 worth of liabilities that are secured by way of fixed and floating charges that are secured on the properties which they relate.
9.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included within the Profit and Loss reserve is an amount of £2,111,119 relating to the revaluation of investment properties which are un-distributable.
10.
Directors' advances, credits and guarantees
During the year the directors loan accounts were in credit.
11.
Related party transactions
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
12.
Controlling party
The company is a wholly owned subsidiary of Axebell Limited, a company registered in England & Wales.