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COMPANY REGISTRATION NUMBER: 06603326
Severn Screen Ltd
Filleted Unaudited Accounts
31 March 2024
Severn Screen Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
6,815
11,338
Investments
6
177,341
177,328
---------
---------
184,156
188,666
Current assets
Stocks
80,937
43,599
Debtors
7
703,248
917,628
Cash at bank and in hand
56,041
250,523
---------
------------
840,226
1,211,750
Creditors: amounts falling due within one year
8
( 224,761)
( 335,182)
---------
------------
Net current assets
615,465
876,568
---------
------------
Total assets less current liabilities
799,621
1,065,234
Creditors: amounts falling due after more than one year
9
( 18,164)
( 28,330)
Provisions
( 2,983)
( 2,983)
---------
------------
Net assets
778,474
1,033,921
---------
------------
Capital and reserves
Called up share capital
10
3
3
Share premium account
100,550
100,550
Capital redemption reserve
1
1
Profit and loss account
677,920
933,367
---------
------------
Shareholders funds
778,474
1,033,921
---------
------------
These accounts 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 March 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 accounts 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 accounts .
Severn Screen Ltd
Statement of Financial Position (continued)
31 March 2024
These accounts were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
E O T Davies
Director
Company registration number: 06603326
Severn Screen Ltd
Notes to the Accounts
Year ended 31 March 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 3 Mount Stuart Square, Cardiff Bay, Cardiff, CF105EE, Wales.
2. Statement of compliance
These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A 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 recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT. Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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 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.
Tangible assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Freehold property
-
20% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
25% straight line
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long.term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
Financial instruments
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 9 (2023: 10 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
22,790
27,345
10,863
60,998
Additions
2,401
833
3,234
--------
--------
--------
--------
At 31 March 2024
25,191
27,345
11,696
64,232
--------
--------
--------
--------
Depreciation
At 1 April 2023
20,650
21,180
7,830
49,660
Charge for the year
2,972
3,724
1,061
7,757
--------
--------
--------
--------
At 31 March 2024
23,622
24,904
8,891
57,417
--------
--------
--------
--------
Carrying amount
At 31 March 2024
1,569
2,441
2,805
6,815
--------
--------
--------
--------
At 31 March 2023
2,140
6,165
3,033
11,338
--------
--------
--------
--------
6. Investments
Shares in group undertakings
Shares in participating interests
Total
£
£
£
Cost
At 1 April 2023
1
177,327
177,328
Additions
12
1
13
----
---------
---------
At 31 March 2024
13
177,328
177,341
----
---------
---------
Impairment
At 1 April 2023 and 31 March 2024
----
---------
---------
Carrying amount
At 31 March 2024
13
177,328
177,341
----
---------
---------
At 31 March 2023
1
177,327
177,328
----
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
72,645
190,374
Amounts owed by group undertakings
529,289
205,000
Prepayments and accrued income
101,160
522,100
Corporation tax repayable
154
154
---------
---------
703,248
917,628
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,336
9,170
Trade creditors
39,999
13,353
Amounts owed to group undertakings
32,500
97,556
Accruals and deferred income
44,096
163,137
Social security and other taxes
43,254
48,571
Other creditors
55,576
3,395
---------
---------
224,761
335,182
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,164
28,330
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
320
3
320
3
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
2,670
2,940
Later than 1 year and not later than 5 years
6,207
-------
-------
2,670
9,147
-------
-------
12. Related party transactions
All related party transactions arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.