2
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
06805585
2023-02-01
2024-01-31
06805585
2024-01-31
06805585
2023-01-31
06805585
2022-02-01
2023-01-31
06805585
2023-01-31
06805585
2022-01-31
06805585
bus:Director1
2023-02-01
2024-01-31
06805585
core:WithinOneYear
2024-01-31
06805585
core:WithinOneYear
2023-01-31
06805585
core:ShareCapital
2024-01-31
06805585
core:ShareCapital
2023-01-31
06805585
core:OtherReservesSubtotal
2024-01-31
06805585
core:RetainedEarningsAccumulatedLosses
2024-01-31
06805585
core:RetainedEarningsAccumulatedLosses
2023-01-31
06805585
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-01-31
06805585
core:CostValuation
core:Non-currentFinancialInstruments
2024-01-31
06805585
core:Non-currentFinancialInstruments
2024-01-31
06805585
bus:Director1
2023-01-31
06805585
bus:Director1
2024-01-31
06805585
bus:Director1
2022-01-31
06805585
bus:Director1
2023-01-31
06805585
bus:Director1
2022-02-01
2023-01-31
06805585
bus:SmallEntities
2023-02-01
2024-01-31
06805585
bus:AuditExemptWithAccountantsReport
2023-02-01
2024-01-31
06805585
bus:SmallCompaniesRegimeForAccounts
2023-02-01
2024-01-31
06805585
bus:PrivateLimitedCompanyLtd
2023-02-01
2024-01-31
06805585
bus:AbridgedAccounts
2023-02-01
2024-01-31
06805585
core:OfficeEquipment
2023-02-01
2024-01-31
06805585
core:OtherRelatedParties
2023-02-01
2024-01-31
06805585
core:OtherRelatedParties
2024-01-31
COMPANY REGISTRATION NUMBER:
06805585
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
|
1,017 |
1,382 |
Investments |
6 |
|
569,676 |
– |
|
|
---------- |
------- |
|
|
570,693 |
1,382 |
|
|
|
|
|
Current assets
Debtors |
716 |
|
7,724 |
Cash at bank and in hand |
1,368,039 |
|
2,044,563 |
|
------------- |
|
------------- |
|
1,368,755 |
|
2,052,287 |
|
|
|
|
Creditors: amounts falling due within one year |
3,438 |
|
48,329 |
|
------------- |
|
------------- |
Net current assets |
|
1,365,317 |
2,003,958 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
1,936,010 |
2,005,340 |
|
|
------------- |
------------- |
Net assets |
|
1,936,010 |
2,005,340 |
|
|
------------- |
------------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Other reserves |
|
106,158 |
– |
Profit and loss account |
|
1,829,752 |
2,005,240 |
|
|
------------- |
------------- |
Shareholders funds |
|
1,936,010 |
2,005,340 |
|
|
------------- |
------------- |
|
|
|
|
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 comprehensive income 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 members have 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 comprehensive income 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
30 October 2024
, and are signed on behalf of the board by:
Company registration number:
06805585
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 132 Burnt Ash Road, Lee, London, SE12 PU.
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.
Revenue recognition
Turnover represents income earned during the period.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.
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.
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:
|
Office equipment |
- |
25% reducing balance |
|
|
|
|
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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
2
(2023:
2
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 February 2023 and 31 January 2024 |
12,856 |
|
-------- |
Depreciation |
|
At 1 February 2023 |
11,474 |
Charge for the year |
365 |
|
-------- |
At 31 January 2024 |
11,839 |
|
-------- |
Carrying amount |
|
At 31 January 2024 |
1,017 |
|
-------- |
At 31 January 2023 |
1,382 |
|
-------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1 February 2023 |
– |
Additions |
569,676 |
|
---------- |
At 31 January 2024 |
569,676 |
|
---------- |
Impairment |
|
At 1 February 2023 and 31 January 2024 |
– |
|
---------- |
Carrying amount |
|
At 31 January 2024 |
569,676 |
|
---------- |
|
|
Investments held at valuation
Investments are held with Interactive Brokers who value the stocks held at the year end.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
At 31 January 2024 |
|
Aggregate cost |
463,518 |
Aggregate depreciation |
– |
|
---------- |
Carrying value |
463,518 |
|
---------- |
|
|
At 31 January 2023 |
|
Aggregate cost |
– |
Aggregate depreciation |
– |
|
---- |
Carrying value |
– |
|
---- |
|
|
7.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2024 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr S Zee |
(
45,230) |
44,669 |
(
561) |
|
|
-------- |
-------- |
---- |
|
|
|
|
|
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr S Zee |
(
33,921) |
(
11,309) |
(
45,230) |
|
|
-------- |
-------- |
-------- |
|
|
|
|
|
8.
Related party transactions
Included in other creditors amounts falling due within one year is an amount of £
561
(2023: £45,230) owing to the directors
. This loan is interest free, for which no repayment terms have been agreed. During the year dividends amounting to £116,000 (2023: £88,000) were paid to the directors.