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29 April 2024
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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
iso4217:GBP
09359080
2023-01-01
2023-12-31
09359080
2023-12-31
09359080
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09359080
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2022-12-31
09359080
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09359080
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09359080
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09359080
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09359080
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09359080
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2023-12-31
09359080
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2022-12-31
09359080
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2023-12-31
09359080
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2023-12-31
09359080
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2022-12-31
09359080
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09359080
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2023-12-31
09359080
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2023-01-01
2023-12-31
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2023-12-31
COMPANY REGISTRATION NUMBER:
09359080
Filleted Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
108,793 |
113,733 |
Investments |
6 |
|
2 |
2 |
|
|
--------- |
--------- |
|
|
108,795 |
113,735 |
|
|
|
|
|
Current assets
Stocks |
2,272,069 |
|
2,709,081 |
Debtors |
782,542 |
|
570,074 |
Cash at bank and in hand |
289,885 |
|
652,645 |
|
------------ |
|
------------ |
|
3,344,496 |
|
3,931,800 |
|
|
|
|
Creditors: amounts falling due within one year |
3,420,906 |
|
3,667,296 |
|
------------ |
|
------------ |
Net current (liabilities)/assets |
|
(
76,410) |
264,504 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
32,385 |
378,239 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
15,325 |
27,036 |
|
|
-------- |
--------- |
Net assets |
|
17,060 |
351,203 |
|
|
-------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
8 |
|
670,000 |
670,000 |
Profit and loss account |
|
(
652,940) |
(
318,797) |
|
|
--------- |
--------- |
Shareholders funds |
|
17,060 |
351,203 |
|
|
--------- |
--------- |
|
|
|
|
|
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 statement of comprehensive income 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 abridged financial statements.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 December 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
29 April 2024
, and are signed on behalf of the board by:
Company registration number:
09359080
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 address of the registered office is St David's Court, Union Street, Wolverhampton, West Midlands, WV1 3JE.
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
(a)
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
(b)
Going concern
The company acts as the European distributor for its major supplier and as such receives stock loans and extended credit terms from that supplier. The supplier has indicated that this arrangement will continue for the foreseeable future and accordingly the directors of the company believe it is reasonable for the accounts to be prepared on a going concern basis. The directors of the ultimate parent undertaking have also indicated that the company will continue to receive support from the group if required.
(c)
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
.
(d)
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.
(e)
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. Where assets and liabilities denominated in foreign currencies are not expected to be realised in the foreseeable future, they are translated into the functional currency at the reporting date using the spot exchange rate ruling at the date of the original transaction. Such balances are those due to the company's main supplier (for whom it acts as distributor in Europe) and those due to related parties, in both cases the company receives extended credit facilities. This treatment is not in accordance with the provisions of FRS102 Section 1A, but the directors believe it to be necessary in order to show a true and fair view given the volatility of exchange rates at the present time.
(f)
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.
(g)
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:
|
Improvements to leasehold property |
- |
3 years straight line |
|
Fixtures and fittings |
- |
5 years straight line |
|
Equipment |
- |
3 years straight line |
|
|
|
|
(h)
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
(i)
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.
(j)
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.
(k)
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2022:
14
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 |
183,576 |
Additions |
23,241 |
|
--------- |
At 31 December 2023 |
206,817 |
|
--------- |
Depreciation |
|
At 1 January 2023 |
69,843 |
Charge for the year |
28,181 |
|
--------- |
At 31 December 2023 |
98,024 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
108,793 |
|
--------- |
At 31 December 2022 |
113,733 |
|
--------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
2 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
Carrying amount |
|
At 31 December 2023 |
2 |
|
---- |
At 31 December 2022 |
2 |
|
---- |
|
|
7.
Creditors:
amounts falling due after more than one year
Creditors falling due after more than one year include secured loans amounting to £15,325.
8.
Called up share capital
Authorised share capital
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
X Ordinary shares of £ 1 each |
335,000 |
335,000 |
335,000 |
335,000 |
Y Ordinary shares of £ 1 each |
335,000 |
335,000 |
335,000 |
335,000 |
|
--------- |
--------- |
--------- |
--------- |
|
670,000 |
670,000 |
670,000 |
670,000 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
X Ordinary shares of £ 1 each |
335,000 |
335,000 |
335,000 |
335,000 |
Y Ordinary shares of £ 1 each |
335,000 |
335,000 |
335,000 |
335,000 |
|
--------- |
--------- |
--------- |
--------- |
|
670,000 |
670,000 |
670,000 |
670,000 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
42,035 |
26,441 |
Later than 1 year and not later than 5 years |
122,551 |
16,839 |
|
--------- |
-------- |
|
164,586 |
43,280 |
|
--------- |
-------- |
|
|
|
10.
Summary audit opinion
The auditor's report dated
29 April 2024
was
qualified
on the following basis:
Disagreement on accounting policies - treatment of assets and liabilities denominated in foreign currencies. As set out in note 3 (e) to the financial statements; where monetary assets and liabilities denominated in foreign currency at the reporting date are not expected to be realised in the foreseeable future, they are translated at the rate at the date of the transaction. Accordingly, any gains or losses will be realised and reflected in the financial statements at the point in the future when the assets and liabilities are settled. In respect of the liabilities outstanding at 31 December 2023, it is the opinion of the directors that exchange rates will have shown some recovery at the future point of settlement and thus the impact on the financial statements will be reduced. This policy is not in accordance with the requirements of FRS 102 Section 1A under which such assets and liabilities should be translated at the exchange rate ruling at the reporting date. Were the requirements of FRS 102 Section 1A to be followed, trade creditors, the loss for the year and accumulated losses would all be increased by £186,000.
The senior statutory auditor was
Oliver Ross BSc (Hons) FCA
, for and on behalf of
Muras Baker Jones Limited
.
11.
Related party transactions
The company and group as a whole are the principal distributors for its main supplier Benro Image Technology Industrial Co.Ltd and as a result have a close relationship with this supplier. As part of this relationship the supplier provides extended credit terms in respect of trade balances due to it. At 31 December 2023 the balance due to this supplier amounted to £2,868,707.
12.
Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13.
Controlling party
The company's ultimate parent undertaking is Margil LLC, a domestic limited liability company incorporated in the United States of America.