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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
25
25
25
xbrli:pure
xbrli:shares
iso4217:GBP
02363372
2023-01-01
2023-12-31
02363372
2023-12-31
02363372
2022-12-31
02363372
2022-01-01
2022-12-31
02363372
2022-12-31
02363372
bus:Director1
2023-01-01
2023-12-31
02363372
bus:Director2
2023-01-01
2023-12-31
02363372
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
02363372
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
02363372
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
02363372
core:WithinOneYear
2023-12-31
02363372
core:WithinOneYear
2022-12-31
02363372
core:AfterOneYear
2023-12-31
02363372
core:ShareCapital
2023-12-31
02363372
core:ShareCapital
2022-12-31
02363372
core:SharePremium
2023-12-31
02363372
core:SharePremium
2022-12-31
02363372
core:RevaluationReserve
2023-12-31
02363372
core:RevaluationReserve
2022-12-31
02363372
core:RetainedEarningsAccumulatedLosses
2023-12-31
02363372
core:RetainedEarningsAccumulatedLosses
2022-12-31
02363372
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-12-31
02363372
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-12-31
02363372
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
02363372
bus:SmallEntities
2023-01-01
2023-12-31
02363372
bus:AuditExempt-NoAccountantsReport
2023-01-01
2023-12-31
02363372
bus:FullAccounts
2023-01-01
2023-12-31
02363372
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
02363372
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
02363372
core:ComputerEquipment
2023-01-01
2023-12-31
02363372
core:ComputerEquipment
2022-12-31
02363372
core:ComputerEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
02363372
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible assets |
5 |
25 |
25 |
Tangible assets |
6 |
3,132,923 |
3,141,417 |
|
------------ |
------------ |
|
3,132,948 |
3,141,442 |
|
|
|
|
Current assets
Debtors |
7 |
158,894 |
865,777 |
Cash at bank and in hand |
2,200,897 |
1,626,146 |
|
------------ |
------------ |
|
2,359,791 |
2,491,923 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
99,265 |
287,115 |
|
------------ |
------------ |
Net current assets |
2,260,526 |
2,204,808 |
|
------------ |
------------ |
Total assets less current liabilities |
5,393,474 |
5,346,250 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
75,000 |
– |
|
------------ |
------------ |
Net assets |
5,318,474 |
5,346,250 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
24,926 |
24,926 |
Share premium account |
2,037,537 |
2,037,537 |
Revaluation reserve |
69,000 |
69,000 |
Profit and loss account |
3,187,011 |
3,214,787 |
|
------------ |
------------ |
Shareholders funds |
5,318,474 |
5,346,250 |
|
------------ |
------------ |
|
|
|
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 December 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) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
23 August 2024
, and are signed on behalf of the board by:
A B Donald |
N S Donald |
Director |
Director |
|
|
Company registration number:
02363372
Registered office:
Unit 1 Foundry Close
Horsham
West Sussex
RH13 5TX
Notes to the 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 Unit I Foundry Close, Horsham, West Sussex, RH13 5TX.
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.
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 income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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 |
- |
39 years straight line basis
|
|
Equipment |
- |
25% 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.
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
3
(2022:
3
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
25 |
|
---- |
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
Carrying amount |
|
At 31 December 2023 |
25 |
|
---- |
At 31 December 2022 |
25 |
|
---- |
|
|
6.
Tangible assets
|
Freehold property |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
3,198,750 |
5,572 |
3,204,322 |
Additions |
– |
1,310 |
1,310 |
|
------------ |
------- |
------------ |
At 31 December 2023 |
3,198,750 |
6,882 |
3,205,632 |
|
------------ |
------- |
------------ |
Depreciation |
|
|
|
At 1 January 2023 |
59,062 |
3,843 |
62,905 |
Charge for the year |
9,044 |
760 |
9,804 |
|
------------ |
------- |
------------ |
At 31 December 2023 |
68,106 |
4,603 |
72,709 |
|
------------ |
------- |
------------ |
Carrying amount |
|
|
|
At 31 December 2023 |
3,130,644 |
2,279 |
3,132,923 |
|
------------ |
------- |
------------ |
At 31 December 2022 |
3,139,688 |
1,729 |
3,141,417 |
|
------------ |
------- |
------------ |
|
|
|
|
Tangible assets held at valuation
The company's freehold properties were revalued on 31 January 2016 by ML Chartered Surveyors. The basis of the revaluation was on an open market existing use basis.
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
5,812 |
7,640 |
Other debtors |
153,082 |
858,137 |
|
--------- |
--------- |
|
158,894 |
865,777 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
14,183 |
4,587 |
Corporation tax |
14,500 |
12,315 |
Social security and other taxes |
7,946 |
12,247 |
Other creditors |
62,636 |
257,966 |
|
-------- |
--------- |
|
99,265 |
287,115 |
|
-------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Trust dividends |
75,000 |
– |
|
-------- |
---- |
|
|
|
10.
Contingencies
Minelock Limited
provided an annual facility to The Fuel Trading Company Limited of £500,000 in 2023 which was increased to £550,000 in December 2023 (2022:£500,000), for which it was entitled to receive a fee of £56,000(2022:£30,000). During the year the facility was not called upon. Mr N Donald holds a substantial shareholding in The Fuel Trading Company Ltd.
11.
Related party transactions
The company was under the control of The Donald Family throughout the current and previous year. The company was owed £Nil (2022:£500,000) by the Fuel Trading Company Limited in respect of a financing facility for which it charges a fee of £56,000 (2022: £30,000) if called upon. The company made loans to S&MG Donald, family members, of £Nil (2022: £165,000). The company borrowed funds from The MGD Trust of £Nil (2022: 79,293) and from the WSD Trust of £Nil (2022: £139, 018). These are family trusts that are the shareholders in the company. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.