2 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 70,571 23,239 93,810 xbrli:pure xbrli:shares iso4217:GBP 06845725 2023-04-01 2024-03-31 06845725 2024-03-31 06845725 2023-03-31 06845725 2022-04-01 2023-03-31 06845725 2023-03-31 06845725 2022-03-31 06845725 core:FurnitureFittings 2023-04-01 2024-03-31 06845725 core:MotorVehicles 2023-04-01 2024-03-31 06845725 bus:Director1 2023-04-01 2024-03-31 06845725 core:NetGoodwill 2023-03-31 06845725 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06845725 core:NetGoodwill 2024-03-31 06845725 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 06845725 core:FurnitureFittings 2023-03-31 06845725 core:MotorVehicles 2023-03-31 06845725 core:FurnitureFittings 2024-03-31 06845725 core:MotorVehicles 2024-03-31 06845725 core:DeferredTaxation 2023-04-01 2024-03-31 06845725 core:AfterOneYear 2024-03-31 06845725 core:AfterOneYear 2023-03-31 06845725 core:WithinOneYear 2024-03-31 06845725 core:WithinOneYear 2023-03-31 06845725 core:ShareCapital 2024-03-31 06845725 core:ShareCapital 2023-03-31 06845725 core:RetainedEarningsAccumulatedLosses 2024-03-31 06845725 core:RetainedEarningsAccumulatedLosses 2023-03-31 06845725 core:NetGoodwill 2023-04-01 2024-03-31 06845725 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 06845725 core:NetGoodwill 2023-03-31 06845725 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06845725 core:FurnitureFittings 2023-03-31 06845725 core:MotorVehicles 2023-03-31 06845725 core:DeferredTaxation 2023-03-31 06845725 core:DeferredTaxation 2024-03-31 06845725 bus:SmallEntities 2023-04-01 2024-03-31 06845725 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06845725 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06845725 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06845725 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 06845725
ALTWOOD SERVICES LIMITED
Filleted Unaudited Financial Statements
31 March 2024
ALTWOOD SERVICES LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
9,427
12,086
Tangible assets
6
109,279
107,613
---------
---------
118,706
119,699
Current assets
Debtors
7
3,414
24,485
Cash at bank and in hand
2,499
39,759
-------
--------
5,913
64,244
Creditors: amounts falling due within one year
8
81,247
119,115
--------
---------
Net current liabilities
75,334
54,871
---------
---------
Total assets less current liabilities
43,372
64,828
Creditors: amounts falling due after more than one year
9
322,473
348,984
Provisions
Taxation including deferred tax
10
( 93,810)
( 70,571)
---------
---------
Net liabilities
( 185,291)
( 213,585)
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
( 195,291)
( 223,585)
---------
---------
Shareholders deficit
( 185,291)
( 213,585)
---------
---------
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 March 2024 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 .
ALTWOOD SERVICES LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 22 May 2024 , and are signed on behalf of the board by:
L Taylor
Director
Company registration number: 06845725
ALTWOOD SERVICES LIMITED
Notes to the 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 4th Floor, 58-59 Great Marlborough Street, W1F 7JY, London.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the period, in respect of hosting sales, web design, programming and various consultancy services.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
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.
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:
Software Development
-
3 Years
Web Design
-
7 Years
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 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:
Furniture
-
25% reducing balance
Motor Vehicle
-
20% reducing balance
Computer Equipment
-
33 % 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the 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.
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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Software Development
Web Design
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
249,993
53,850
303,843
---------
--------
---------
Amortisation
At 1 April 2023
245,098
46,659
291,757
Charge for the year
1,632
1,027
2,659
---------
--------
---------
At 31 March 2024
246,730
47,686
294,416
---------
--------
---------
Carrying amount
At 31 March 2024
3,263
6,164
9,427
---------
--------
---------
At 31 March 2023
4,895
7,191
12,086
---------
--------
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
130,242
59,495
138,132
327,869
Additions
31,634
736
32,370
---------
--------
---------
---------
At 31 March 2024
161,876
59,495
138,868
360,239
---------
--------
---------
---------
Depreciation
At 1 April 2023
71,539
21,418
127,299
220,256
Charge for the year
19,226
7,660
3,818
30,704
---------
--------
---------
---------
At 31 March 2024
90,765
29,078
131,117
250,960
---------
--------
---------
---------
Carrying amount
At 31 March 2024
71,111
30,417
7,751
109,279
---------
--------
---------
---------
At 31 March 2023
58,703
38,077
10,833
107,613
---------
--------
---------
---------
7. Debtors
2024
2023
£
£
Other debtors
3,414
24,485
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
8,877
9,554
Other creditors
72,370
109,561
--------
---------
81,247
119,115
--------
---------
Other creditor include Hire purchase creditor of £7,191 (2023:£7,191). In addition, there are bank loans of £63,239 (2023:£34,319).
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
44,489
50,196
Directors loan due more than 1 year
245,104
258,717
Other creditors
32,880
40,071
---------
---------
322,473
348,984
---------
---------
Other creditors include Hire purchase creditor due after more than one year of £32,880 (2023:£40,071).
10. Provisions
Deferred tax
£
At 1 April 2023
( 70,571)
Additions
( 23,239)
--------
At 31 March 2024
( 93,810)
--------
This consists of deferred tax asset based on tax losses.
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.