12
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
190,000
190,000
xbrli:pure
xbrli:shares
iso4217:GBP
02700105
2023-04-01
2024-03-31
02700105
2024-03-31
02700105
2023-03-31
02700105
2022-04-01
2023-03-31
02700105
2023-03-31
02700105
core:NetGoodwill
2023-04-01
2024-03-31
02700105
core:LandBuildings
core:LongLeaseholdAssets
2023-04-01
2024-03-31
02700105
core:PlantMachinery
2023-04-01
2024-03-31
02700105
core:MotorVehicles
2023-04-01
2024-03-31
02700105
bus:Director1
2023-04-01
2024-03-31
02700105
core:NetGoodwill
2024-03-31
02700105
core:LandBuildings
2023-03-31
02700105
core:PlantMachinery
2023-03-31
02700105
core:MotorVehicles
2023-03-31
02700105
core:LandBuildings
2024-03-31
02700105
core:PlantMachinery
2024-03-31
02700105
core:MotorVehicles
2024-03-31
02700105
core:LandBuildings
2023-04-01
2024-03-31
02700105
core:WithinOneYear
2024-03-31
02700105
core:WithinOneYear
2023-03-31
02700105
core:AfterOneYear
2024-03-31
02700105
core:AfterOneYear
2023-03-31
02700105
core:ShareCapital
2024-03-31
02700105
core:ShareCapital
2023-03-31
02700105
core:RevaluationReserve
2024-03-31
02700105
core:RevaluationReserve
2023-03-31
02700105
core:OtherReservesSubtotal
2024-03-31
02700105
core:OtherReservesSubtotal
2023-03-31
02700105
core:RetainedEarningsAccumulatedLosses
2024-03-31
02700105
core:RetainedEarningsAccumulatedLosses
2023-03-31
02700105
core:LandBuildings
2023-03-31
02700105
core:PlantMachinery
2023-03-31
02700105
core:MotorVehicles
2023-03-31
02700105
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2024-03-31
02700105
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2024-03-31
02700105
core:LeasedAssetsHeldAsLessee
2024-03-31
02700105
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2023-03-31
02700105
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2023-03-31
02700105
core:LeasedAssetsHeldAsLessee
2023-03-31
02700105
bus:SmallEntities
2023-04-01
2024-03-31
02700105
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
02700105
bus:FullAccounts
2023-04-01
2024-03-31
02700105
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
02700105
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
02700105
core:OfficeEquipment
2023-04-01
2024-03-31
02700105
core:OfficeEquipment
2023-03-31
02700105
core:InvestmentPropertyIncludedWithinPPE
2023-03-31
02700105
core:OfficeEquipment
2024-03-31
02700105
core:InvestmentPropertyIncludedWithinPPE
2024-03-31
02700105
core:OfficeEquipment
core:LeasedAssetsHeldAsLessee
2024-03-31
02700105
core:OfficeEquipment
core:LeasedAssetsHeldAsLessee
2023-03-31
COMPANY REGISTRATION NUMBER:
02700105
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
Year ended 31 March 2024
Notes to the financial statements |
3 |
|
|
31 March 2024
FIXED ASSETS
Tangible assets |
6 |
922,337 |
968,963 |
|
|
|
|
CURRENT ASSETS
Stocks |
77,330 |
87,400 |
Debtors |
7 |
121,907 |
128,698 |
Cash at bank and in hand |
70,632 |
60,125 |
|
--------- |
--------- |
|
269,869 |
276,223 |
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
(
613,393) |
(
643,380) |
|
--------- |
--------- |
NET CURRENT LIABILITIES |
(
343,524) |
(
367,157) |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
578,813 |
601,806 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
(
143,792) |
(
269,237) |
|
|
|
|
PROVISIONS |
(
38,236) |
(
6,724) |
|
--------- |
--------- |
NET ASSETS |
396,785 |
325,845 |
|
--------- |
--------- |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
13,002 |
13,002 |
Undistributable reserve |
40,880 |
40,880 |
Revaluation reserve |
79,482 |
79,482 |
Profit and loss account |
263,421 |
192,481 |
|
--------- |
--------- |
SHAREHOLDERS FUNDS |
396,785 |
325,845 |
|
--------- |
--------- |
|
|
|
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 profit and loss account 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 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
.
BALANCE SHEET (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2024
, and are signed on behalf of the board by:
Company registration number:
02700105
NOTES TO THE FINANCIAL STATEMENTS |
|
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 Old Mineral Water Factory, Turner Street, Newport, NP19 7BA.
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.
