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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
87
87
87
xbrli:pure
xbrli:shares
iso4217:GBP
11798244
2023-04-01
2024-03-31
11798244
2024-03-31
11798244
2023-03-31
11798244
2022-04-01
2023-03-31
11798244
2023-03-31
11798244
2022-03-31
11798244
core:MotorVehicles
2023-04-01
2024-03-31
11798244
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
11798244
bus:Director1
2023-04-01
2024-03-31
11798244
bus:Director3
2023-04-01
2024-03-31
11798244
bus:Director4
2023-04-01
2024-03-31
11798244
core:MotorVehicles
2023-03-31
11798244
core:MotorVehicles
2024-03-31
11798244
core:WithinOneYear
2024-03-31
11798244
core:WithinOneYear
2023-03-31
11798244
core:AfterOneYear
2024-03-31
11798244
core:AfterOneYear
2023-03-31
11798244
core:ShareCapital
2024-03-31
11798244
core:ShareCapital
2023-03-31
11798244
core:RetainedEarningsAccumulatedLosses
2024-03-31
11798244
core:RetainedEarningsAccumulatedLosses
2023-03-31
11798244
core:BetweenOneFiveYears
2023-03-31
11798244
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
11798244
core:Non-currentFinancialInstruments
2024-03-31
11798244
core:Non-currentFinancialInstruments
2023-03-31
11798244
core:MotorVehicles
2023-03-31
11798244
bus:SmallEntities
2023-04-01
2024-03-31
11798244
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
11798244
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
11798244
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
11798244
bus:FullAccounts
2023-04-01
2024-03-31
11798244
bus:OrdinaryShareClass1
2024-03-31
11798244
bus:OrdinaryShareClass1
2023-03-31
11798244
core:ComputerEquipment
2023-04-01
2024-03-31
11798244
core:ComputerEquipment
2023-03-31
11798244
core:ComputerEquipment
2024-03-31
COMPANY REGISTRATION NUMBER:
11798244
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
42,930 |
51,955 |
Investments |
6 |
87 |
87 |
|
-------- |
-------- |
|
43,017 |
52,042 |
|
|
|
|
Current assets
Debtors |
7 |
482,074 |
526,914 |
Cash at bank and in hand |
1,378,740 |
1,282,227 |
|
------------ |
------------ |
|
1,860,814 |
1,809,141 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
1,333,179 |
1,381,913 |
|
------------ |
------------ |
Net current assets |
527,635 |
427,228 |
|
--------- |
--------- |
Total assets less current liabilities |
570,652 |
479,270 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
177,598 |
404,237 |
|
|
|
|
Provisions |
9,757 |
11,730 |
|
--------- |
--------- |
Net assets |
383,297 |
63,303 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
11 |
10 |
10 |
Profit and loss account |
383,287 |
63,293 |
|
--------- |
-------- |
Shareholders funds |
383,297 |
63,303 |
|
--------- |
-------- |
|
|
|
|
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 comprehensive income 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
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
2 July 2024
, and are signed on behalf of the board by:
J Grabowski |
D J Holmes |
Director |
Director |
|
|
Company registration number:
11798244
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 10 Norwich Street, London, EC41 1BD, United Kingdom.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation The company 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 company and its subsidiary undertakings comprise a small group.
Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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 assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
|
Motor vehicles |
- |
20% 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. 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2023:
15
).
5.
Tangible assets
|
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 |
65,779 |
31,456 |
97,235 |
Additions |
3,071 |
4,390 |
7,461 |
|
-------- |
-------- |
--------- |
At 31 March 2024 |
68,850 |
35,846 |
104,696 |
|
-------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 April 2023 |
21,926 |
23,354 |
45,280 |
Charge for the year |
13,310 |
3,176 |
16,486 |
|
-------- |
-------- |
--------- |
At 31 March 2024 |
35,236 |
26,530 |
61,766 |
|
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 March 2024 |
33,614 |
9,316 |
42,930 |
|
-------- |
-------- |
--------- |
At 31 March 2023 |
43,853 |
8,102 |
51,955 |
|
-------- |
-------- |
--------- |
|
|
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
87 |
|
---- |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 March 2024 |
87 |
|
---- |
At 31 March 2023 |
87 |
|
---- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
261,371 |
325,959 |
Other debtors |
220,703 |
200,955 |
|
--------- |
--------- |
|
482,074 |
526,914 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
193,752 |
193,752 |
Trade creditors |
3,902 |
– |
Corporation tax |
85,113 |
273,307 |
Social security and other taxes |
197,783 |
175,221 |
Other creditors |
852,629 |
739,633 |
|
------------ |
------------ |
|
1,333,179 |
1,381,913 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
177,598 |
371,350 |
Other creditors |
– |
32,887 |
|
--------- |
--------- |
|
177,598 |
404,237 |
|
--------- |
--------- |
|
|
|
10.
Employee ownership trust
In March 2019, the entire share capital of the company was purchased by Malham Holdings Limited (the Trustee) on behalf of the newly established Ingleton Partners Employee Ownership Trust. The company expects to benefit from the employee ownership structure through stable ownership and employee retention.
In return for this corporate benefit, there is a debenture and guarantee from the company in place as per the share sale agreement to guarantee the obligations of the Trustee. The Trustee is paying the share purchase liability and interest in instalments over the next 5-10 years. There is a floating charge over the assets of the company to provide security for the obligations of the Trustee.
Payments made by the company to the Trust in the year were £567,475 (2023: £1,140,000) and these are capital contributions adjusted within capital and reserves in the financial statements.
11.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.01 each |
1,000 |
10 |
1,000 |
10 |
|
------- |
---- |
------- |
---- |
|
|
|
|
|
12.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
98,433 |
118,120 |
Later than 1 year and not later than 5 years |
– |
98,433 |
|
-------- |
--------- |
|
98,433 |
216,553 |
|
-------- |
--------- |
|
|
|
13.
Directors' advances, credits and guarantees
Included in debtors is £nil(2023:£436) that is due from the directors at year end. Interest is charged on this at the official rate and the loans are repayable on demand.