COMPANY REGISTRATION NUMBER:
02681133
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
4 |
|
988,203 |
|
988,203 |
|
|
|
|
|
|
Current assets
Cash at bank and in hand |
2,899 |
|
3,129 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
286,869 |
|
300,749 |
|
|
--------- |
|
--------- |
|
Net current liabilities |
|
283,970 |
|
297,620 |
|
|
--------- |
|
--------- |
Total assets less current liabilities |
|
704,233 |
|
690,583 |
|
|
|
|
|
|
Provisions |
|
129,597 |
|
129,597 |
|
|
--------- |
|
--------- |
Net assets |
|
574,636 |
|
560,986 |
|
|
--------- |
|
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100,002 |
|
100,002 |
Profit and loss account |
|
474,634 |
|
460,984 |
|
|
--------- |
|
--------- |
Shareholders funds |
|
574,636 |
|
560,986 |
|
|
--------- |
|
--------- |
|
|
|
|
|
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 income and retained earnings 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
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
22 October 2024
, and are signed on behalf of the board by:
Mrs S.D. Gill |
Mr R.F. Gill |
Director |
Director |
|
|
Company registration number:
02681133
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 Brightwood, Newground Road, Aldbury, Hertfordshire, HP23 5SF, England.
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 certain financial assets and liabilities and 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.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
|
Plant and machinery |
- |
20% 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. 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.
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.
Tangible assets
|
Land and buildings |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 and 31 March 2024 |
988,203 |
20,238 |
1,008,441 |
|
--------- |
-------- |
------------ |
Depreciation |
|
|
|
At 1 April 2023 and 31 March 2024 |
– |
20,238 |
20,238 |
|
--------- |
-------- |
------------ |
Carrying amount |
|
|
|
At 31 March 2024 |
988,203 |
– |
988,203 |
|
--------- |
-------- |
------------ |
At 31 March 2023 |
988,203 |
– |
988,203 |
|
--------- |
-------- |
------------ |
|
|
|
|
Land and Buildings relates to investment properties which were valued by the directors on 31st March 2024.
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
286,869 |
300,749 |
|
--------- |
--------- |
|
|
|
6.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
129,597 |
129,597 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Revaluation of tangible assets |
129,597 |
129,597 |
|
--------- |
--------- |
|
|
|
7.
Directors' advances, credits and guarantees
Included within other creditors above is an amount of £281,263 (2023: £295,263) owed to the directors. No interest has been charged and the amount is repayable on demand.