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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
09214290
2023-04-01
2024-03-31
09214290
2024-03-31
09214290
2023-03-31
09214290
2022-04-01
2023-03-31
09214290
2023-03-31
09214290
2022-03-31
09214290
bus:Director3
2023-04-01
2024-03-31
09214290
core:PlantMachinery
2023-03-31
09214290
core:FurnitureFittings
2023-03-31
09214290
core:LandBuildings
core:LongLeaseholdAssets
2024-03-31
09214290
core:PlantMachinery
2024-03-31
09214290
core:FurnitureFittings
2024-03-31
09214290
core:WithinOneYear
2024-03-31
09214290
core:WithinOneYear
2023-03-31
09214290
core:ShareCapital
2024-03-31
09214290
core:ShareCapital
2023-03-31
09214290
core:RetainedEarningsAccumulatedLosses
2024-03-31
09214290
core:RetainedEarningsAccumulatedLosses
2023-03-31
09214290
core:PlantMachinery
2023-04-01
2024-03-31
09214290
core:FurnitureFittings
2023-04-01
2024-03-31
09214290
core:LandBuildings
core:LongLeaseholdAssets
2023-03-31
09214290
core:PlantMachinery
2023-03-31
09214290
core:FurnitureFittings
2023-03-31
09214290
bus:SmallEntities
2023-04-01
2024-03-31
09214290
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
09214290
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
09214290
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
09214290
bus:FullAccounts
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
09214290
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2024
FIXED ASSETS
Tangible assets |
4 |
697,047 |
819,212 |
|
|
|
|
CURRENT ASSETS
Stocks |
158,350 |
120,000 |
Debtors |
5 |
28,993 |
17,779 |
Cash at bank and in hand |
51,420 |
46 |
|
----------- |
----------- |
|
238,763 |
137,825 |
|
|
|
|
CREDITORS: amounts falling due within one year |
6 |
17,441,076 |
17,258,501 |
|
--------------- |
--------------- |
NET CURRENT LIABILITIES |
17,202,313 |
17,120,676 |
|
--------------- |
--------------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(
16,505,266) |
(
16,301,464) |
|
--------------- |
--------------- |
NET LIABILITIES |
(
16,505,266) |
(
16,301,464) |
|
--------------- |
--------------- |
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2024
CAPITAL AND RESERVES
Called up share capital |
1,000 |
1,000 |
Profit and loss account |
(
16,506,266) |
(
16,302,464) |
|
--------------- |
--------------- |
SHAREHOLDERS DEFICIT |
(
16,505,266) |
(
16,301,464) |
|
--------------- |
--------------- |
|
|
|
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 income statement 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
23 December 2024
, and are signed on behalf of the board by:
Mr S A Housecroft |
|
Director |
|
|
|
Company registration number:
09214290
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 Unit 2 Llantrisant Business Park, Llantrisant, Pontyclun, Mid Glamorgan, Wales, CF72 8LF.
2.
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.
Finance costs
Finance costs are charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue wholly consists of the the recharges invoiced to the related party entities during the year for labour, utilities and overheads. The recharges are invoiced on a monthly basis when relevant expenses have been incurred and quantified.
Tangible assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting period date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the statement of 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:
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
|
|
|
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 represent raw materials and engineering spares. Engineering spares are not held for sale.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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 payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in the accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in the independently administered funds.
3.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
31
(2023:
31
).
4.
TANGIBLE ASSETS
|
Long leasehold property |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 April 2023 and 31 March 2024 |
93,003 |
954,720 |
316,985 |
1,364,708 |
|
---------- |
----------- |
----------- |
--------------- |
Depreciation |
|
|
|
|
At 1 April 2023 |
– |
397,225 |
148,271 |
545,496 |
Charge for the year |
– |
90,464 |
31,701 |
122,165 |
|
---------- |
----------- |
----------- |
--------------- |
At 31 March 2024 |
– |
487,689 |
179,972 |
667,661 |
|
---------- |
----------- |
----------- |
--------------- |
Carrying amount |
|
|
|
|
At 31 March 2024 |
93,003 |
467,031 |
137,013 |
697,047 |
|
---------- |
----------- |
----------- |
--------------- |
At 31 March 2023 |
93,003 |
557,495 |
168,714 |
819,212 |
|
---------- |
----------- |
----------- |
--------------- |
|
|
|
|
|
5.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
3,506 |
Other debtors |
28,993 |
14,273 |
|
---------- |
---------- |
|
28,993 |
17,779 |
|
---------- |
---------- |
|
|
|
6.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
1,159 |
286,575 |
Trade creditors |
65,593 |
72,345 |
Social security and other taxes |
83,130 |
139,472 |
Other creditors |
17,291,194 |
16,760,109 |
|
--------------- |
--------------- |
|
17,441,076 |
17,258,501 |
|
--------------- |
--------------- |
|
|
|
Other loans are secured with a fixed charge on certain assets of the company.
7.
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director did not enter into any advances, credits or guarantees with the company.
8.
RELATED PARTY TRANSACTIONS
At the balance sheet date the company owed Multiple Marketing Limited (a related company by virtue of its 100% ownership by W Porter) a total of £2,421,359 (2023: £2,421,359), there are no terms attached with this loan. During the period the company paid management charges to Sunmagic Juices Limited of £Nil (2023: £1,880,000). At the balance sheet date a total of £13,940,237 (2023: £13,028,164) was owed to this company.