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10 September 2024
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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
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09194409
2023-01-01
2023-12-31
09194409
2023-12-31
09194409
2022-12-31
09194409
2022-01-01
2022-12-31
09194409
2022-12-31
09194409
2021-12-31
09194409
core:FurnitureFittings
2023-01-01
2023-12-31
09194409
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
09194409
bus:Director5
2023-01-01
2023-12-31
09194409
core:FurnitureFittings
2022-12-31
09194409
core:FurnitureFittings
2023-12-31
09194409
core:WithinOneYear
2023-12-31
09194409
core:WithinOneYear
2022-12-31
09194409
core:ShareCapital
2023-12-31
09194409
core:ShareCapital
2022-12-31
09194409
core:RetainedEarningsAccumulatedLosses
2023-12-31
09194409
core:RetainedEarningsAccumulatedLosses
2022-12-31
09194409
core:BetweenOneFiveYears
2022-12-31
09194409
core:AcceleratedTaxDepreciationDeferredTax
2023-12-31
09194409
core:AcceleratedTaxDepreciationDeferredTax
2022-12-31
09194409
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2023-01-01
2023-12-31
09194409
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2023-01-01
2023-12-31
09194409
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2023-01-01
2023-12-31
09194409
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2023-01-01
2023-12-31
09194409
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2023-01-01
2023-12-31
09194409
bus:OrdinaryShareClass1
2023-12-31
09194409
bus:OrdinaryShareClass1
2022-12-31
09194409
core:ComputerEquipment
2023-12-31
09194409
core:ComputerEquipment
2022-12-31
09194409
core:ComputerEquipment
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
09194409
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
2,536 |
13,675 |
|
|
|
|
|
Current assets
Debtors |
6 |
705,122 |
|
355,815 |
Cash at bank and in hand |
147,252 |
|
239,280 |
|
--------- |
|
--------- |
|
852,374 |
|
595,095 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
77,933 |
|
119,072 |
|
--------- |
|
--------- |
Net current assets |
|
774,441 |
476,023 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
776,977 |
489,698 |
|
|
|
|
|
Provisions |
|
144 |
1,961 |
|
|
--------- |
--------- |
Net assets |
|
776,833 |
487,737 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
1,997 |
1,997 |
Profit and loss account |
|
774,836 |
485,740 |
|
|
--------- |
--------- |
Shareholders funds |
|
776,833 |
487,737 |
|
|
--------- |
--------- |
|
|
|
|
|
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
10 September 2024
, and are signed on behalf of the board by:
Company registration number:
09194409
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 C/O Dafferns LLP, One Eastwood, Binley Business Park, Coventry, West Midlands, CV3 2UB. The address of the principle place of business is 77 Renfrew Street, Glasgow, G2 3BZ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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. 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:
|
Fixtures, fittings and equipment |
- |
20% straight line |
|
Computer equipment |
- |
33% - 50% straight line |
|
|
|
|
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.
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 assets, which include trade and other debtors and cash, 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. Basic financial liabilities, which include trade and other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
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
21
(2022:
19
).
5.
Tangible assets
|
Fixtures, fittings & equipment |
Computer Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 and 31 December 2023 |
13,428 |
59,102 |
72,530 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 January 2023 |
13,428 |
45,427 |
58,855 |
Charge for the year |
– |
11,139 |
11,139 |
|
-------- |
-------- |
-------- |
At 31 December 2023 |
13,428 |
56,566 |
69,994 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2023 |
– |
2,536 |
2,536 |
|
-------- |
-------- |
-------- |
At 31 December 2022 |
– |
13,675 |
13,675 |
|
-------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
592,236 |
216,262 |
Other debtors |
112,886 |
139,553 |
|
--------- |
--------- |
|
705,122 |
355,815 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
11,286 |
915 |
Corporation tax |
– |
37,450 |
Social security and other taxes |
47,996 |
63,791 |
Other creditors |
18,651 |
16,916 |
|
-------- |
--------- |
|
77,933 |
119,072 |
|
-------- |
--------- |
|
|
|
8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions |
144 |
1,961 |
|
---- |
------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
144 |
1,961 |
|
---- |
------- |
|
|
|
9.
Called up share capital
Authorised share capital
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.01 each |
199,724 |
1,997 |
199,724 |
1,997 |
|
--------- |
------- |
--------- |
------- |
|
|
|
|
|
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.01 each |
199,724 |
1,997 |
199,724 |
1,997 |
|
--------- |
------- |
--------- |
------- |
|
|
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
28,512 |
31,104 |
Later than 1 year and not later than 5 years |
– |
28,512 |
|
-------- |
-------- |
|
28,512 |
59,616 |
|
-------- |
-------- |
|
|
|
11.
Summary audit opinion
The auditor's report dated
10 September 2024
was
unqualified
.
The senior statutory auditor was
Barry Truswell
, for and on behalf of
Chiene + Tait LLP (trading as CT)
.
12.
Related party transactions
Birdi Limited maintains an intercompany account with a group member, Metrostudy, Inc. During the year, there was revenue income of £1,782,953, Airbus One Atlas recharged expenditure of £42,744 and repayments of £1,449,723 were charged to this account, leaving a balance at the year-end of £592,236 (2022: £216,262) due to
Birdi Ltd
(note 8).
13.
Controlling party
The immediate and ultimate controlling party of Birdi Limited is HW Holdco LLC, though their 100% shareholding.