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No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
03362350
2023-02-01
2024-01-31
03362350
2024-01-31
03362350
2023-01-31
03362350
2022-02-01
2023-01-31
03362350
2023-01-31
03362350
2022-01-31
03362350
core:MotorVehicles
2023-02-01
2024-01-31
03362350
bus:OrdinaryShareClass1
2023-02-01
2024-01-31
03362350
bus:Director1
2023-02-01
2024-01-31
03362350
core:WithinOneYear
2024-01-31
03362350
core:WithinOneYear
2023-01-31
03362350
core:ShareCapital
2024-01-31
03362350
core:ShareCapital
2023-01-31
03362350
core:RetainedEarningsAccumulatedLosses
2024-01-31
03362350
core:RetainedEarningsAccumulatedLosses
2023-01-31
03362350
bus:SmallEntities
2023-02-01
2024-01-31
03362350
bus:AuditExempt-NoAccountantsReport
2023-02-01
2024-01-31
03362350
bus:SmallCompaniesRegimeForAccounts
2023-02-01
2024-01-31
03362350
bus:PrivateLimitedCompanyLtd
2023-02-01
2024-01-31
03362350
bus:AbridgedAccounts
2023-02-01
2024-01-31
03362350
bus:OrdinaryShareClass1
2024-01-31
03362350
bus:OrdinaryShareClass1
2023-01-31
COMPANY REGISTRATION NUMBER:
03362350
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
|
– |
16,850 |
|
|
|
|
|
Current assets
Debtors |
48,138 |
|
41,387 |
Cash at bank and in hand |
76,015 |
|
54,578 |
|
--------- |
|
-------- |
|
124,153 |
|
95,965 |
|
|
|
|
Creditors: amounts falling due within one year |
56,888 |
|
56,012 |
|
--------- |
|
-------- |
Net current assets |
|
67,265 |
39,953 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
67,265 |
56,803 |
|
|
-------- |
-------- |
Net assets |
|
67,265 |
56,803 |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
6 |
|
1,000 |
1,000 |
Profit and loss account |
|
66,265 |
55,803 |
|
|
-------- |
-------- |
Shareholder funds |
|
67,265 |
56,803 |
|
|
-------- |
-------- |
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 January 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
16 October 2024
, and are signed on behalf of the board by:
Company registration number:
03362350
Notes to the Abridged Financial Statements |
|
Year ended 31 January 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 17 Rosemary Hill Road, Sutton Coldfield, B74 4HL.
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 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.
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. No significant judgements, estimates and assumptions have had to be made by the directors in preparing these financial statements
.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the significant risks and rewards of ownership have transferred to the buyer, 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. The company recognises revenue from the sale of software, the provision of associated installation and training and the sale of bespoke software services as the work is completed. The company recognises revenue from the sale of support contracts and rental arrangements on a straight line basis over the term of the relevant contracts.
Income tax
Deferred tax is recognised in respect of all material 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, where provision is made, 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.
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:
|
Motor vehicles |
- |
25% 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. 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.
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 instruments 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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised
.
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
3
(2023:
3
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 February 2023 |
32,624 |
Disposals |
(
32,624) |
|
-------- |
At 31 January 2024 |
– |
|
-------- |
Depreciation |
|
At 1 February 2023 |
15,774 |
Charge for the year |
4,718 |
Disposals |
(
20,492) |
|
-------- |
At 31 January 2024 |
– |
|
-------- |
Carrying amount |
|
At 31 January 2024 |
– |
|
-------- |
At 31 January 2023 |
16,850 |
|
-------- |
|
|
6.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
7.
Related party transactions
At 31 January 2024 the company had an outstanding loan due to a company under similar control of £22,000 (2023: £22,000) included within other debtors. All related party loans are interest-free and repayable on demand.