Company registration number 00998805 (England and Wales)
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 13
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 November 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
126,967
1,642,275
Current assets
Stocks
109,445
242,835
Debtors
5
448,189
1,128,649
Cash at bank and in hand
29,836
38,769
587,470
1,410,253
Creditors: amounts falling due within one year
6
(478,081)
(458,775)
Net current assets
109,389
951,478
Total assets less current liabilities
236,356
2,593,753
Creditors: amounts falling due after more than one year
7
(158,492)
(882,237)
Provisions for liabilities
(16,215)
(178,027)
Net assets
61,649
1,533,489
Capital and reserves
Called up share capital
100,000
100,000
Revaluation reserve
8
28,217
921,256
Profit and loss reserves
9
(66,568)
512,233
Total equity
61,649
1,533,489
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr S Smogur
Director
Company Registration No. 00998805
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 November 2022:
Balance at 1 October 2022
100,000
1,068,928
446,496
1,615,424
Prior period adjustment
-
(147,478)
68,720
(78,758)
As restated
100,000
921,450
515,216
1,536,666
Period ended 30 November 2022:
Loss and total comprehensive income for the period
-
-
(3,177)
(3,177)
Transfers
-
(194)
194
-
Balance at 30 November 2022
100,000
921,256
512,233
1,533,489
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
-
(559,905)
(559,905)
Dividends
-
-
(911,935)
(911,935)
Transfers
-
(893,039)
893,039
-
Balance at 31 December 2023
100,000
28,217
(66,568)
61,649
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Goldcrest (Adhesive) Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millbuck Close, Elgin Drive, Swindon, United Kingdom, SN2 8XU.
1.1
Reporting period
The accounting period of the company has been changed from 30 November to 31 December so as to be coterminous with the year end of its parent company. Accordingly, the current financial statements are prepared for 13 months from 1 December 2022 to 31 December 2023.
Comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain plant and machinery. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
1% on cost
Plant and machinery etc
15% reducing balance, or 5-25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.17
The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly own subsidiaries within the group.
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Fixed asset valuations
Freehold properties and certain items of plant and machinery are reviewed annually for their fair value and, where this valuation differs materially to the carrying value, adjustments are made to revalue these assets. Movements in the fair value are recognised in other comprehensive income.
Independent valuations are obtained from suitably qualified professionals. These are conducted on a periodic basis in order to prevent material misstatement.
A non-distributable reserve has arisen in relation to historical gains recognised net of deferred taxation.
The fair value of fixed assets were reassessed as detailed in the fixed asset note and consequently a loss of £Nil (2022: £Nil) was recognised net of taxation.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
13
18
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 December 2022
1,525,827
1,631,461
3,157,288
Disposals
(1,525,827)
(293,826)
(1,819,653)
At 31 December 2023
1,337,635
1,337,635
Depreciation and impairment
At 1 December 2022
56,155
1,458,858
1,515,013
Depreciation charged in the period
28,103
28,103
Eliminated in respect of disposals
(56,155)
(276,293)
(332,448)
At 31 December 2023
1,210,668
1,210,668
Carrying amount
At 31 December 2023
126,967
126,967
At 30 November 2022
1,469,672
172,603
1,642,275
Land and buildings with a carrying value of £Nil (2022: £1,469,672) were reassessed on the basis of a valuation carried out in December 2022 by an independent valuer, with reference to market evidence of transaction prices for similar properties.
Certain plant and machinery with a carrying value of £62,772 (2022: £69,036) were revalued at 30 September 2022 by the directors. This was based on advice sought from a UK supplier within the printing industry. At the balance sheet date the directors considered this valuation and using information received from industry knowledge, no revaluation was required.
The revaluation surplus is disclosed in note 8.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Plant and machinery etc
Land and buildings
2023
2022
2023
2022
£
£
£
£
Cost
1,322,635
1,616,461
-
430,720
Accumulated depreciation
(1,232,369)
(1,482,860)
-
(44,958)
Carrying value
90,266
133,601
-
385,762
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
as restated
Trade debtors
148,643
257,181
Corporation tax recoverable
104,481
106,481
Amounts owed by group undertakings
155,344
743,758
Other debtors
39,721
21,229
448,189
1,128,649
Trade debtors are subject to invoice factoring arrangements.
