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
2,000,000
234,000
26,000
260,000
1,740,000
1,766,000
8
8
8
xbrli:pure
xbrli:shares
iso4217:GBP
02553229
2023-04-01
2024-03-31
02553229
2024-03-31
02553229
2023-03-31
02553229
2022-04-01
2023-03-31
02553229
2023-03-31
02553229
2022-03-31
02553229
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-01
2024-03-31
02553229
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
02553229
bus:Director1
2023-04-01
2024-03-31
02553229
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
02553229
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
02553229
core:WithinOneYear
2024-03-31
02553229
core:WithinOneYear
2023-03-31
02553229
core:ShareCapital
2024-03-31
02553229
core:ShareCapital
2023-03-31
02553229
core:RevaluationReserve
2024-03-31
02553229
core:RevaluationReserve
2023-03-31
02553229
core:RetainedEarningsAccumulatedLosses
2024-03-31
02553229
core:RetainedEarningsAccumulatedLosses
2023-03-31
02553229
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
02553229
core:Non-currentFinancialInstruments
2024-03-31
02553229
core:Non-currentFinancialInstruments
2023-03-31
02553229
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
02553229
bus:SmallEntities
2023-04-01
2024-03-31
02553229
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
02553229
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
02553229
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
02553229
bus:FullAccounts
2023-04-01
2024-03-31
02553229
bus:OrdinaryShareClass1
2024-03-31
02553229
bus:OrdinaryShareClass1
2023-03-31
COMPANY REGISTRATION NUMBER:
02553229
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
1,740,000 |
1,766,000 |
Investments |
6 |
|
8 |
8 |
|
|
------------- |
------------- |
|
|
1,740,008 |
1,766,008 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
2,164,420 |
|
1,884,876 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
393,598 |
|
369,050 |
|
------------- |
|
------------- |
Net current assets |
|
1,770,822 |
1,515,826 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
3,510,830 |
3,281,834 |
|
|
------------- |
------------- |
|
|
|
|
|
Statement of Financial Position (continued) |
|
31 March 2024
Capital and reserves
Called up share capital |
8 |
|
100 |
100 |
Revaluation reserve |
|
1,318,535 |
1,318,535 |
Profit and loss account |
|
2,192,195 |
1,963,199 |
|
|
------------- |
------------- |
Shareholders funds |
|
3,510,830 |
3,281,834 |
|
|
------------- |
------------- |
|
|
|
|
|
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
.
These financial statements were approved by the
board of directors
and authorised for issue on
12 September 2024
, and are signed on behalf of the board by:
Company registration number:
02553229
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 Swan Lake Glassworks, Upperton Road, Leicester, LE2 7AY, England.
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 under the historical cost basis.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
Certain of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience. but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in the accounting policies the notes to the financial statements and the key areas are summarised below: Judgements in applying accounting policies: The directors must judge whether all of the conditions required for revenues to be recognised in the income statement of the financial year, have been met; Sources of estimation uncertainty: Depreciation rates are based on estimates of the useful lives and residual values of the assets involved.
Revenue recognition
Turnover represents rental income and is recognised on an accrued basis.
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 material 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.
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 |
- |
2% straight line |
|
|
|
|
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
2,000,000 |
|
------------- |
Depreciation |
|
At 1 April 2023 |
234,000 |
Charge for the year |
26,000 |
|
------------- |
At 31 March 2024 |
260,000 |
|
------------- |
Carrying amount |
|
At 31 March 2024 |
1,740,000 |
|
------------- |
At 31 March 2023 |
1,766,000 |
|
------------- |
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
8 |
|
---- |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 March 2024 |
8 |
|
---- |
At 31 March 2023 |
8 |
|
---- |
|
|
The Company's subsidiary company is Mawby & King Limited. Further detail of the subsidiaries are disclosed in the accounts of Sourcecircle Group Limited, the Company's ultimate parent company.
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
304,031 |
314,031 |
Social security and other taxes |
89,559 |
55,011 |
Other creditors |
8 |
8 |
|
---------- |
---------- |
|
393,598 |
369,050 |
|
---------- |
---------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|