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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
2,500,000
1,200,000
1,300,000
1,300,000
2,500,000
xbrli:pure
xbrli:shares
iso4217:GBP
06137306
2023-04-01
2024-03-31
06137306
2024-03-31
06137306
2023-03-31
06137306
2022-04-01
2023-03-31
06137306
2023-03-31
06137306
2022-03-31
06137306
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
06137306
bus:Director2
2023-04-01
2024-03-31
06137306
core:WithinOneYear
2024-03-31
06137306
core:WithinOneYear
2023-03-31
06137306
core:AfterOneYear
2024-03-31
06137306
core:AfterOneYear
2023-03-31
06137306
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-01
2024-03-31
06137306
core:ShareCapital
2024-03-31
06137306
core:ShareCapital
2023-03-31
06137306
core:RetainedEarningsAccumulatedLosses
2024-03-31
06137306
core:RetainedEarningsAccumulatedLosses
2023-03-31
06137306
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
06137306
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
06137306
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
06137306
bus:SmallEntities
2023-04-01
2024-03-31
06137306
bus:AuditExempt-NoAccountantsReport
2023-04-01
2024-03-31
06137306
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
06137306
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
06137306
bus:FullAccounts
2023-04-01
2024-03-31
06137306
bus:OrdinaryShareClass1
2024-03-31
06137306
bus:OrdinaryShareClass1
2023-03-31
COMPANY REGISTRATION NUMBER:
06137306
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
1,300,000 |
|
2,500,000 |
|
|
|
|
|
|
Current assets
Debtors |
6 |
36,464 |
|
37,072 |
|
Cash at bank and in hand |
50,820 |
|
3,120 |
|
|
------- |
|
------- |
|
|
87,284 |
|
40,192 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
443,772) |
|
(
682,039) |
|
|
-------- |
|
-------- |
|
Net current liabilities |
|
(
356,488) |
|
(
641,847) |
|
|
----------- |
|
----------- |
Total assets less current liabilities |
|
943,512 |
|
1,858,153 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
(
4,697) |
|
(
837,242) |
|
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
97,436) |
|
(
175,062) |
|
|
-------- |
|
----------- |
Net assets |
|
841,379 |
|
845,849 |
|
|
-------- |
|
----------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
2 |
|
2 |
Profit and loss account |
|
841,377 |
|
845,847 |
|
|
-------- |
|
-------- |
Shareholders funds |
|
841,379 |
|
845,849 |
|
|
-------- |
|
-------- |
|
|
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 March 2024 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
.
BALANCE SHEET (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
1 October 2024
, and are signed on behalf of the board by:
Company registration number:
06137306
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Willow Cottage, Ferry Lane, Medmenham, SL7 2EZ.
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 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.
Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
The turnover shown in the profit and loss account represents sales of properties during the year and rental income from investment properties held. Sales of properties are measured at the fair value of the consideration receivable and are recognised on exchange of contract, unless the contract is conditional and the condition has not been satisfied at the balance sheet date. In such circumstances the sale is recognised when the condition is satisfied. Rental income is recognised on a straight line basis over the term of the lease.
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.
Investment property
Investment properties are initially recognised at cost and directly attributable expenditure. Subsequent to initial recognition, investment properties are stated at fair value. Gains or losses arising from changes in the fair values are recognised in the profit and loss account in the year in which they arise. This is in accordance with FRS102 section 16 which does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
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.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, bank loans and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
Investment property |
|
£ |
Cost |
|
At 1 April 2023 |
2,500,000 |
Disposals |
(
1,200,000) |
|
----------- |
At 31 March 2024 |
1,300,000 |
|
----------- |
Depreciation |
|
At 1 April 2023 and 31 March 2024 |
– |
|
----------- |
Carrying amount |
|
At 31 March 2024 |
1,300,000 |
|
----------- |
At 31 March 2023 |
2,500,000 |
|
----------- |
|
|
The properties were valued on 31 March 2024 by the directors B Toone and
C Toone
. The carrying values of the properties are considered to be a reasonable reflection of the open market value at the balance sheet date.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
36,464 |
37,072 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
4,620 |
14,776 |
Corporation tax |
2,069 |
– |
Other creditors |
437,083 |
667,263 |
|
-------- |
-------- |
|
443,772 |
682,039 |
|
-------- |
-------- |
|
|
|
Bank loans are secured over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
4,697 |
837,242 |
|
------ |
-------- |
|
|
|
Bank loans are secured over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future.
9.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|