2
false
false
false
false
false
false
false
false
false
false
true
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No description of principal activity
2023-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
6,301
100
6,401
6,401
6,301
xbrli:pure
xbrli:shares
iso4217:GBP
07212452
2023-05-01
2024-04-30
07212452
2024-04-30
07212452
2023-04-30
07212452
2022-05-01
2023-04-30
07212452
2023-04-30
07212452
2022-04-30
07212452
core:FurnitureFittings
2023-05-01
2024-04-30
07212452
bus:Director3
2023-05-01
2024-04-30
07212452
core:LandBuildings
2023-04-30
07212452
core:FurnitureFittings
2023-04-30
07212452
core:FurnitureFittings
2024-04-30
07212452
core:AfterOneYear
2023-04-30
07212452
core:WithinOneYear
2024-04-30
07212452
core:WithinOneYear
2023-04-30
07212452
core:LandBuildings
2023-05-01
2024-04-30
07212452
core:ShareCapital
2024-04-30
07212452
core:ShareCapital
2023-04-30
07212452
core:RetainedEarningsAccumulatedLosses
2024-04-30
07212452
core:RetainedEarningsAccumulatedLosses
2023-04-30
07212452
core:CostValuation
core:Non-currentFinancialInstruments
2023-04-30
07212452
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-04-30
07212452
core:CostValuation
core:Non-currentFinancialInstruments
2024-04-30
07212452
core:Non-currentFinancialInstruments
2024-04-30
07212452
core:Non-currentFinancialInstruments
2023-04-30
07212452
core:LandBuildings
2023-04-30
07212452
core:FurnitureFittings
2023-04-30
07212452
bus:SmallEntities
2023-05-01
2024-04-30
07212452
bus:AuditExemptWithAccountantsReport
2023-05-01
2024-04-30
07212452
bus:SmallCompaniesRegimeForAccounts
2023-05-01
2024-04-30
07212452
bus:PrivateLimitedCompanyLtd
2023-05-01
2024-04-30
07212452
bus:FullAccounts
2023-05-01
2024-04-30
07212452
core:AfterOneYear
2023-05-01
2024-04-30
07212452
core:Associate1
2023-05-01
2024-04-30
07212452
core:Associate2
2023-05-01
2024-04-30
COMPANY REGISTRATION NUMBER:
07212452
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
|
160 |
1,282,695 |
Investments |
6 |
|
6,401 |
6,301 |
|
|
------- |
------------ |
|
|
6,561 |
1,288,996 |
|
|
|
|
|
Current assets
Stocks |
– |
|
545,543 |
Debtors |
7 |
1,221,387 |
|
340,730 |
Cash at bank and in hand |
302,041 |
|
132,464 |
|
------------ |
|
------------ |
|
1,523,428 |
|
1,018,737 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
1,145,459 |
|
991,542 |
|
------------ |
|
------------ |
Net current assets |
|
377,969 |
27,195 |
|
|
--------- |
------------ |
Total assets less current liabilities |
|
384,530 |
1,316,191 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
– |
513,221 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
– |
65,722 |
|
|
--------- |
------------ |
Net assets |
|
384,530 |
737,248 |
|
|
--------- |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
1 |
1 |
Profit and loss account |
|
384,529 |
737,247 |
|
|
--------- |
--------- |
Shareholders funds |
|
384,530 |
737,248 |
|
|
--------- |
--------- |
|
|
|
|
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 30 April 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) |
|
30 April 2024
These financial statements were approved by the
board of directors
and authorised for issue on
28 January 2025
, and are signed on behalf of the board by:
Company registration number:
07212452
Notes to the Financial Statements |
|
Year ended 30 April 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 1 Picton Lane, Swansea, SA1 4AF, Wales.
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, 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.
Revenue recognition
The turnover shown in the profit and loss account represents sales during the year.
Taxation
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.
Tangible assets
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:
|
Fixtures & Fittings |
- |
15% reducing balance |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
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.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 May 2023 |
1,282,500 |
1,420 |
1,283,920 |
Disposals |
(
1,282,500) |
– |
(
1,282,500) |
|
------------ |
------- |
------------ |
At 30 April 2024 |
– |
1,420 |
1,420 |
|
------------ |
------- |
------------ |
Depreciation |
|
|
|
At 1 May 2023 |
– |
1,225 |
1,225 |
Charge for the year |
– |
35 |
35 |
|
------------ |
------- |
------------ |
At 30 April 2024 |
– |
1,260 |
1,260 |
|
------------ |
------- |
------------ |
Carrying amount |
|
|
|
At 30 April 2024 |
– |
160 |
160 |
|
------------ |
------- |
------------ |
At 30 April 2023 |
1,282,500 |
195 |
1,282,695 |
|
------------ |
------- |
------------ |
|
|
|
|
Included in land and buildings is £nil (2023 £1,282,500) relating to investment properties acquired up to 30 April 2024.
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 May 2023 |
6,301 |
Additions |
100 |
|
------- |
At 30 April 2024 |
6,401 |
|
------- |
Impairment |
|
At 1 May 2023 and 30 April 2024 |
– |
|
------- |
|
|
Carrying amount |
|
At 30 April 2024 |
6,401 |
|
------- |
At 30 April 2023 |
6,301 |
|
------- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
1,221,387 |
340,730 |
|
------------ |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
– |
2,176 |
Other creditors |
1,145,459 |
989,366 |
|
------------ |
--------- |
|
1,145,459 |
991,542 |
|
------------ |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
– |
513,221 |
|
---- |
--------- |
|
|
|
In 2022 the company obtained a secured loan from Secure Trust Bank plc for £2,500,000 at an interest rate of 4.35% per annum. The loan was secured on assets held by the company and has been repaid during the year.
10.
Directors' advances, credits and guarantees
During the year the Director introduced into the Company £270,000. The Company during the year loaned or paid expenses on behalf of the Director totalling £444,663 and charged interest totalling £9,021. Included in other debtors at the year end is £419,027 (2023 £230,343) owed by the Director to the Company.
11.
Related party transactions
Thursday Property Ltd, an associated company
, was provided with loans totalling £246,646 during the year and repaid £8,050. At 30 April 2024 the Company was owed £238,596.
Penwith Cottage Ltd, an associated company,
was provided with loans totalling £443,643 during the year and this was still outstanding at the year end.