Going concern
The accounts have been prepared on the going concern basis. The accounts show that the company has net current liabilities of £343,524 (2023: £367,157). The directors are confident that the company will be able to meet its obligations given their continuing support. The directors therefore consider it appropriate to prepare the accounts on the going concern basis.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of goods and services provided in the financial period, exclusive of Value Added Tax and trade discounts.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 |
- |
5% straight line |
|
|
|
|
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 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:
|
Freehold property |
- |
10% straight line |
|
Plant and machinery |
- |
10% reducing balance |
|
Motor vehicles |
- |
15% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Investment property
Property that is held for long-term rental yields or for capital appreciation is classified as investment property. Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary for differences in nature, location or condition of the specific asset. If this information is not available, the company uses alternative valuation methods, such as recent prices on less active markets on discounted cash flow projections. Valuations are performed as of the balance sheet date by professional valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment property being valued.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
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
12
(2023:
13
).
5.
INTANGIBLE ASSETS
|
Goodwill |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
190,000 |
|
--------- |
Amortisation |
|
At 1 April 2023 and 31 March 2024 |
190,000 |
|
--------- |
Carrying amount |
|
At 31 March 2024 |
– |
|
--------- |
At 31 March 2023 |
– |
|
--------- |
|
|
6.
TANGIBLE ASSETS
|
Freehold property |
Plant and machinery |
Motor vehicles |
Equipment |
Investment property |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 Apr 2023 |
702,832 |
95,333 |
172,311 |
78,925 |
317,079 |
1,366,480 |
Additions |
8,016 |
981 |
– |
– |
– |
8,997 |
Disposals |
– |
– |
(
3,000) |
– |
– |
(
3,000) |
|
--------- |
-------- |
--------- |
-------- |
--------- |
------------ |
At 31 Mar 2024 |
710,848 |
96,314 |
169,311 |
78,925 |
317,079 |
1,372,477 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
------------ |
Depreciation |
|
|
|
|
|
|
At 1 Apr 2023 |
203,775 |
48,949 |
73,686 |
71,107 |
– |
397,517 |
Charge for the year |
33,330 |
4,688 |
14,642 |
1,954 |
– |
54,614 |
Disposals |
– |
– |
(
1,991) |
– |
– |
(
1,991) |
|
--------- |
-------- |
--------- |
-------- |
--------- |
------------ |
At 31 Mar 2024 |
237,105 |
53,637 |
86,337 |
73,061 |
– |
450,140 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
|
|
At 31 Mar 2024 |
473,743 |
42,677 |
82,974 |
5,864 |
317,079 |
922,337 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
------------ |
At 31 Mar 2023 |
499,057 |
46,384 |
98,625 |
7,818 |
317,079 |
968,963 |
|
--------- |
-------- |
--------- |
-------- |
--------- |
------------ |
|
|
|
|
|
|
|
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. The investment property has a value of £317,079 which is considered by the directors to be the fair value of the property as at the balance sheet date. The valuation method used by the directors is that of open market value.
Tangible assets held at valuation
During a prior year, property was revalued by the directors. The historical cost of the revalued assets is £269,899.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
At 31 March 2024 |
31,198 |
55,874 |
4,499 |
91,571 |
|
-------- |
-------- |
------- |
-------- |
At 31 March 2023 |
34,665 |
92,517 |
5,998 |
133,180 |
|
-------- |
-------- |
------- |
--------- |
|
|
|
|
|
7.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
32,131 |
26,307 |
Other debtors |
89,776 |
102,391 |
|
--------- |
--------- |
|
121,907 |
128,698 |
|
--------- |
--------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
106,663 |
219,922 |
Trade creditors |
114,149 |
106,648 |
Social security and other taxes |
68,457 |
39,424 |
Other creditors |
324,124 |
277,386 |
|
--------- |
--------- |
|
613,393 |
643,380 |
|
--------- |
--------- |
|
|
|
The above includes secured amounts of £106,663 (2023: £219,922) relating to bank loans and an overdraft. These are secured by fixed and floating charges over the company's assets. There are also secured amounts of £26,326 (2023: £37,030) relating to hire purchase and finance lease agreements. These are secured over the assets to which they relate.
9.
CREDITORS:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
116,182 |
212,958 |
Other creditors |
27,610 |
56,279 |
|
--------- |
--------- |
|
143,792 |
269,237 |
|
--------- |
--------- |
|
|
|
The above includes secured amounts of £116,182 (2023: £212,958) relating to bank loans and an overdraft. These are secured by fixed and floating charges over the company's assets. There are also secured amounts of £27,610 (2023: £56,279) relating to hire purchase and finance lease agreements. These are secured over the assets to which they relate.
10.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within other creditors falling due within one year is a balance of £183,114 (2023: £116,099) due to the directors. Interest is charged at 5% per annum on the balance due to one of the directors. The full balance is repayable on demand. A personal guarantee has been given by the directors of £25,000 plus interest, costs and expenses in relation to a loan included within creditors.