5
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-03-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,069,706
116,194
1,185,900
203,041
58,865
261,906
923,994
866,665
125,607
27,585
40,939
112,253
119,070
7,237
40,938
85,369
26,884
6,537
92
92
92
xbrli:pure
xbrli:shares
iso4217:GBP
03304422
2023-03-01
2024-02-29
03304422
2024-02-29
03304422
2023-02-28
03304422
2022-03-01
2023-02-28
03304422
2023-02-28
03304422
2022-02-28
03304422
bus:Director1
2023-03-01
2024-02-29
03304422
core:WithinOneYear
2024-02-29
03304422
core:WithinOneYear
2023-02-28
03304422
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-02-28
03304422
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-02-29
03304422
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-03-01
2024-02-29
03304422
core:AfterOneYear
2024-02-29
03304422
core:AfterOneYear
2023-02-28
03304422
core:ShareCapital
2024-02-29
03304422
core:ShareCapital
2023-02-28
03304422
core:SharePremium
2024-02-29
03304422
core:SharePremium
2023-02-28
03304422
core:RetainedEarningsAccumulatedLosses
2024-02-29
03304422
core:RetainedEarningsAccumulatedLosses
2023-02-28
03304422
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-02-28
03304422
core:CostValuation
core:Non-currentFinancialInstruments
2024-02-29
03304422
core:Non-currentFinancialInstruments
2024-02-29
03304422
core:Non-currentFinancialInstruments
2023-02-28
03304422
bus:SmallEntities
2023-03-01
2024-02-29
03304422
bus:AuditExemptWithAccountantsReport
2023-03-01
2024-02-29
03304422
bus:SmallCompaniesRegimeForAccounts
2023-03-01
2024-02-29
03304422
bus:PrivateLimitedCompanyLtd
2023-03-01
2024-02-29
03304422
bus:FullAccounts
2023-03-01
2024-02-29
03304422
core:FurnitureFittingsToolsEquipment
2023-02-28
03304422
core:FurnitureFittingsToolsEquipment
2023-03-01
2024-02-29
03304422
core:FurnitureFittingsToolsEquipment
2024-02-29
COMPANY REGISTRATION NUMBER:
03304422
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
29 February 2024
Fixed assets
Intangible assets |
5 |
|
923,994 |
866,665 |
Tangible assets |
6 |
|
26,884 |
6,537 |
Investments |
7 |
|
92 |
92 |
|
|
--------- |
--------- |
|
|
950,970 |
873,294 |
|
|
|
|
|
Current assets
Stocks |
147,977 |
|
176,594 |
Debtors |
8 |
320,923 |
|
271,002 |
Cash at bank and in hand |
41,252 |
|
88,623 |
|
--------- |
|
--------- |
|
510,152 |
|
536,219 |
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
330,574 |
|
336,660 |
|
--------- |
|
--------- |
Net current assets |
|
179,578 |
199,559 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,130,548 |
1,072,853 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
|
101,241 |
179,115 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
20,972) |
1,242 |
|
|
------------ |
------------ |
Net assets |
|
1,050,279 |
892,496 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
37,862 |
37,862 |
Share premium account |
|
35,289 |
35,289 |
Profit and loss account |
|
977,128 |
819,345 |
|
|
------------ |
--------- |
Shareholders funds |
|
1,050,279 |
892,496 |
|
|
------------ |
--------- |
|
|
|
|
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.
Statement of Financial Position (continued) |
|
29 February 2024
For the year ending 29 February 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
26 November 2024
, and are signed on behalf of the board by:
Company registration number:
03304422
Notes to the Financial Statements |
|
Year ended 29 February 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 2 Whitworth Court, Manor Farm Road, Runcorn, Cheshire, WA7 1WA.
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.
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 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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
|
Deferred development costs |
- |
20-33% Depreciation rate |
|
|
|
|
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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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 |
- |
20-50% Depreciation rate
|
|
|
|
|
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.
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.
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.
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
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
5
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
At 1 March 2023 |
1,069,706 |
Additions |
116,194 |
|
------------ |
At 29 February 2024 |
1,185,900 |
|
------------ |
Amortisation |
|
At 1 March 2023 |
203,041 |
Charge for the year |
58,865 |
|
------------ |
At 29 February 2024 |
261,906 |
|
------------ |
Carrying amount |
|
At 29 February 2024 |
923,994 |
|
------------ |
At 28 February 2023 |
866,665 |
|
------------ |
|
|
6.
Tangible assets
|
Equipment |
Total |
|
£ |
£ |
Cost |
|
|
At 1 March 2023 |
125,607 |
125,607 |
Additions |
27,585 |
27,585 |
Disposals |
(
40,939) |
(
40,939) |
|
--------- |
--------- |
At 29 February 2024 |
112,253 |
112,253 |
|
--------- |
--------- |
Depreciation |
|
|
At 1 March 2023 |
119,070 |
119,070 |
Charge for the year |
7,237 |
7,237 |
Disposals |
(
40,938) |
(
40,938) |
|
--------- |
--------- |
At 29 February 2024 |
85,369 |
85,369 |
|
--------- |
--------- |
Carrying amount |
|
|
At 29 February 2024 |
26,884 |
26,884 |
|
--------- |
--------- |
At 28 February 2023 |
6,537 |
6,537 |
|
--------- |
--------- |
|
|
|
7.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 March 2023 and 29 February 2024 |
92 |
|
---- |
Impairment |
|
At 1 March 2023 and 29 February 2024 |
– |
|
---- |
|
|
Carrying amount |
|
At 29 February 2024 |
92 |
|
---- |
At 28 February 2023 |
92 |
|
---- |
|
|
8.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
315,058 |
218,481 |
Prepayments and accrued income |
1,339 |
3,846 |
Corporation tax repayable |
4,526 |
48,675 |
|
--------- |
--------- |
|
320,923 |
271,002 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
74,222 |
76,202 |
Trade creditors |
99,622 |
8,861 |
Amounts owed to group undertakings |
3,257 |
1,548 |
Accruals and deferred income |
6,278 |
11,772 |
Social security and other taxes |
74,779 |
87,888 |
Other creditors |
72,416 |
150,389 |
|
--------- |
--------- |
|
330,574 |
336,660 |
|
--------- |
--------- |
|
|
|
The bank loans totalling £74,222 are secured on all the assets of the company. The Factoring creditor of £62,923 included in other creditors is secured on all the assets of the company.
10.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
101,241 |
179,115 |
|
--------- |
--------- |
|
|
|
The bank loans totalling £101,240 are secured on all the assets of the company.