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24 March 2025
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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
21,569
21,568
1
1
xbrli:pure
xbrli:shares
iso4217:GBP
03735771
2023-04-01
2024-03-31
03735771
2024-03-31
03735771
2023-03-31
03735771
2022-04-01
2023-03-31
03735771
2023-03-31
03735771
2022-03-31
03735771
core:FurnitureFittings
2023-04-01
2024-03-31
03735771
bus:Director1
2023-04-01
2024-03-31
03735771
core:FurnitureFittings
2024-03-31
03735771
core:WithinOneYear
2024-03-31
03735771
core:WithinOneYear
2023-03-31
03735771
core:ShareCapital
2024-03-31
03735771
core:ShareCapital
2023-03-31
03735771
core:RetainedEarningsAccumulatedLosses
2024-03-31
03735771
core:RetainedEarningsAccumulatedLosses
2023-03-31
03735771
core:FurnitureFittings
2023-03-31
03735771
bus:SmallEntities
2023-04-01
2024-03-31
03735771
bus:Audited
2023-04-01
2024-03-31
03735771
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
03735771
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
03735771
bus:FullAccounts
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
03735771
FILLETED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2024
Fixed assets
Current assets
Debtors |
6 |
2,429,361 |
|
437,653 |
Cash at bank and in hand |
17,048 |
|
1,364,624 |
|
------------- |
|
------------- |
|
2,446,409 |
|
1,802,277 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,835,335 |
|
1,240,970 |
|
------------- |
|
------------- |
Net current assets |
|
611,074 |
561,307 |
|
|
---------- |
---------- |
Total assets less current liabilities |
|
611,075 |
561,308 |
|
|
---------- |
---------- |
Net assets |
|
611,075 |
561,308 |
|
|
---------- |
---------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
611,073 |
561,306 |
|
|
---------- |
---------- |
Shareholders funds |
|
611,075 |
561,308 |
|
|
---------- |
---------- |
|
|
|
|
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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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
24 March 2025
, and are signed on behalf of the board by:
Company registration number:
03735771
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 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 Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW.
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. The financial statements are presented in sterling, which is the functional currency of the entity.
Going concern
In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the director has considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 |
- |
25% straight line |
|
|
|
|
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the 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
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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tangible assets
|
Fixtures and fittings |
Total |
|
£ |
£ |
Cost |
|
|
At 1 April 2023 and 31 March 2024 |
21,569 |
21,569 |
|
--------- |
--------- |
Depreciation |
|
|
At 1 April 2023 and 31 March 2024 |
21,568 |
21,568 |
|
--------- |
--------- |
Carrying amount |
|
|
At 31 March 2024 |
1 |
1 |
|
--------- |
--------- |
At 31 March 2023 |
1 |
1 |
|
--------- |
--------- |
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
2,420,536 |
427,262 |
Other debtors |
8,825 |
10,391 |
|
------------- |
---------- |
|
2,429,361 |
437,653 |
|
------------- |
---------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
394,459 |
– |
Trade creditors |
305,541 |
165,520 |
Corporation tax |
16,584 |
41,991 |
Social security and other taxes |
24,973 |
15,494 |
Amounts owed to related parties |
1,080,946 |
1,010,082 |
Other creditors |
12,832 |
7,883 |
|
------------- |
------------- |
|
1,835,335 |
1,240,970 |
|
------------- |
------------- |
|
|
|
A bank overdraft is secured by a debenture and fixed & floating charges over the assets of the company.
8.
Summary audit opinion
The auditor's report dated
24 March 2025
was
unqualified
.
The senior statutory auditor was
Charles Homan
, for and on behalf of
UHY Hacker Young (S.E.) Limited
.
9.
Related party transactions
At 31 March 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £1,080,946 (2023: £1,010,082) in respect of a loan from shareholder with significant influence. The loan is interest free, unsecured and repayable on demand.