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No description of principal activity
2022-12-01
Sage Accounts Production Advanced 2023 - FRS102_2023
20
20
20
xbrli:pure
xbrli:shares
iso4217:GBP
06010724
2022-12-01
2023-11-30
06010724
2023-11-30
06010724
2022-11-30
06010724
2021-12-01
2022-11-30
06010724
2022-11-30
06010724
2021-11-30
06010724
core:PlantMachinery
2022-12-01
2023-11-30
06010724
core:MotorVehicles
2022-12-01
2023-11-30
06010724
bus:OrdinaryShareClass1
2022-12-01
2023-11-30
06010724
bus:Director1
2022-12-01
2023-11-30
06010724
bus:Director2
2022-12-01
2023-11-30
06010724
core:PlantMachinery
2022-11-30
06010724
core:MotorVehicles
2022-11-30
06010724
core:PlantMachinery
2023-11-30
06010724
core:MotorVehicles
2023-11-30
06010724
core:WithinOneYear
2023-11-30
06010724
core:WithinOneYear
2022-11-30
06010724
core:AfterOneYear
2023-11-30
06010724
core:AfterOneYear
2022-11-30
06010724
core:ShareCapital
2023-11-30
06010724
core:ShareCapital
2022-11-30
06010724
core:RevaluationReserve
2023-11-30
06010724
core:RevaluationReserve
2022-11-30
06010724
core:RetainedEarningsAccumulatedLosses
2023-11-30
06010724
core:RetainedEarningsAccumulatedLosses
2022-11-30
06010724
core:CostValuation
core:Non-currentFinancialInstruments
2023-11-30
06010724
core:Non-currentFinancialInstruments
2023-11-30
06010724
core:Non-currentFinancialInstruments
2022-11-30
06010724
core:PlantMachinery
2022-11-30
06010724
core:MotorVehicles
2022-11-30
06010724
bus:SmallEntities
2022-12-01
2023-11-30
06010724
bus:AuditExemptWithAccountantsReport
2022-12-01
2023-11-30
06010724
bus:SmallCompaniesRegimeForAccounts
2022-12-01
2023-11-30
06010724
bus:PrivateLimitedCompanyLtd
2022-12-01
2023-11-30
06010724
bus:FullAccounts
2022-12-01
2023-11-30
06010724
bus:OrdinaryShareClass1
2023-11-30
06010724
bus:OrdinaryShareClass1
2022-11-30
06010724
core:InvestmentPropertyIncludedWithinPPE
2022-11-30
06010724
core:InvestmentPropertyIncludedWithinPPE
2022-12-01
2023-11-30
06010724
core:InvestmentPropertyIncludedWithinPPE
2023-11-30
06010724
core:OtherRelatedParties
2022-12-01
2023-11-30
COMPANY REGISTRATION NUMBER:
06010724
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
30 November 2023
Fixed assets
Tangible assets |
5 |
|
1,207,853 |
825,996 |
Investments |
6 |
|
20 |
20 |
|
|
------------ |
--------- |
|
|
1,207,873 |
826,016 |
|
|
|
|
|
Current assets
Debtors |
7 |
10,312 |
|
– |
Cash at bank and in hand |
185,404 |
|
508,448 |
|
--------- |
|
--------- |
|
195,716 |
|
508,448 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
170,162 |
|
173,250 |
|
--------- |
|
--------- |
Net current assets |
|
25,554 |
335,198 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,233,427 |
1,161,214 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
67,567 |
86,938 |
|
|
|
|
|
Provisions |
|
76,310 |
51,607 |
|
|
------------ |
------------ |
Net assets |
|
1,089,550 |
1,022,669 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
11 |
|
2 |
2 |
Revaluation reserve |
|
150,786 |
120,020 |
Profit and loss account |
|
938,762 |
902,647 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,089,550 |
1,022,669 |
|
|
------------ |
------------ |
|
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 30 November 2023 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
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
30 November 2023
These financial statements were approved by the
board of directors
and authorised for issue on
8 August 2024
, and are signed on behalf of the board by:
Mr S R Chown |
Mr S P Chown |
Director |
Director |
|
|
Company registration number:
06010724
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 NOVEMBER 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 1 Saxon Court, Northampton, NN1 1SX.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and 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.