Included within trade debtors are amounts of £10,485 (2022: £22,824) owed by group undertakings.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. Amounts owed by group undertakings are stated after provisions of £154,054 (2022: £Nil).
6
Creditors: amounts falling due within one year
2023
2022
£
£
as restated
Bank loans and overdrafts
29,433
82,370
Trade creditors
151,475
180,239
Corporation tax
167,495
106,481
Other taxation and social security
24,251
42,708
Other creditors
105,427
46,977
478,081
458,775
Bank loans and overdrafts constitute invoice factoring arrangements. All assets of the company are held as security under a fixed and floating charge in favour of the financier.
Included within other creditors are amounts of £32,374 (2022: £24,662) in respect of hire purchase arrangements, which are secured over the assets to which they relate.
Included within trade creditors are amounts of £Nil (2022: £66) owed to group undertakings. Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
640,001
Other creditors
158,492
242,236
158,492
882,237
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 10 -
Bank loans and overdrafts were secured over certain freehold properties but were repaid in the year.
At 30 November 2022 was an amount of £168,072 which was secured over certain freehold properties.
Included within other creditors are amounts of £51,492 (2022: £74,164) in respect of hire purchase arrangements, which are secured over the assets to which they relate.
8
Revaluation reserve
2023
2022
£
£
as restated
At the beginning of the period
921,256
1,068,928
Prior year adjustment
-
(147,478)
As restated
921,256
921,450
Transfers
(893,039)
(194)
At the end of the period
28,217
921,256
9
Profit and loss reserves
2023
2022
£
£
as restated
At the beginning of the period
512,233
446,496
Prior year adjustment
-
68,720
As restated
512,233
515,216
Loss for the period
(559,905)
(3,177)
Dividends declared and paid in the period
(911,935)
-
Transfer to reserves
893,039
194
At the end of the period
(66,568)
512,233
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was qualified and the auditor reported as follows:
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
10
Audit report information
(Continued)
- 11 -
We have audited the financial statements of Goldcrest (Adhesive) Products Limited (the 'company') for the period ended 31 December 2023 which comprise , the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were not appointed as auditor of the company until after 30 November 2022 and thus did not observe the counting of physical stock at the end of 30 November 2022. Management were also unable to provide us with a stock listing as at 30 November 2022. We were unable to satisfy ourselves by alternative means concerning the stock held at 30 November 2022, and thus sufficient appropriate audit evidence could not be obtained in relation to either the quantities, cost or estimated selling price less costs to complete and sell of items in stock as at that date, which are included in the balance sheet at £242,835.
Consequently we were unable to determine whether any adjustment to these amounts were necessary and if any adjustment to cost of sales for the period ended 31 December 2023 would therefore also be required.
Furthermore, management were unable to provide us with a breakdown of certain tangible fixed assets with a total aggregate cost and depreciation of £1,377,314 and £1,377,314 respectively as at 30 November 2022 and of £1,112,314 and £1,112,314 respectively as at 31 December 2023.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Senior Statutory Auditor:
Robert Hull
Statutory Auditor:
Azets Audit Services
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
60,646
7,494
Between two and five years
206,288
6,244
266,934
13,738
12
Financial commitments, guarantees and contingent liabilities
The company had no other commitments, guarantees or contingent liabilities as at the period end (2022: £Nil).
13
Events after the reporting date
During October 2024, amounts included in other creditors as at 31 December 2023 of £157,000 were novated to a group entity.
14
Parent company
The immediate parent company of Goldcrest (Adhesive) Products Limited is Goldcrest Reach Limited and its registered office is Millbuck Close, Elgin Drive, Swindon, England, SN2 8XU.
The ultimate parent company of Goldcrest (Adhesive) Products Limited is Handel Group Limited. Handel Group Limited is the parent of the smallest and largest group for which consolidated accounts are prepared and of which the company is a member. Handel Group Limited is a company registered in England and Wales. The registered office of Handel Group Limited is Millbuck Close, Elgin Drive, Swindon, England, SN2 8XU.
