6
false
false
false
false
false
false
false
false
false
false
true
false
false
false
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false
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No description of principal activity
2023-09-01
Sage Accounts Production Advanced 2023 - FRS102_2023
40,000
24,000
2,000
26,000
14,000
16,000
xbrli:pure
xbrli:shares
iso4217:GBP
02367900
2023-09-01
2024-08-31
02367900
2024-08-31
02367900
2023-08-31
02367900
2022-09-01
2023-08-31
02367900
2023-08-31
02367900
2022-08-31
02367900
core:PlantMachinery
2023-09-01
2024-08-31
02367900
core:MotorVehicles
2023-09-01
2024-08-31
02367900
bus:Director1
2023-09-01
2024-08-31
02367900
core:NetGoodwill
2023-08-31
02367900
core:NetGoodwill
2024-08-31
02367900
core:PlantMachinery
2023-08-31
02367900
core:MotorVehicles
2023-08-31
02367900
core:PlantMachinery
2024-08-31
02367900
core:MotorVehicles
2024-08-31
02367900
core:WithinOneYear
2024-08-31
02367900
core:WithinOneYear
2023-08-31
02367900
core:AfterOneYear
2024-08-31
02367900
core:AfterOneYear
2023-08-31
02367900
core:ShareCapital
2024-08-31
02367900
core:ShareCapital
2023-08-31
02367900
core:RetainedEarningsAccumulatedLosses
2024-08-31
02367900
core:RetainedEarningsAccumulatedLosses
2023-08-31
02367900
core:NetGoodwill
2023-09-01
2024-08-31
02367900
core:NetGoodwill
2023-08-31
02367900
core:PlantMachinery
2023-08-31
02367900
core:MotorVehicles
2023-08-31
02367900
bus:SmallEntities
2023-09-01
2024-08-31
02367900
bus:AuditExemptWithAccountantsReport
2023-09-01
2024-08-31
02367900
bus:SmallCompaniesRegimeForAccounts
2023-09-01
2024-08-31
02367900
bus:PrivateLimitedCompanyLtd
2023-09-01
2024-08-31
02367900
bus:FullAccounts
2023-09-01
2024-08-31
COMPANY REGISTRATION NUMBER:
02367900
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 August 2024
Fixed assets
Intangible assets |
5 |
|
14,000 |
16,000 |
Tangible assets |
6 |
|
11,106 |
13,432 |
|
|
-------- |
-------- |
|
|
25,106 |
29,432 |
|
|
|
|
|
Current assets
Stocks |
113,651 |
|
114,987 |
Debtors |
7 |
1,944 |
|
3,064 |
Cash at bank and in hand |
134,795 |
|
104,623 |
|
--------- |
|
--------- |
|
250,390 |
|
222,674 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
129,469 |
|
103,987 |
|
--------- |
|
--------- |
Net current assets |
|
120,921 |
118,687 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
146,027 |
148,119 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
15,778 |
25,645 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
2,110 |
2,552 |
|
|
--------- |
--------- |
Net assets |
|
128,139 |
119,922 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
4 |
4 |
Profit and loss account |
|
128,135 |
119,918 |
|
|
--------- |
--------- |
Shareholders funds |
|
128,139 |
119,922 |
|
|
--------- |
--------- |
|
|
|
|
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 August 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 August 2024
These financial statements were approved by the
board of directors
and authorised for issue on
21 November 2024
, and are signed on behalf of the board by:
Company registration number:
02367900
Notes to the Financial Statements |
|
Year ended 31 August 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 North Wales Beds, Old Bennetts Buildings, Mold Road, Gwersyllt, WREXHAM, LL11 4AF.
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.
The 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
The turnover shown in the accounts represents the value of goods and services connected to the bed and furniture retail business supplied to customers during the year, adjusted for deposits taken, and less Value Added Tax.
Taxation
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.
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 |
- |
Straightline over 20 years |
|
|
|
|
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.
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 |
- |
15% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
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.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its 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
6
(2023:
6
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 September 2023 and 31 August 2024 |
40,000 |
|
-------- |
Amortisation |
|
At 1 September 2023 |
24,000 |
Charge for the year |
2,000 |
|
-------- |
At 31 August 2024 |
26,000 |
|
-------- |
Carrying amount |
|
At 31 August 2024 |
14,000 |
|
-------- |
At 31 August 2023 |
16,000 |
|
-------- |
|
|
6.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 September 2023 and 31 August 2024 |
19,606 |
33,700 |
53,306 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 September 2023 |
9,275 |
30,599 |
39,874 |
Charge for the year |
1,550 |
776 |
2,326 |
|
-------- |
-------- |
-------- |
At 31 August 2024 |
10,825 |
31,375 |
42,200 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 August 2024 |
8,781 |
2,325 |
11,106 |
|
-------- |
-------- |
-------- |
At 31 August 2023 |
10,331 |
3,101 |
13,432 |
|
-------- |
-------- |
-------- |
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
1,170 |
2,203 |
Other debtors |
774 |
861 |
|
------- |
------- |
|
1,944 |
3,064 |
|
------- |
------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
39,800 |
39,244 |
Social security and other taxes |
31,670 |
29,093 |
Other creditors |
47,999 |
25,650 |
|
--------- |
--------- |
|
129,469 |
103,987 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
15,778 |
25,645 |
|
-------- |
-------- |
|
|
|
10.
Directors' advances, credits and guarantees
The directors operate a current account with the company. The opening balance was £42 in credit with net movement of £18,340 leading to a closing credit balance of £18,382 owed to the director. Interest has been charged by the company at 2.25% in respect of this loan which is repayable on demand and classified in creditors due within one year.
11.
Related party transactions
The company pays rent to the shareholders one of which is also the director totalling £50,004 (2023 - £50,004).