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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
06687050
2023-01-01
2023-12-31
06687050
2023-12-31
06687050
2022-12-31
06687050
2022-01-01
2022-12-31
06687050
2022-12-31
06687050
2021-12-31
06687050
core:PlantMachinery
2023-01-01
2023-12-31
06687050
core:FurnitureFittings
2023-01-01
2023-12-31
06687050
core:MotorVehicles
2023-01-01
2023-12-31
06687050
bus:RegisteredOffice
2023-01-01
2023-12-31
06687050
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
06687050
bus:Director1
2023-01-01
2023-12-31
06687050
core:WithinOneYear
2023-12-31
06687050
core:WithinOneYear
2022-12-31
06687050
core:AfterOneYear
2023-12-31
06687050
core:AfterOneYear
2022-12-31
06687050
core:ShareCapital
2023-12-31
06687050
core:ShareCapital
2022-12-31
06687050
core:RevaluationReserve
2022-12-31
06687050
core:RetainedEarningsAccumulatedLosses
2023-12-31
06687050
core:RetainedEarningsAccumulatedLosses
2022-12-31
06687050
core:BetweenOneFiveYears
2023-12-31
06687050
core:BetweenOneFiveYears
2022-12-31
06687050
bus:SmallEntities
2023-01-01
2023-12-31
06687050
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
06687050
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
06687050
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
06687050
bus:AbridgedAccounts
2023-01-01
2023-12-31
06687050
bus:OrdinaryShareClass1
2023-12-31
06687050
bus:OrdinaryShareClass1
2022-12-31
06687050
core:ComputerEquipment
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
06687050
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year Ended 31 December 2023
Abridged statement of financial position |
2 to 3 |
|
|
Notes to the abridged financial statements |
4 to 10 |
|
|
Year Ended 31 December 2023
The director presents his report and the unaudited abridged financial statements of the company for the year ended
31 December 2023
.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
25 September 2024
and signed on behalf of the board by:
Registered office: |
Dundee House |
Millennium Way |
Chesterfield |
Derbyshire |
S41 8ND |
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed Assets
Intangible assets |
5 |
|
106,237 |
60,909 |
Tangible assets |
6 |
|
355,516 |
744,838 |
|
|
--------- |
--------- |
|
|
461,753 |
805,747 |
|
|
|
|
|
Current Assets
Stocks |
3,279 |
|
11,483 |
Debtors |
1,148,568 |
|
432,898 |
Cash at bank and in hand |
98,514 |
|
265,198 |
|
------------ |
|
--------- |
|
1,250,361 |
|
709,579 |
|
|
|
|
Creditors: amounts falling due within one year |
557,344 |
|
452,318 |
|
------------ |
|
--------- |
Net Current Assets |
|
693,017 |
257,261 |
|
|
------------ |
------------ |
Total Assets Less Current Liabilities |
|
1,154,770 |
1,063,008 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
242,061 |
280,378 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
88,879 |
105,706 |
|
|
------------ |
------------ |
Net Assets |
|
823,830 |
676,924 |
|
|
------------ |
------------ |
|
|
|
|
Capital and Reserves
Called up share capital |
9 |
|
10 |
10 |
Revaluation reserve |
|
– |
20,269 |
Profit and loss account |
|
823,820 |
656,645 |
|
|
--------- |
--------- |
Shareholders Funds |
|
823,830 |
676,924 |
|
|
--------- |
--------- |
|
|
|
|
|
These abridged 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 abridged statement of comprehensive income 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.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
Abridged Statement of Financial Position (continued) |
|
31 December 2023
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 September 2024
, and are signed on behalf of the board by:
Company registration number:
06687050
Notes to the Abridged 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 trading premises and registered office is Dundee House, Millennium Way, Chesterfield, Derbyshire, S41 8ND.
2.
Statement of compliance
These abridged 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.
Revenue recognition
When the outcome of individual contracts can be estimated reliably, contract revenue and costs are recognised as revenue and expenses respectively by reference to the stage of completion at the reporting date. Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Research and development
Research and development costs have been expensed as incurred except where all the necessary conditions have been met to be capitalised. The company has capitalised the research and development costs where the technical feasibility and intention of completing the development and the ability to use or sell the intangible asset has been met.
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:
|
Freehold property |
- |
nil |
|
Office equipment |
- |
20% straight line |
|
Fixtures and fittings |
- |
20% reducing balance |
|
Motor vehicles |
- |
20% reducing balance |
|
Computer equipment |
- |
20% straight line |
|
|
|
|
|
Clear Skies Platform |
- |
20% straight line |
|
|
|
|
There is no charge is respect of depreciation on freehold buildings for the period. In determining the residual value of freehold buildings, the directors have considered the amount they would currently obtain from disposal of the asset if the asset were already of the age and condition expected at the end of its useful life, having regard to the factors mentioned above. As a result, the directors estimate any depreciation charge to be immaterial and as such the depreciation charge is nil for the period.
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.
Stock and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government and local authority 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. 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.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
21
(2022:
17
).
5.
Intangible assets
|
£ |
Cost |
|
At 1 January 2023 |
60,909 |
Additions |
45,328 |
|
--------- |
At 31 December 2023 |
106,237 |
|
--------- |
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
106,237 |
|
--------- |
At 31 December 2022 |
60,909 |
|
--------- |
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 |
1,051,024 |
Additions |
95,012 |
Disposals |
(
390,681) |
|
------------ |
At 31 December 2023 |
755,355 |
|
------------ |
Depreciation |
|
At 1 January 2023 |
306,186 |
Charge for the year |
113,774 |
Disposals |
(
20,121) |
|
------------ |
At 31 December 2023 |
399,839 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
355,516 |
|
------------ |
At 31 December 2022 |
744,838 |
|
------------ |
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
At 31 December 2023 |
|
Aggregate cost |
– |
Aggregate depreciation |
– |
|
---- |
Carrying value |
– |
|
---- |
|
|
At 31 December 2022 |
|
Aggregate cost |
322,015 |
Aggregate depreciation |
(5,701) |
|
--------- |
Carrying value |
316,314 |
|
--------- |
|
|
7.
Secured liabilities falling due within one year
Total liabilities disclosed under creditors falling due within one year secured by the company are 2023: £82,278 (2022: £10,792).
8.
Secured liabilities falling due after one year
Total liabilities disclosed under creditors falling due after more than one year secured by the company are 2023: £155,465 (2022: £184,378).
9.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
10 |
10 |
10 |
10 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
22,464 |
29,411 |
Later than 1 year and not later than 5 years |
21,128 |
43,426 |
|
-------- |
-------- |
|
43,592 |
72,837 |
|
-------- |
-------- |
|
|
|
11.
Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies. During the year the company provided and received short term loans from related parties. The balance outstanding due from/(to) related parties at the year end date is as follows:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Amounts owed by entities holding a controlling interest |
680,000 |
– |
|
Amounts due to group undertakings |
(3,558) |
– |
|
|
|
|
Outstanding balances with entities are unsecured, interest free and repayable on demand.
12.
Controlling party
The directors consider the ultimate parent undertaking to be
Walters Capital Group Limited
, a company incorporated in England and Wales. The registered office address is Dundee House, Millennium Way, Chesterfield, England, S41 8ND.