6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04205862 2023-04-01 2024-03-31 04205862 2024-03-31 04205862 2023-03-31 04205862 2022-04-01 2023-03-31 04205862 2023-03-31 04205862 2022-03-31 04205862 core:NetGoodwill 2023-04-01 2024-03-31 04205862 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04205862 core:FurnitureFittings 2023-04-01 2024-03-31 04205862 core:MotorVehicles 2023-04-01 2024-03-31 04205862 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 04205862 bus:Director1 2023-04-01 2024-03-31 04205862 core:WithinOneYear 2024-03-31 04205862 core:WithinOneYear 2023-03-31 04205862 core:AfterOneYear 2024-03-31 04205862 core:AfterOneYear 2023-03-31 04205862 core:ShareCapital 2024-03-31 04205862 core:ShareCapital 2023-03-31 04205862 core:RetainedEarningsAccumulatedLosses 2024-03-31 04205862 core:RetainedEarningsAccumulatedLosses 2023-03-31 04205862 bus:SmallEntities 2023-04-01 2024-03-31 04205862 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04205862 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04205862 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04205862 bus:AbridgedAccounts 2023-04-01 2024-03-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Photosynthesis Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 04205862
PHOTOSYNTHESIS LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
PHOTOSYNTHESIS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF PHOTOSYNTHESIS LIMITED
YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Photosynthesis Limited for the year ended 31 March 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
7 August 2024
PHOTOSYNTHESIS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Tangible assets
6
1,234,246
1,060,018
Current Assets
Stocks
13,457
11,603
Debtors
21,682
18,870
Cash at bank and in hand
265,006
242,939
------------
------------
300,145
273,412
Creditors: amounts falling due within one year
256,806
232,448
------------
------------
Net Current Assets
43,339
40,964
--------------
--------------
Total Assets Less Current Liabilities
1,277,585
1,100,982
Creditors: amounts falling due after more than one year
7
238,688
262,373
--------------
--------------
Net Assets
1,038,897
838,609
--------------
--------------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
1,038,797
838,509
--------------
------------
Shareholders Funds
1,038,897
838,609
--------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 abridged 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 abridged financial statements .
PHOTOSYNTHESIS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
S W Heaton
Director
Company registration number: 04205862
PHOTOSYNTHESIS LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2. Statement of Compliance
These abridged 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 abridged 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 abridged financial statements 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 the realisable value of work undertaken during the year, exclusive of Value Added Tax.
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.
Goodwill
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
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 as follows:
Goodwill
-
20% straight line
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.
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 for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value 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:
Land and buildings
-
2% straight line
Fixtures and equipment
-
10% reducing balance
Motor vehicles
-
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.
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.
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.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Intangible Assets
£
Cost
At 1 April 2023 and 31 March 2024
63,000
------------
Amortisation
At 1 April 2023 and 31 March 2024
63,000
------------
Carrying amount
At 31 March 2024
------------
At 31 March 2023
------------
6. Tangible Assets
£
Cost
At 1 April 2023
1,202,122
Additions
178,711
--------------
At 31 March 2024
1,380,833
--------------
Depreciation
At 1 April 2023
142,104
Charge for the year
4,483
--------------
At 31 March 2024
146,587
--------------
Carrying amount
At 31 March 2024
1,234,246
--------------
At 31 March 2023
1,060,018
--------------
7. Creditors: amounts falling due after more than one year
Bank loans are secured by a legal charge on certain assets of the company.
8. Contingencies
There is a fixed charge in place in favour of Barclays Security Trustee Limited dated 31 May 2019.
9. Related Party Transactions
S W Heaton is also a director of Phosters FM Limited. During the year the company sold goods of £502,615 (2023: £431,578) to Phosters FM Limited. At the year end date Photosynthesis Limited owed Phosters FM Limited £0 (2023: £15,652).