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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
939482
2023-06-01
2024-05-31
939482
2024-05-31
939482
2023-05-31
939482
2022-06-01
2023-05-31
939482
2023-05-31
939482
2022-05-31
939482
core:FurnitureFittings
2023-06-01
2024-05-31
939482
core:MotorVehicles
2023-06-01
2024-05-31
939482
bus:Director3
2023-06-01
2024-05-31
939482
core:LandBuildings
2023-05-31
939482
core:FurnitureFittings
2023-05-31
939482
core:MotorVehicles
2023-05-31
939482
core:LandBuildings
2024-05-31
939482
core:FurnitureFittings
2024-05-31
939482
core:MotorVehicles
2024-05-31
939482
core:LandBuildings
2023-06-01
2024-05-31
939482
core:WithinOneYear
2024-05-31
939482
core:WithinOneYear
2023-05-31
939482
core:ShareCapital
2024-05-31
939482
core:ShareCapital
2023-05-31
939482
core:RetainedEarningsAccumulatedLosses
2024-05-31
939482
core:RetainedEarningsAccumulatedLosses
2023-05-31
939482
core:LandBuildings
2023-05-31
939482
core:FurnitureFittings
2023-05-31
939482
core:MotorVehicles
2023-05-31
939482
bus:SmallEntities
2023-06-01
2024-05-31
939482
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
939482
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
939482
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
939482
bus:FullAccounts
2023-06-01
2024-05-31
939482
core:AllAssociates
2023-06-01
2024-05-31
939482
1
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
939482
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
|
13,584,346 |
13,433,928 |
|
|
|
|
|
Current assets
Stocks |
760,424 |
|
748,568 |
Debtors |
6 |
2,239,372 |
|
1,725,434 |
Cash at bank and in hand |
3,458,934 |
|
3,618,246 |
|
------------ |
|
------------ |
|
6,458,730 |
|
6,092,248 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
439,715) |
|
(
429,089) |
|
------------ |
|
------------ |
Net current assets |
|
6,019,015 |
5,663,159 |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
19,603,361 |
19,097,087 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
2,008,306) |
(
1,975,806) |
|
|
------------- |
------------- |
Net assets |
|
17,595,055 |
17,121,281 |
|
|
------------- |
------------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
21,200 |
21,200 |
Profit and loss account |
8 |
|
17,573,855 |
17,100,081 |
|
|
------------- |
------------- |
Shareholders funds |
|
17,595,055 |
17,121,281 |
|
|
------------- |
------------- |
|
|
|
|
|
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 31 May 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 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
9 January 2025
, and are signed on behalf of the board by:
Company registration number:
939482
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the principal place of business is 57 Church Street, Epsom, Surrey, KT17 4PX.
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.
Going concern
The directors have considered the basis of preparation of the financial statements and have concluded that it is appropriate to prepare these on the going concern basis. The Company made a profit for the year of £473,774 (2023: £519,277) and had net assets of £17,595,055 (2023: £17,121,281). Based on this the Company is considered to be able to manage its liabilities as they fall due for a period of not less than 12 months of the approval of the financial statements. The directors have reviewed the forecasts for the company and have a reasonable expectation that the company has adequate resources to continue as a going concern for the foreseeable future, being at least twelve months from the date these financial statements have been approved.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents rental income received from the letting of furnished and unfurnished properties net of discounts and of Value Added Tax. Rental income is recognised in the accounts on the accruals basis. Interest income and expense Interest income and expense is reported on the accruals basis, using the effective interest method.
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.
Tangible assets
Investment property is initially recorded at cost, including any directly attributable expenditure. Subsequently investment property is measure at fair value at each reporting date with changes in fair value 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:
|
Fixtures and Fitting and Equipment |
- |
33% reducing balance |
|
Motor Vehicle |
- |
25% reducing balance |
|
|
|
|
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.