15
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Nov 2022
£
£
£
Fixed assets
Tangible assets
1,611,159
31,116
1,642,275
Debtors due within one year
Corporation tax recoverable
-
106,481
106,481
Creditors due within one year
Corporation tax
-
(106,481)
(106,481)
Provisions for liabilities
Deferred tax
(68,153)
(109,874)
(178,027)
Net assets
1,612,247
(78,758)
1,533,489
GOLDCREST (ADHESIVE) PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
15
Prior period adjustment
As previously reported
Adjustment
As restated at 30 Nov 2022
£
£
£
(Continued)
- 13 -
Capital and reserves
Revaluation reserve
1,068,928
(147,672)
921,256
Profit and loss reserves
443,319
68,914
512,233
Total equity
1,612,247
(78,758)
1,533,489
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 November 2022
£
£
£
Loss for the financial period
(3,177)
-
(3,177)
Corporation tax
It was noted that corporation tax had not been recognised in relation to an intercompany loan balance made in the period to 30 September 2022. The comparative period has therefore been restated to recognise both the corporation tax debtor and creditor that arose in respect of this transaction.
Deferred tax
It was noted that the latent gain calculated on certain items of revalued land and buildings had not been reflected appropriately in either the deferred tax or revaluation reserve balance as at 30 September 2022. The opening position of the comparative period has therefore been restated to reflect the appropriate calculation.
Tangible fixed assets
It was noted that the revaluation of certain items of plant made in the period to 30 September 2022 had not been appropriately recorded. The comparative period has therefore been restated to reflect the appropriate calculation.
2023-12-312022-12-01false30 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr B SMr. S PurchaseMr S SmogurMr A M CleggMr I M Smithfalsefalse009988052022-12-012023-12-31009988052023-12-31009988052022-11-3000998805core:LandBuildings2023-12-3100998805core:OtherPropertyPlantEquipment2023-12-3100998805core:LandBuildings2022-11-3000998805core:OtherPropertyPlantEquipment2022-11-3000998805core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100998805core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3000998805core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3100998805core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3000998805core:CurrentFinancialInstruments2023-12-3100998805core:CurrentFinancialInstruments2022-11-3000998805core:Non-currentFinancialInstruments2023-12-3100998805core:Non-currentFinancialInstruments2022-11-3000998805core:ShareCapital2023-12-3100998805core:ShareCapital2022-11-3000998805core:RevaluationReserve2023-12-3100998805core:RevaluationReserve2022-11-3000998805core:RetainedEarningsAccumulatedLosses2023-12-3100998805core:RetainedEarningsAccumulatedLosses2022-11-3000998805core:RetainedEarningsAccumulatedLossescore:PriorPeriodIncreaseDecrease2022-09-3000998805core:ShareCapital2022-09-3000998805core:RevaluationReserve2022-09-3000998805core:RetainedEarningsAccumulatedLosses2022-09-3000998805core:RevaluationReserve2022-11-3000998805core:RetainedEarningsAccumulatedLosses2022-11-3000998805bus:Director32022-12-012023-12-3100998805core:RetainedEarningsAccumulatedLosses2022-10-012022-11-30009988052022-10-012022-11-3000998805core:RetainedEarningsAccumulatedLosses2022-12-012023-12-3100998805core:OtherReservesSubtotal2022-10-012022-11-3000998805core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-012023-12-3100998805core:PlantMachinery2022-12-012023-12-3100998805core:LandBuildings2022-11-3000998805core:OtherPropertyPlantEquipment2022-11-30009988052022-11-3000998805core:LandBuildings2022-12-012023-12-3100998805core:OtherPropertyPlantEquipment2022-12-012023-12-3100998805core:WithinOneYear2023-12-3100998805core:WithinOneYear2022-11-3000998805core:BetweenTwoFiveYears2023-12-3100998805core:BetweenTwoFiveYears2022-11-3000998805bus:PrivateLimitedCompanyLtd2022-12-012023-12-3100998805bus:SmallCompaniesRegimeForAccounts2022-12-012023-12-3100998805bus:FRS1022022-12-012023-12-3100998805bus:Audited2022-12-012023-12-3100998805bus:Director12022-12-012023-12-3100998805bus:Director22022-12-012023-12-3100998805bus:Director42022-12-012023-12-3100998805bus:Director52022-12-012023-12-3100998805bus:FullAccounts2022-12-012023-12-31xbrli:purexbrli:sharesiso4217:GBP