(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is D N S House, 382 Kenton Road, Harrow, Middlesex, HA3 8DP. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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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. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Sale of goods
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Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | | Equipment | 25% straight line | Motor Cars | |
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Leases
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Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
The company as lessee
Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in the income statement. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases,the aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis over the lease period. |
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Provisions
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Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). |
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(4) Employees
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During the year, the average number of employees including director was 1 (2022 : 0). |
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(5) Tangible fixed assets
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| Land and Buildings | Equipment | Totals | | £ | £ | £ | Cost | | | | As at 01 January 2023 | 735,586 | 450 | 736,036 | Additions | 16,625 | - | 16,625 | As at 31 December 2023 | 752,211 | 450 | 752,661 | Depreciation | | | | As at 01 January 2023 | - | 45 | 45 | For the year | - | 112 | 112 | As at 31 December 2023 | - | 157 | 157 | Net book value | | | | As at 31 December 2023 | 752,211 | 292 | 752,504 | As at 31 December 2022 | 735,586 | 405 | 735,991 |
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(6) Fixed assets
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| Tangible £ | Cost | | As at 01 January 2023 | 736,036 | Additions | 16,625 | As at 31 December 2023 | 752,661 | Depreciation/Amortisation | | As at 01 January 2023 | 45 | For the year | 112 | As at 31 December 2023 | 157 | Net book value | | As at 31 December 2023 | 752,504 | As at 31 December 2022 | 735,991 |
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