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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
08688403
2023-04-01
2024-03-31
08688403
2024-03-31
08688403
2023-03-31
08688403
2022-04-01
2023-03-31
08688403
2023-03-31
08688403
2022-03-31
08688403
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-01
2024-03-31
08688403
core:PlantMachinery
2023-04-01
2024-03-31
08688403
bus:Director3
2023-04-01
2024-03-31
08688403
core:WithinOneYear
2024-03-31
08688403
core:WithinOneYear
2023-03-31
08688403
core:AfterOneYear
2024-03-31
08688403
core:AfterOneYear
2023-03-31
08688403
core:ShareCapital
2024-03-31
08688403
core:ShareCapital
2023-03-31
08688403
core:SharePremium
2024-03-31
08688403
core:SharePremium
2023-03-31
08688403
core:RetainedEarningsAccumulatedLosses
2024-03-31
08688403
core:RetainedEarningsAccumulatedLosses
2023-03-31
08688403
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
08688403
core:Non-currentFinancialInstruments
2024-03-31
08688403
core:Non-currentFinancialInstruments
2023-03-31
08688403
bus:SmallEntities
2023-04-01
2024-03-31
08688403
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
08688403
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
08688403
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
08688403
bus:AbridgedAccounts
2023-04-01
2024-03-31
08688403
core:ComputerEquipment
2023-04-01
2024-03-31
08688403
core:AllAssociates
core:AdministrativeServices
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
08688403
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
288,891 |
323,635 |
Investments |
6 |
|
920 |
920 |
|
|
--------- |
--------- |
|
|
289,811 |
324,555 |
|
|
|
|
|
Current assets
Stocks |
1,612,226 |
|
625,729 |
Debtors |
566,296 |
|
1,142,253 |
Cash at bank and in hand |
266,800 |
|
612,576 |
|
------------ |
|
------------ |
|
2,445,322 |
|
2,380,558 |
|
|
|
|
Creditors: amounts falling due within one year |
1,392,493 |
|
1,324,696 |
|
------------ |
|
------------ |
Net current assets |
|
1,052,829 |
1,055,862 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,342,640 |
1,380,417 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
666,640 |
738,428 |
|
|
------------ |
------------ |
Net assets |
|
676,000 |
641,989 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
450 |
450 |
Share premium account |
|
175,850 |
175,850 |
Profit and loss account |
|
499,700 |
465,689 |
|
|
--------- |
--------- |
Shareholders funds |
|
676,000 |
641,989 |
|
|
--------- |
--------- |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31st 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 March 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
13 September 2024
, and are signed on behalf of the board by:
Mr. R Waddington |
Director |
|
Company registration number:
08688403
Notes to the Abridged Financial Statements |
|
Year ended 31st 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 Kingfisher House, Hurstwood Grange, Hurstwood Lane, Haywards Heath, RH17 7QX.
2.
Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
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.
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:
|
Freehold property |
- |
2% straight line |
|
Plant and machinery |
- |
25% straight line |
|
Equipment |
- |
25% straight line |
|
|
|
|
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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:
21
).
5.
Tangible assets
|
£ |
Cost |
|
At 1st April 2023 |
420,940 |
Additions |
9,707 |
|
--------- |
At 31st March 2024 |
430,647 |
|
--------- |
Depreciation |
|
At 1st April 2023 |
97,305 |
Charge for the year |
44,451 |
|
--------- |
At 31st March 2024 |
141,756 |
|
--------- |
Carrying amount |
|
At 31st March 2024 |
288,891 |
|
--------- |
At 31st March 2023 |
323,635 |
|
--------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1st April 2023 and 31st March 2024 |
920 |
|
---- |
Impairment |
|
At 1st April 2023 and 31st March 2024 |
– |
|
---- |
Carrying amount |
|
At 31st March 2024 |
920 |
|
---- |
At 31st March 2023 |
920 |
|
---- |
|
|
7.
Related party transactions
During the period the company paid fees of £nil(2023; £43,000) to 11KV Limited a company controlled by K Hann and £114,895 (2023: £146,375) to Greenday Generations Limited, a company controlled by R Waddington. The company owed £500,000 by way of a loan to Kintech Synergy Ltd at the year end plus interest of £25,318 accruing in total. The loan maybe recalled at any time but the directors consider it payable in over one year except for the accrued interest. As at the year end the company was owed £1,250 from Street Car Charge Point Ltd and £435,474 from Palau Solar Corporation for expenses incurred by the operation of these subsidiaries. As at the year end the company owed £206,400 to Fastr Charging Limited a company owned R Waddington
.