Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 4 | ||||||
Tangible assets | 5 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | ( |
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Creditors: amounts falling due after more than one year | 8 | - | ( |
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Provisions for liabilities | ( |
( |
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Net (liabilities)/assets | ( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
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Shareholder's funds | ( |
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Mr I Graham | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Income recognition Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets - goodwill | ||||||||
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measure at cost less accumulated amortisation and accumulated losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit fromt he acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amonunt of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of th carrying amount of each asset in the unit. |
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Intangible fixed assets other than goodwill | ||||||||
Intangible fixed assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Intangible assets comprise primarily licence fees paid in advance for the use of trade marks. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 10 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
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Patents and licences | 10 years straight line | |||||||
Tangible fixed assets | ||||||||
Plant and machinery | 25% reducing balance | |||||||
Fixtures, fittings, tools and equipment | 25% reducing balance | |||||||
Motor vehicles | 25% reducing balance | |||||||
Impairment of fixed assets | ||||||||
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual assets, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the assets (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
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Stocks | ||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Financial instruments | ||||||||
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Classification of financial liabilities 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 company after deducting all of its liabilities. |
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Provisions | ||||||||
Foreign currency translation | ||||||||
Leased assets | ||||||||
The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Government grants | ||||||||
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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Pensions | ||||||||
2 | Judgements and key sources of estimation uncertainty | |||||||
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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3 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Intangible fixed assets | £ | ||||||
Cost | ||||||||
At 1 December 2022 | ||||||||
At 30 November 2023 | ||||||||
Amortisation | ||||||||
At 1 December 2022 | ||||||||
Provided during the year | ||||||||
At 30 November 2023 | ||||||||
Net book value | ||||||||
At 30 November 2023 | ||||||||
At 30 November 2022 | ||||||||
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. | ||||||||
5 | Tangible fixed assets | |||||||
Plant and machinery etc | Motor vehicles | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 December 2022 | ||||||||
Additions | - | |||||||
Disposals | ( |
( |
( |
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At 30 November 2023 | ||||||||
Depreciation | ||||||||
At 1 December 2022 | ||||||||
Charge for the year | ||||||||
On disposals | ( |
( |
( |
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At 30 November 2023 | ||||||||
Net book value | ||||||||
At 30 November 2023 | ||||||||
At 30 November 2022 | ||||||||
6 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Obligations under finance lease and hire purchase contracts | ||||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
8 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Obligations under finance lease and hire purchase contracts | - | |||||||
9 | Other financial commitments | 2023 | 2022 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | - | |||||||
10 | Controlling party | |||||||
As at the balance sheet date amounts owing to Complete Weed Control Limited are £320,222 (2022 : £334,119). The loan is unsecured, interest free and repayable on demand. The ultimate controlling party by way of share holding is Mr I Graham. |
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11 | Other information | |||||||
Complete Weed Control Trading Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Unit 16 | ||||||||
Hurworth Road | ||||||||
Newton Aycliffe | ||||||||
County Durham | ||||||||
DL5 6HD |