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COMPANY REGISTRATION NUMBER: 13168362
Von Schmidt Family Investments Limited
Filleted Unaudited Financial Statements
31 January 2024
Von Schmidt Family Investments Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3 to 4
Notes to the financial statements
5 to 9
Von Schmidt Family Investments Limited
Officers and Professional Advisers
Director
J Barker
Registered office
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
United Kingdom
B69 2JG
Accountants
BSN Associates Limited
Chartered accountants
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Von Schmidt Family Investments Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Von Schmidt Family Investments Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Von Schmidt Family Investments Limited for the year ended 31 January 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Von Schmidt Family Investments Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Von Schmidt Family Investments Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Von Schmidt Family Investments Limited and its director for our work or for this report.
It is your duty to ensure that Von Schmidt Family Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Von Schmidt Family Investments Limited. You consider that Von Schmidt Family Investments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Von Schmidt Family Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BSN Associates Limited Chartered accountants
3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG
30 October 2024
Von Schmidt Family Investments Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
293,168
294,224
Current assets
Debtors
6
2,681
29,648
Cash at bank and in hand
9,331
6,420
--------
--------
12,012
36,068
Creditors: amounts falling due within one year
7
335,312
360,460
---------
---------
Net current liabilities
323,300
324,392
---------
---------
Total assets less current liabilities
( 30,132)
( 30,168)
Provisions
( 4,675)
803
--------
--------
Net liabilities
( 25,457)
( 30,971)
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 25,557)
( 31,071)
--------
--------
Shareholders deficit
( 25,457)
( 30,971)
--------
--------
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 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Von Schmidt Family Investments Limited
Statement of Financial Position (continued)
31 January 2024
These 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:
J Barker
Director
Company registration number: 13168362
Von Schmidt Family Investments Limited
Notes to the 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 3B Swallowfield Courtyard, Wolverhampton Road, Oldbury, West Midlands, B69 2JG, United Kingdom.
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.
Change of company name
On 16 August 2023, the company changes it's name by special resolution from Alinea 33:3 Limited to Von Schmidt Family Investments Limited .
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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.
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.
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:
Equipment
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
290,000
7,239
297,239
---------
-------
---------
Depreciation
At 1 February 2023
3,015
3,015
Charge for the year
1,056
1,056
---------
-------
---------
At 31 January 2024
4,071
4,071
---------
-------
---------
Carrying amount
At 31 January 2024
290,000
3,168
293,168
---------
-------
---------
At 31 January 2023
290,000
4,224
294,224
---------
-------
---------
Investment properties are held at historical cost the director considers to be an accurate representation of the current market value.
6. Debtors
2024
2023
£
£
Trade debtors
2,551
7,303
Other debtors
130
22,345
-------
--------
2,681
29,648
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,056
Accruals and deferred income
7,296
4,440
Corporation tax
74
Director loan accounts
324,016
325,890
Other creditors
4,000
10,000
---------
---------
335,312
360,460
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
5
5
5
5
Ordinary B shares of £ 1 each
5
5
5
5
Ordinary C shares of £ 1 each
30
30
30
30
Ordinary D shares of £ 1 each
30
30
30
30
Ordinary E shares of £ 1 each
30
30
30
30
----
----
----
----
100
100
100
100
----
----
----
----
9. Related party transactions
At the year end, the company was owed £nil (2023: £12,763) from D Haddon, £nil (2023: £10,949) from S Tustain who are family members of the director. The company was also owed £130 (2023: £nil) from Von Schmidt Property Limited, a company in which J Barker is also a director.