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:
|
Plant & Machinery |
- |
20% reducing balance |
|
Motor Vehicles |
- |
20% reducing balance |
|
|
|
|
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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
(2022:
2
).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Investment Properties |
Total |
|
£ |
£ |
£ |
£ |
Cost or valuation |
|
|
|
|
At 1 December 2022 |
1,889 |
94,480 |
764,282 |
860,651 |
Additions |
– |
– |
336,387 |
336,387 |
Revaluations |
– |
– |
57,813 |
57,813 |
|
------- |
-------- |
------------ |
------------ |
At 30 November 2023 |
1,889 |
94,480 |
1,158,482 |
1,254,851 |
|
------- |
-------- |
------------ |
------------ |
Depreciation |
|
|
|
|
At 1 December 2022 |
642 |
34,013 |
– |
34,655 |
Charge for the year |
250 |
12,093 |
– |
12,343 |
|
------- |
-------- |
------------ |
------------ |
At 30 November 2023 |
892 |
46,106 |
– |
46,998 |
|
------- |
-------- |
------------ |
------------ |
Carrying amount |
|
|
|
|
At 30 November 2023 |
997 |
48,374 |
1,158,482 |
1,207,853 |
|
------- |
-------- |
------------ |
------------ |
At 30 November 2022 |
1,247 |
60,467 |
764,282 |
825,996 |
|
------- |
-------- |
------------ |
------------ |
|
|
|
|
|
Tangible assets held at valuation
The Directors have revalued the investment properties at the year end
.
6.
Investments
|
Shares in participating interests |
|
£ |
Cost |
|
At 1 December 2022 and 30 November 2023 |
20 |
|
---- |
Impairment |
|
At 1 December 2022 and 30 November 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 30 November 2023 |
20 |
|
---- |
At 30 November 2022 |
20 |
|
---- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
28 |
– |
Other debtors |
10,284 |
– |
|
-------- |
---- |
|
10,312 |
– |
|
-------- |
---- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
5,559 |
5,293 |
Corporation tax |
– |
7,244 |
Social security and other taxes |
4,611 |
2,340 |
Amounts owed to connected company |
39,735 |
39,737 |
Other creditors |
120,257 |
118,636 |
|
--------- |
--------- |
|
170,162 |
173,250 |
|
--------- |
--------- |
|
|
|
The bank loan of £5,559 (2022:- £5,294) included within creditors due within one year is secured by way of a first legal charge held by Barclays Bank on the Investment Properties owned by the company. In addition the company has provided a Debenture in favour of Barclays Bank. Included in other creditors is an amount of £13,754 (2022:-£13,754) due within one year, this is secured on the asset it relates to.
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
53,192 |
58,809 |
Other creditors |
14,375 |
28,129 |
|
-------- |
-------- |
|
67,567 |
86,938 |
|
-------- |
-------- |
|
|
|
The bank loan of £53,192 (2022:- £58,809) included within creditors due after more than one year is secured by way of a first legal charge held by Barclays Bank on the Investment Properties owned by the company. In addition the company has provided a Debenture in favour of Barclays Bank.
Included in other creditors is an amount of £14,375 (2022:- £28,129) due after more than one year, this is secured on the asset it relates to.
10.
Prior period errors
During the preparation of the accounts, there were errors identified in relation to year end 30 November 2022 and the directors decided that the appropriate prior year adjustments were to be made. Gain on disposal of investment A loan and dividend received from a connected company were incorrectly treated as a gain on the disposal of the investment held in the connected company. Summary of the accounting impact on 2023: Remove profit on disposal £116,725 Include dividend received (£76,989) Decrease in corporation tax due (£22,177) Therefore decrease in profits (£17,559) Represented by: Increase in other creditors (£39,736) Decrease in corporation tax £22,177
11.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
12.
Related party transactions
At the year end and included within creditors are loan advances outstanding to
Chowns Commercial Limited
totalling £98,487 (2022: £98,487). No interest has been charged on the loan and it is repayable on demand
. Chowns Commercial Limited is owned and controlled by Messrs SP Chown and SR Chown.