Contents of the Financial Statements
for the Period Ended 31 January 2024
Balance sheet
As at
31 January 2024
|
Notes
|
2024
|
2023
|
|
|
£
|
£
|
Fixed assets |
Intangible assets: |
3 |
143,152
|
165,597
|
Tangible assets: |
4 |
54,782
|
63,460
|
Total fixed assets: |
|
197,934
|
229,057
|
Current assets |
Stocks: |
|
521,350
|
522,742
|
Debtors: |
|
24,450
|
49,130
|
Cash at bank and in hand: |
|
186,607
|
183,613
|
Total current assets: |
|
732,407
|
755,485
|
Creditors: amounts falling due within one year: |
|
(932,425)
|
(990,990)
|
Net current assets (liabilities): |
|
(200,018)
|
(235,505)
|
Total assets less current liabilities: |
|
(2,084)
|
(6,448)
|
Creditors: amounts falling due after more than one year: |
|
(10,728)
|
(22,169)
|
Provision for liabilities: |
|
(13,465)
|
(15,583)
|
Total net assets (liabilities): |
|
(26,277)
|
(44,200)
|
Capital and reserves |
Called up share capital: |
|
6
|
6
|
Profit and loss account: |
|
(26,283)
|
(44,206)
|
Shareholders funds: |
|
(26,277)
|
(44,200)
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 January 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
25 October 2024
and signed on behalf of the board by:
Name:
J A Shannon
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 January 2024
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
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.Tangible fixed assets and depreciation policy
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 & machinery - 15% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Equipment - 15% 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.Intangible fixed assets and amortisation policy
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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.Other 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.
Going concern
The directors acknowledge the balance sheet deficit and the dependence on the continued support of the directors. The directors, based on post year end and projected trading results are confident that the company has sufficient funds to trade for the foreseeable future hence the accounts are prepared on the going concern basis.
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.
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 payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 abridged 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 abridged 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.
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.
Notes to the Financial Statements
for the Period Ended 31 January 2024
2. Employees
|
2024 |
2023 |
Average number of employees during the period |
27
|
24
|
Notes to the Financial Statements
for the Period Ended 31 January 2024
3. Intangible Assets
|
Total |
Cost |
£ |
At 01 February 2023 |
448,890
|
At 31 January 2024 |
448,890
|
Amortisation |
|
At 01 February 2023 |
283,293
|
Charge for year |
22,445
|
At 31 January 2024 |
305,738
|
Net book value |
|
At 31 January 2024 |
143,152
|
At 31 January 2023 |
165,597
|
Notes to the Financial Statements
for the Period Ended 31 January 2024
4. Tangible Assets
|
Total |
Cost |
£ |
At 01 February 2023 |
294,568
|
Additions |
2,086
|
At 31 January 2024 |
296,654
|
Depreciation |
|
At 01 February 2023 |
231,108
|
Charge for year |
10,764
|
At 31 January 2024 |
241,872
|
Net book value |
|
At 31 January 2024 |
54,782
|
At 31 January 2023 |
63,460
|
Notes to the Financial Statements
for the Period Ended 31 January 2024
5. Related party transactions
Name of the related party: |
|
Relationship: |
Director
|
Description of the Transaction: |
Related party transactions
The company owes a total of £702,812 (2022 - £744,773) to the directors at the balance sheet date.
|
£ |
Balance at 01 February 2023 |
|
744,773
|
Balance at 31 January 2024 |
|
702,812
|