COMPANY REGISTRATION NUMBER:
08415311
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
29 February 2024
Fixed assets
Current assets
Debtors |
6 |
1,723,905 |
|
3,408,374 |
Cash at bank and in hand |
41,553 |
|
2,207,265 |
|
----------- |
|
----------- |
|
1,765,458 |
|
5,615,639 |
|
|
|
|
|
Prepayments and accrued income |
4,981 |
|
5,617 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,291,672 |
|
4,629,316 |
|
----------- |
|
----------- |
Net current assets |
|
478,767 |
991,940 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
478,768 |
991,941 |
|
|
|
|
|
Accruals and deferred income |
|
2,545 |
1,870 |
|
|
-------- |
-------- |
Net assets |
|
476,223 |
990,071 |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
8 |
|
100 |
100 |
Profit and loss account |
|
476,123 |
989,971 |
|
|
-------- |
-------- |
Shareholders funds |
|
476,223 |
990,071 |
|
|
-------- |
-------- |
|
|
|
|
|
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 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
.
Statement of Financial Position (continued) |
|
29 February 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:
08415311
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered and trading in England and Wales with the company number
08415311
. The address of the registered office is The Old Stables, Watery Lane, Tipton, England, DY4 8NA.
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 are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
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 Nil
(2023:
3
).
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 March 2023 and 29 February 2024 |
1 |
|
---- |
Impairment |
|
At 1 March 2023 and 29 February 2024 |
– |
|
---- |
|
|
Carrying amount |
|
At 29 February 2024 |
1 |
|
---- |
At 28 February 2023 |
1 |
|
---- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
1,438,640 |
3,337,002 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
163,583 |
– |
Other debtors |
121,682 |
71,372 |
|
----------- |
----------- |
|
1,723,905 |
3,408,374 |
|
----------- |
----------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
243,656 |
989,282 |
Social security and other taxes |
– |
146,958 |
Other creditors |
1,048,016 |
3,493,076 |
|
----------- |
----------- |
|
1,291,672 |
4,629,316 |
|
----------- |
----------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Directors' advances, credits and guarantees
At the reporting date the directors loan account was £Nil (2023: £1,660,000). There is no fixed term for repayment and no interest was charged in the year.
10.
Related party transactions
The company was under the control of M A Doocey and Mr S Doocey during the current and previous period.