(1) General Information
|
The company is a private company limited by shares and is registered in England and Wales, registration number 04590250. The address of the registered office is Old Carpenters Workshop, Laity, Wendron, Helston, Cornwall, TR13 0NP. |
|
|
(2) Statement of compliance
|
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
|
|
|
(3) Significant Accounting Policies
|
Basis of Preparation
|
|
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
|
Turnover
|
|
Turnover represents net invoiced sales of goods and services, net of value added tax. |
|
Intangible fixed assets
|
|
Intangible fixed assets (purchased licence) is included at cost. |
|
Property, plant and equipment
|
|
Tangible Fixed Assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis: | Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | 15% straight line | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | | Equipment | | Motor Cars | 20% straight line |
|
Inventories
|
|
Inventories are measured at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. |
|
Leasing and Hire Purchase Contracts
|
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
|
Taxation
|
|
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax payable is based on taxable profit for the year. Taxable profit differs from profit reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or equity respectively. |
|
Grants
|
|
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the Income Statement over the useful life of the asset concerned. |
|
|
|
(4) Employees
|
During the year, the average number of employees including director was 2 (2023 : 2). |
|
|
|
(5) Intangible fixed assets
|
| Development Costs | | £ | Cost | | As at 01 April 2023 | 3,500 | As at 31 March 2024 | 3,500 | Amortisation | | As at 31 March 2024 | - | Net book value | | As at 31 March 2024 | 3,500 | As at 31 March 2023 | 3,500 |
|
|
|
(6) Tangible fixed assets
|
| Land and Buildings | Plant and Machinery | Motor Vehicles | Totals | | £ | £ | £ | £ | Cost | | | | | As at 01 April 2023 | 4,992 | 50,313 | 35,633 | 90,938 | Additions | - | 14,342 | 12,500 | 26,842 | Disposals | - | (13,403) | - | (13,403) | As at 31 March 2024 | 4,992 | 51,252 | 48,133 | 104,377 | Depreciation | | | | | As at 01 April 2023 | - | 33,238 | 14,517 | 47,755 | For the year | - | 4,682 | 8,497 | 13,179 | Write off on disposals | - | (11,764) | - | (11,764) | As at 31 March 2024 | - | 26,156 | 23,014 | 49,170 | Net book value | | | | | As at 31 March 2024 | 4,992 | 25,097 | 25,120 | 55,207 | As at 31 March 2023 | 4,992 | 17,075 | 21,116 | 43,183 |
|
|
|
(7) Inventories
|
| | | 2024 | | 2023 | | £ | | £ | | Stock | 6,500 | | 10,000 | | | | | | 6,500 | | 10,000 |
|
|
|
(8) Debtors
|
Amounts falling due within one year
|
|
| | | 2024 | | 2023 | | £ | | £ | | Trade debtors | 247,696 | | 54,462 | Other debtors | 1,846 | | 1,740 | | | | | | 249,542 | | 56,202 |
|
|
|
(9) Creditors: Amounts falling due within one year
|
| | | 2024 | | 2023 | | £ | | £ | | | | | | Bank loans and overdrafts | 10,000 | | 10,000 | | | | | Other taxes and social security | 81,565 | | 38,984 | Other creditors | 48,082 | | 68,459 | Accruals and deferred income | 11,459 | | 10,189 | | 151,106 | | 127,632 |
|
|
(10) Creditors: Amounts falling due after more than one year
|
| | | 2024 | | 2023 | | £ | | £ | | Bank loans and overdrafts | 14,167 | | 24,167 | | | | | | | | | | 14,167 | | 24,167 |
|
|
(11) Provision for liabilities
|
| | | 2024 | | 2023 | | £ | | £ | | Other provisions | 933 | | - | Deferred taxation | 9,000 | | 6,000 | | 9,933 | | 6,000 |
|
|
(12) Share capital and reserves
|
| Alloted, called up and fully paid: | 2024 | | 2023 | | £ | | £ | | 2 (2023 : 2) Ordinary of £ 1 each | 2 | | 2 | | 2 | | 2 | | | | Retained earnings | | | 2024 | | | | £ | At 1 April 2023 | | | 175,873 | Profit of the year | | | 186,826 | Dividends paid | | | (2,000) | At 31 March 2024 | | | 360,699 | |
Retained earnings
|
|
Called up and fully paid: | Retained earnings | | | 2024 | | | | £ | | At 1 April 2023 | | | 175,873 | Profit of the year | | | 186,826 | Dividends paid | | | (2,000) | At 31 March 2024 | | | 360,699 | |
|
|
|
(13) Related party transactions
|
During the year, the directors received from the company, dividends totaling £2,000 (2023 : £4,000) and remuneration of £18,168 (2023 : £18,168). |
|
|
|
(14) Transition to FRS 102
|
This is the first financial year that the company has presented its financial statements in accordance with section 1A Small Entities of FRS 102 The Financial Reporting Framework Applicable in the UK and Republic of Ireland (FRS 102 Section 1A). For financial years up to and including the year ended 31 March 2023, the Company prepared its financial statements in accordance with FRS 105.
The Company's date of transition to FRS 102 Section 1A is therefore 1 April 2022. This note sets out the transitional adjustments that are required to be made for first-time transition to FRS 102 Section 1A. The Company's opening equity position as at the 1 April 2022 and its previously published financial statements for the year ended 31 March 2023 has been restated from FRS 105.
In carrying out the transition to FRS 102 Section 1A, the Company has not applied any of the optional exemptions as permitted by Section 35 Transition to this FRS.
Following the adoption of FRS 102 Section 1A, a provision for deferred tax is now required (note 11). The effects of this change are as follows:-
Reconciliation of equity at 1 April 2022 and 31 March 2023. Opening equity at 1 April 2022, previously £106,409, has now reduced by £8,000 to £98,409.
Opening equity at 31 March 2023, previously £181,875, has now been reduced by £6,000 to 175,875.
Reconciliation of profit for the year ended 31 March 2023:
Profit for the year ended 31 March 2023, previously £79,465, has been increased by £2,000 to £81,465. |
|