13
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
370,000
203,500
18,500
222,000
148,000
166,500
xbrli:pure
xbrli:shares
iso4217:GBP
7825087
2023-01-01
2023-12-31
7825087
2023-12-31
7825087
2022-12-31
7825087
2022-01-01
2022-12-31
7825087
2022-12-31
7825087
core:NetGoodwill
2023-01-01
2023-12-31
7825087
core:PlantMachinery
2023-01-01
2023-12-31
7825087
bus:Director1
2023-01-01
2023-12-31
7825087
core:NetGoodwill
2022-12-31
7825087
core:NetGoodwill
2023-12-31
7825087
core:LandBuildings
2022-12-31
7825087
core:PlantMachinery
2022-12-31
7825087
core:LandBuildings
2023-12-31
7825087
core:PlantMachinery
2023-12-31
7825087
core:WithinOneYear
2023-12-31
7825087
core:WithinOneYear
2022-12-31
7825087
core:ShareCapital
2023-12-31
7825087
core:ShareCapital
2022-12-31
7825087
core:RetainedEarningsAccumulatedLosses
2023-12-31
7825087
core:RetainedEarningsAccumulatedLosses
2022-12-31
7825087
core:NetGoodwill
2022-12-31
7825087
core:LandBuildings
2022-12-31
7825087
core:PlantMachinery
2022-12-31
7825087
bus:SmallEntities
2023-01-01
2023-12-31
7825087
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
7825087
bus:FullAccounts
2023-01-01
2023-12-31
7825087
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
7825087
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
7825087
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible assets |
5 |
|
148,000 |
166,500 |
Tangible assets |
6 |
|
431,873 |
435,499 |
|
|
--------- |
--------- |
|
|
579,873 |
601,999 |
|
|
|
|
|
Current assets
Stocks |
250,029 |
|
333,778 |
Debtors |
7 |
117,332 |
|
69,881 |
Cash at bank and in hand |
1,459,581 |
|
1,326,475 |
|
------------ |
|
------------ |
|
1,826,942 |
|
1,730,134 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
214,784 |
|
167,323 |
|
------------ |
|
------------ |
Net current assets |
|
1,612,158 |
1,562,811 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,192,031 |
2,164,810 |
|
|
|
|
|
Provisions
Deferred tax |
|
3,916 |
4,560 |
|
|
------------ |
------------ |
Net assets |
|
2,188,115 |
2,160,250 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
60 |
60 |
Profit and loss account |
|
2,188,055 |
2,160,190 |
|
|
------------ |
------------ |
Shareholders funds |
|
2,188,115 |
2,160,250 |
|
|
------------ |
------------ |
|
|
|
|
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 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.
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
23 September 2024
, and are signed on behalf of the board by:
Company registration number:
7825087
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 Smithy Garage, Dyffryn Ardudwy, LL44 2EN, Gwynedd.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents sales during the year, exclusive of Value Added Tax.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Equipment |
- |
20% reducing balance |
|
|
|
|
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the 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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2022:
13
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
370,000 |
|
--------- |
Amortisation |
|
At 1 January 2023 |
203,500 |
Charge for the year |
18,500 |
|
--------- |
At 31 December 2023 |
222,000 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
148,000 |
|
--------- |
At 31 December 2022 |
166,500 |
|
--------- |
|
|
6.
Tangible assets
|
Land and buildings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
410,198 |
129,259 |
539,457 |
Additions |
– |
1,795 |
1,795 |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
410,198 |
131,054 |
541,252 |
|
--------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 January 2023 |
– |
103,958 |
103,958 |
Charge for the year |
– |
5,421 |
5,421 |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
– |
109,379 |
109,379 |
|
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2023 |
410,198 |
21,675 |
431,873 |
|
--------- |
--------- |
--------- |
At 31 December 2022 |
410,198 |
25,301 |
435,499 |
|
--------- |
--------- |
--------- |
|
|
|
|
The directors consider that there is no need to depreciate freehold property.
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
117,332 |
69,881 |
|
--------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
88,008 |
66,824 |
Corporation tax |
63,265 |
56,619 |
Social security and other taxes |
42,274 |
20,543 |
Other creditors |
21,237 |
23,337 |
|
--------- |
--------- |
|
214,784 |
167,323 |
|
--------- |
--------- |
|
|
|
9.
Directors' advances, credits and guarantees
There were no director's advances, credits or guarantees during the year.