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30 July 2024
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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
07520645
2023-01-01
2023-12-31
07520645
2023-12-31
07520645
2022-12-31
07520645
2022-01-01
2022-12-31
07520645
2022-12-31
07520645
2021-12-31
07520645
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
07520645
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
07520645
core:PlantMachinery
2023-01-01
2023-12-31
07520645
core:MotorVehicles
2023-01-01
2023-12-31
07520645
bus:Director3
2023-01-01
2023-12-31
07520645
core:WithinOneYear
2023-12-31
07520645
core:WithinOneYear
2022-12-31
07520645
core:AfterOneYear
2022-12-31
07520645
core:ShareCapital
2023-12-31
07520645
core:ShareCapital
2022-12-31
07520645
core:RetainedEarningsAccumulatedLosses
2023-12-31
07520645
core:RetainedEarningsAccumulatedLosses
2022-12-31
07520645
core:BetweenOneFiveYears
2023-12-31
07520645
core:BetweenOneFiveYears
2022-12-31
07520645
bus:SmallEntities
2023-01-01
2023-12-31
07520645
bus:Audited
2023-01-01
2023-12-31
07520645
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
07520645
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
07520645
bus:AbridgedAccounts
2023-01-01
2023-12-31
07520645
core:ComputerEquipment
2023-01-01
2023-12-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Consol Southwest 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 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
07520645
FILLETED ABRIDGED FINANCIAL STATEMENTS |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the abridged financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
4 |
|
2,319,289 |
|
2,662,402 |
|
|
|
|
|
|
Current assets
Cash at bank and in hand |
11,659 |
|
57,061 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
349,172 |
|
451,877 |
|
|
------------ |
|
------------ |
|
Net current liabilities |
|
337,513 |
|
394,816 |
|
|
-------------- |
|
-------------- |
Total assets less current liabilities |
|
1,981,776 |
|
2,267,586 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
– |
|
219,528 |
|
|
-------------- |
|
-------------- |
Net assets |
|
1,981,776 |
|
2,048,058 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
|
100 |
Profit and loss account |
|
1,981,676 |
|
2,047,958 |
|
|
-------------- |
|
-------------- |
Shareholders funds |
|
1,981,776 |
|
2,048,058 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
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.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 July 2024
, and are signed on behalf of the board by:
Company registration number:
07520645
NOTES TO THE ABRIDGED 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 103a Middle Street, Yeovil, Somerset, BA20 1NA.
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.
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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
|
Freehold property |
- |
5% reducing balance |
|
Long leasehold property |
- |
10% straight line |
|
Plant and machinery |
- |
15% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
|
Equipment |
- |
33% straight line |
|
|
|
|
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
5,102,771 |
|
-------------- |
Depreciation |
|
At 1 January 2023 |
2,440,369 |
Charge for the year |
343,113 |
|
-------------- |
At 31 December 2023 |
2,783,482 |
|
-------------- |
Carrying amount |
|
At 31 December 2023 |
2,319,289 |
|
-------------- |
At 31 December 2022 |
2,662,402 |
|
-------------- |
|
|
5.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
81,683 |
84,500 |
|
Later than 1 year and not later than 5 years |
112,507 |
81,690 |
|
|
------------ |
------------ |
|
|
194,190 |
166,190 |
|
|
------------ |
------------ |
|
|
|
|
6.
Summary audit opinion
The auditor's report dated
30 July 2024
was
unqualified
.
The senior statutory auditor was
K S Chambers
, for and on behalf of
Langard Lifford Hall Limited
.
7.
Related party transactions
The company has taken advantage of the exemption contained in FRS 102 Section 33 "Related Part Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
8.
Controlling party
The ultimate parent company is Mount Soleil Limited, a company registered in England and Wales.