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 assets Financial assets are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company does not hold any third party financial assets. Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are initially recognised at fair value and are subsequently measured using the effective interest method less provision for any impairment. Financial liabilities and equity instruments Financial liabilities and equity 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 company after deducting all of its liabilities. Other financial liabilities (including borrowing and trade and other payables) are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method.
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
5
(2023:
5
).
5.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost or valuation |
|
|
|
|
At 1 June 2023 |
13,425,000 |
70,726 |
105,671 |
13,601,397 |
Additions |
1,927 |
– |
– |
1,927 |
Revaluations |
150,000 |
– |
– |
150,000 |
|
------------- |
-------- |
--------- |
------------- |
At 31 May 2024 |
13,576,927 |
70,726 |
105,671 |
13,753,324 |
|
------------- |
-------- |
--------- |
------------- |
Depreciation |
|
|
|
|
At 1 June 2023 |
– |
67,832 |
99,637 |
167,469 |
Charge for the year |
– |
– |
1,509 |
1,509 |
|
------------- |
-------- |
--------- |
------------- |
At 31 May 2024 |
– |
67,832 |
101,146 |
168,978 |
|
------------- |
-------- |
--------- |
------------- |
Carrying amount |
|
|
|
|
At 31 May 2024 |
13,576,927 |
2,894 |
4,525 |
13,584,346 |
|
------------- |
-------- |
--------- |
------------- |
At 31 May 2023 |
13,425,000 |
2,894 |
6,034 |
13,433,928 |
|
------------- |
-------- |
--------- |
------------- |
|
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,964,938 |
1,460,105 |
Other debtors |
274,434 |
265,329 |
|
------------ |
------------ |
|
2,239,372 |
1,725,434 |
|
------------ |
------------ |
|
|
|
Other debtors comprises of an amount due of £200,029 (2023: £200,029) from a company under common control and the directorship. Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
27,273 |
26,221 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
15,000 |
74,300 |
Corporation tax |
118,900 |
69,794 |
Social security and other taxes |
1,961 |
1,501 |
Other creditors |
276,581 |
257,273 |
|
--------- |
--------- |
|
439,715 |
429,089 |
|
--------- |
--------- |
|
|
|
8.
Reserves
|
|
Distributable reserve |
Revaluation reserve |
Deferred Tax |
Total P&L Reserve |
|
|
£ |
£ |
£ |
£ |
|
Opening balance 1 June 2022 |
7,999,970 |
10,475,389 |
(1,894,555) |
16,580,804 |
|
Movements |
275,528 |
325,000 |
(81,251) |
519,277 |
|
|
------------ |
------------- |
------------ |
------------- |
|
Closing balance 31 May 2023 |
8,275,498 |
10,800,389 |
(1,975,806) |
17,100,081 |
|
|
------------ |
------------- |
------------ |
------------- |
|
Opening balance 1 June 2023 |
8,275,498 |
10,800,389 |
(1,975,806) |
17,100,081 |
|
Movements |
356,274 |
15,000 |
(32,500) |
473,774 |
|
|
------------ |
------------- |
------------ |
------------- |
|
Closing balance 31 May 2024 |
8,631,772 |
10,815,389 |
(2,008,306) |
17,573,855 |
|
|
------------ |
------------- |
------------ |
------------- |
|
|
|
|
|
|
9.
Other financial commitments
As at the reporting date, the company had no financial or other commitments or contracts for capital expenditure in place (2023: £nil).
10.
Contingencies
Cross guarantees exist between certain group companies in respect of loan and overdraft facilities granted. At 31st May 2024, total bank borrowings of other group undertakings amounted to £1,875,742(2023: £1,692,759).
11.
Related party transactions
No transactions were undertaken with related parties as such that are required to be disclosed under FRS 102.
12.
Controlling party
The ultimate parent undertaking is Aviary Investment Holdings Limited, a company registered in England and controlled by the board of directors.