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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
07978215
2023-01-01
2023-12-31
07978215
2023-12-31
07978215
2022-12-31
07978215
2022-01-01
2022-12-31
07978215
2022-12-31
07978215
2021-12-31
07978215
core:FurnitureFittings
2023-01-01
2023-12-31
07978215
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
07978215
bus:OrdinaryShareClass2
2023-01-01
2023-12-31
07978215
bus:OrdinaryShareClass3
2023-01-01
2023-12-31
07978215
bus:OrdinaryShareClass4
2023-01-01
2023-12-31
07978215
bus:OrdinaryShareClass5
2023-01-01
2023-12-31
07978215
bus:Director1
2023-01-01
2023-12-31
07978215
core:WithinOneYear
2023-12-31
07978215
core:WithinOneYear
2022-12-31
07978215
core:FurnitureFittings
2022-12-31
07978215
core:FurnitureFittings
2023-12-31
07978215
core:ShareCapital
2023-12-31
07978215
core:ShareCapital
2022-12-31
07978215
core:RetainedEarningsAccumulatedLosses
2023-12-31
07978215
core:RetainedEarningsAccumulatedLosses
2022-12-31
07978215
core:FurnitureFittings
2022-12-31
07978215
bus:SmallEntities
2023-01-01
2023-12-31
07978215
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2023-01-01
2023-12-31
07978215
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2023-01-01
2023-12-31
07978215
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
07978215
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2023-01-01
2023-12-31
07978215
bus:OrdinaryShareClass1
2023-12-31
07978215
bus:OrdinaryShareClass1
2022-12-31
07978215
bus:OrdinaryShareClass2
2023-12-31
07978215
bus:OrdinaryShareClass2
2022-12-31
07978215
bus:OrdinaryShareClass3
2023-12-31
07978215
bus:OrdinaryShareClass3
2022-12-31
07978215
bus:OrdinaryShareClass4
2023-12-31
07978215
bus:OrdinaryShareClass4
2022-12-31
07978215
bus:OrdinaryShareClass5
2023-12-31
07978215
bus:OrdinaryShareClass5
2022-12-31
07978215
bus:AllOrdinaryShares
2023-12-31
07978215
bus:AllOrdinaryShares
2022-12-31
COMPANY REGISTRATION NUMBER:
07978215
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
137,556 |
165,128 |
|
|
|
|
Current assets
Debtors |
6 |
3,463,595 |
2,887,445 |
Cash at bank and in hand |
533,113 |
378,522 |
|
------------ |
------------ |
|
3,996,708 |
3,265,967 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
3,576,348 |
2,701,980 |
|
------------ |
------------ |
Net current assets |
420,360 |
563,987 |
|
--------- |
--------- |
Total assets less current liabilities |
557,916 |
729,115 |
|
|
|
|
Provisions |
28,368 |
21,806 |
|
--------- |
--------- |
Net assets |
529,548 |
707,309 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
8 |
200 |
200 |
Profit and loss account |
529,348 |
707,109 |
|
--------- |
--------- |
Shareholders funds |
529,548 |
707,309 |
|
--------- |
--------- |
|
|
|
|
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
6 September 2024
, and are signed on behalf of the board by:
Company registration number:
07978215
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 11 Quartz Point, Stonebridge Road, Coleshill, Birmingham, B46 3JL.
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.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable 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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
|
Fixtures and fittings |
- |
25% straight line |
|
Equipment |
- |
|
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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
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. Debt instruments are subsequently measured at amortised cost.
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
48
(2022:
37
).
5.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
189,218 |
|
265,774 |
Additions |
21,481 |
|
48,317 |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
210,699 |
|
314,091 |
|
--------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 January 2023 |
60,189 |
|
100,646 |
Charge for the year |
56,712 |
|
75,889 |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
116,901 |
|
176,535 |
|
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2023 |
93,798 |
|
137,556 |
|
--------- |
--------- |
--------- |
At 31 December 2022 |
129,029 |
|
165,128 |
|
--------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
3,140,093 |
2,728,479 |
Amounts owed by related parties |
98,667 |
93,310 |
Prepayments and accrued income |
207,195 |
57,393 |
Directors loan account |
– |
5,863 |
Other debtors |
17,640 |
2,400 |
|
------------ |
------------ |
|
3,463,595 |
2,887,445 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
213,176 |
189,145 |
Amounts owed to related parties |
120,000 |
– |
Accruals and deferred income |
324,792 |
190,053 |
Corporation tax |
158,423 |
171,433 |
Social security and other taxes |
456,690 |
640,849 |
Amounts owed to invoice discounter |
|
|
Other creditors |
17,483 |
7,545 |
|
------------ |
------------ |
|
3,576,348 |
2,701,980 |
|
------------ |
------------ |
|
|
|
Creditors include an amount of £2,285,784 (2022: £1,502,955) owed to the invoice discounter which is secured against the assets of the company.
8.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
A Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
B Ordinary shares of £ 1 each |
89 |
89 |
89 |
89 |
C Ordinary shares of £ 1 each |
5 |
5 |
5 |
5 |
D Ordinary shares of £ 1 each |
5 |
5 |
5 |
5 |
|
---- |
---- |
---- |
---- |
|
200 |
200 |
200 |
200 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
The ordinary shares, A shares, B shares, C shares and D shares shall rank pari passu in all respects, except that: A) The profits of the company available for distribution and which are resolved to be distributed shall be applied in paying the holders of the ordinary shares, A shares, B shares, C shares and D shares dividends at such rates (if any) as the directors shall determine and so that a dividend may be paid on one class of shares to the exclusion of the other class of shares and that dividends at different rates may be paid on different classes of shares; and B) The A shares, B shares, C shares and D shares carry no rights to receive notice of or attend or vote at any general meeting of the company or receive or vote on any written resolution of the shareholders of the company, and only the ordinary shares carry a right to receive notice of and to attend and vote at any general meeting of the company and to receive or vote on any written resolution of the shareholders of the company.
9.
Directors' advances, credits and guarantees
At the year end the company was owed £nil (2022: £5,863) from the directors of the company.
10.
Related party transactions
Boden Group Investments Limited During the year the company had net purchases of £25,229 (2022: £13,559) from Boden Group Investments Limited, a company in which Mr J Fitzpatrick is a director and shareholder. At the year end there is an amount of £6,280 (2022: £nil) included within trade creditors and £93,667 (2022: £88,310) included within amounts owed by related parties. Boden Resource Property Limited During the year the company made net sales of £36,344 (2022: £40,975) and had net purchases of £56,129 (2022: £12,611) from Boden Resource Property Limited, a company in which Mr J Fitzpatrick is a director and shareholder. At the year end there is an amount of £2,995 (2022: £12,611) included within trade debtors, £9,821 (2022: £20,413) included within trade creditors and £120,000 (2022: £nil) included within amounts owed to related parties. Canopy Search Limited During the year the company made net sales of £92,233 (2022: £21,318) and had net purchases of £32,858 (2022: £407) from Canopy Search Limited, a company in which Mr J Fitzpatrick is a director and shareholder. At the year end there is an amount of £39,073 (2022: £25,582) included within trade debtors, £nil (2022: £489) included within trade creditors and £5,000 (2022: £5,000) included within amounts owed by related parties.