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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,490,000
1,490,000
1,490,000
xbrli:pure
xbrli:shares
iso4217:GBP
SC185935
2023-06-01
2024-05-31
SC185935
2024-05-31
SC185935
2023-05-31
SC185935
2022-06-01
2023-05-31
SC185935
2023-05-31
SC185935
2022-05-31
SC185935
bus:OrdinaryShareClass1
2023-06-01
2024-05-31
SC185935
bus:Director3
2023-06-01
2024-05-31
SC185935
core:WithinOneYear
2024-05-31
SC185935
core:WithinOneYear
2023-05-31
SC185935
core:ShareCapital
2024-05-31
SC185935
core:ShareCapital
2023-05-31
SC185935
core:SharePremium
2024-05-31
SC185935
core:SharePremium
2023-05-31
SC185935
core:RevaluationReserve
2024-05-31
SC185935
core:RevaluationReserve
2023-05-31
SC185935
core:RetainedEarningsAccumulatedLosses
2024-05-31
SC185935
core:RetainedEarningsAccumulatedLosses
2023-05-31
SC185935
core:LandBuildings
2024-05-31
SC185935
core:LandBuildings
2023-05-31
SC185935
bus:SmallEntities
2023-06-01
2024-05-31
SC185935
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
SC185935
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
SC185935
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
SC185935
bus:FullAccounts
2023-06-01
2024-05-31
SC185935
bus:OrdinaryShareClass1
2024-05-31
SC185935
bus:OrdinaryShareClass1
2023-05-31
SC185935
core:CapitalReserve
2023-06-01
2024-05-31
SC185935
bus:Chairman
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
SC185935
Filleted Unaudited Financial Statements |
|
Year ended 31 May 2024
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
|
1,490,000 |
1,490,000 |
|
|
|
|
|
Current assets
Debtors |
6 |
1,704 |
|
1,548 |
Cash at bank and in hand |
4,197 |
|
2,911 |
|
------- |
|
------- |
|
5,901 |
|
4,459 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
684,555 |
|
733,054 |
|
--------- |
|
--------- |
Net current liabilities |
|
678,654 |
728,595 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
811,346 |
761,405 |
|
|
--------- |
--------- |
Net assets |
|
811,346 |
761,405 |
|
|
--------- |
--------- |
|
|
|
|
|
Statement of Financial Position (continued) |
|
31 May 2024
Capital and reserves
Called up share capital |
8 |
|
75 |
75 |
Share premium account |
9 |
|
94,999 |
94,999 |
Fair value reserve |
9 |
|
516,328 |
516,328 |
Profit and loss account |
9 |
|
199,944 |
150,003 |
|
|
--------- |
--------- |
Shareholders funds |
|
811,346 |
761,405 |
|
|
--------- |
--------- |
|
|
|
|
|
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.
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 her 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
7 January 2025
, and are signed on behalf of the board by:
Company registration number: SC185935
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The Trading Address of the Company is Heath House, Heath Lane, Roughton, Norwich, NR11 8N
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 company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. The Board of Directors confirm that, after making appropriate enquiries, it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these Financial Statements.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Corporation 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
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.
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. This is in accordance with the FRS 102 1A which, unlike Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of Companies Act 2006 is required in order to give a true and fair view.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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
1
(2023:
1
).
5.
Tangible assets
|
Investment Property |
|
£ |
Cost or valuation |
|
At 1 June 2023 and 31 May 2024 |
1,490,000 |
|
------------ |
Depreciation |
|
At 1 June 2023 and 31 May 2024 |
– |
|
------------ |
Carrying amount |
|
At 31 May 2024 |
1,490,000 |
|
------------ |
At 31 May 2023 |
1,490,000 |
|
------------ |
|
|
The director has revalued the Investment Properties at the year end and considers that there is no material difference to the value carried in the accounts.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
1,704 |
1,548 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
13,264 |
9,825 |
Other creditors |
671,291 |
723,229 |
|
--------- |
--------- |
|
684,555 |
733,054 |
|
--------- |
--------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
75 |
75 |
75 |
75 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Reserves
The profit and loss account reserve records retained earnings and accumulated losses. The Fair value reserve records the value of the assets revaluations and fair value movements on assets recognised in other comprehensive income. The Fair value reserve is undistributable
.
10.
Transactions with directors
The company was under the control of Mrs S. Sutton throughout the current and previous year. At the year end Mrs S. Sutton was due to be repaid £668,891 (2023 - £720,829). The loan is interest free and repayable on demand.