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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
06896587
2023-06-01
2024-05-31
06896587
2024-05-31
06896587
2023-05-31
06896587
2022-06-01
2023-05-31
06896587
2023-05-31
06896587
2022-05-31
06896587
core:PlantMachinery
2023-06-01
2024-05-31
06896587
core:FurnitureFittings
2023-06-01
2024-05-31
06896587
core:MotorVehicles
2023-06-01
2024-05-31
06896587
core:WithinOneYear
2024-05-31
06896587
core:WithinOneYear
2023-05-31
06896587
core:AfterOneYear
2024-05-31
06896587
core:AfterOneYear
2023-05-31
06896587
core:ShareCapital
2024-05-31
06896587
core:ShareCapital
2023-05-31
06896587
core:RetainedEarningsAccumulatedLosses
2024-05-31
06896587
core:RetainedEarningsAccumulatedLosses
2023-05-31
06896587
core:CostValuation
core:Non-currentFinancialInstruments
2024-05-31
06896587
core:Non-currentFinancialInstruments
2024-05-31
06896587
core:Non-currentFinancialInstruments
2023-05-31
06896587
bus:Director1
2023-06-01
2024-05-31
06896587
bus:SmallEntities
2023-06-01
2024-05-31
06896587
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
06896587
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
06896587
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
06896587
bus:AbridgedAccounts
2023-06-01
2024-05-31
06896587
core:OfficeEquipment
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
06896587
Filleted Unaudited Financial Statements |
|
Abridged Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
|
488,643 |
467,365 |
Investments |
6 |
|
3,010 |
3,010 |
|
|
--------- |
--------- |
|
|
491,653 |
470,375 |
|
|
|
|
|
Current assets
Stocks |
856,798 |
|
842,442 |
Debtors |
1,444,510 |
|
1,227,252 |
Investments |
7 |
26,813 |
|
59,869 |
Cash at bank and in hand |
235,811 |
|
190,924 |
|
------------ |
|
------------ |
|
2,563,932 |
|
2,320,487 |
|
|
|
|
|
Creditors: amounts falling due within one year |
1,406,270 |
|
1,282,225 |
|
------------ |
|
------------ |
Net current assets |
|
1,157,662 |
1,038,262 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,649,315 |
1,508,637 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
91,438 |
110,564 |
|
|
------------ |
------------ |
Net assets |
|
1,557,877 |
1,398,073 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
1,557,777 |
1,397,973 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,557,877 |
1,398,073 |
|
|
------------ |
------------ |
|
|
|
|
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 abridged income statement 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
.
Abridged Statement of Financial Position (continued) |
|
31 May 2024
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
27 February 2025
, and are signed on behalf of the board by:
Mr B Start
Director
Company registration number:
06896587
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 is Sterling Business Park, Drury Lane, Martin Hussingtree, Worcestershire, WR3 8TD.
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.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be 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:
|
Plant and machinery |
- |
20% reducing balance |
|
Fixtures and fittings |
- |
20% reducing balance |
|
Motor vehicles |
- |
20% reducing balance |
|
Office equipment |
- |
20% reducing balance |
|
|
|
|
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
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.
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.
Particulars of employees
The average number of persons employed by the company during the year amounted to
28
(2023:
25
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 June 2023 |
695,179 |
Additions |
79,985 |
Disposals |
(
24,000) |
|
--------- |
At 31 May 2024 |
751,164 |
|
--------- |
Depreciation |
|
At 1 June 2023 |
227,814 |
Charge for the year |
46,419 |
Disposals |
(
11,712) |
|
--------- |
At 31 May 2024 |
262,521 |
|
--------- |
Carrying amount |
|
At 31 May 2024 |
488,643 |
|
--------- |
At 31 May 2023 |
467,365 |
|
--------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1 June 2023 and 31 May 2024 |
3,010 |
|
------- |
Impairment |
|
At 1 June 2023 and 31 May 2024 |
– |
|
------- |
Carrying amount |
|
At 31 May 2024 |
3,010 |
|
------- |
At 31 May 2023 |
3,010 |
|
------- |
|
|
7.
Investments
|
2024 |
2023 |
|
£ |
£ |
Short-term deposits |
26,813 |
59,869 |
|
-------- |
-------- |
|
|
|
8.
Related party transactions
DIRECTOR'S INTERESTS The company was under the control of Mr B Start throughout the current year. Mr B Start is the managing director and majority shareholder. TRANSACTIONS WITH DIRECTORS Mr B Start (Director and Shareholder) is a Director and Shareholder of Start Electrical Services Limited. During the trading period the company sold goods and services in the normal course of business to Start Electrical Services Limited at a cost of £4,453 (2023: £470) and bought goods and services at a cost of £6,283 (2023:£15,211). Amounts owed from Start Electrical Services Limited amounted to £2,286 (2023:£Nil) and owed to Start Electrical Services Limited £1,058 (2023:£1,409). Mr B Start (Director and Shareholder) is a Director and Shareholder of Initium Holdings Limited. During the trading period the company sold goods and services in the normal course of business to Initium Holdings Limited at a cost of £Nil (2023: £Nil) and bought goods and services at a cost of £117,200 (2023:£124,200). Amounts owed from Initium Holdings Limited amounted to £Nil (2023:£Nil) and owed to Initium Holdings Limited £NIL (2023:£12,000).