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1 April 2025
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No description of principal activity
2023-11-01
Sage Accounts Production Advanced 2024 - FRS102_2024
912
912
912
xbrli:pure
xbrli:shares
iso4217:GBP
01466084
2023-11-01
2024-10-31
01466084
2024-10-31
01466084
2023-10-31
01466084
2022-11-01
2023-10-31
01466084
2023-10-31
01466084
2022-10-31
01466084
core:FurnitureFittings
2023-11-01
2024-10-31
01466084
bus:OrdinaryShareClass1
2023-11-01
2024-10-31
01466084
bus:Director1
2023-11-01
2024-10-31
01466084
core:WithinOneYear
2024-10-31
01466084
core:WithinOneYear
2023-10-31
01466084
core:FurnitureFittings
2024-10-31
01466084
core:ShareCapital
2024-10-31
01466084
core:ShareCapital
2023-10-31
01466084
core:RetainedEarningsAccumulatedLosses
2024-10-31
01466084
core:RetainedEarningsAccumulatedLosses
2023-10-31
01466084
core:CostValuation
core:Non-currentFinancialInstruments
2024-10-31
01466084
core:Non-currentFinancialInstruments
2024-10-31
01466084
core:Non-currentFinancialInstruments
2023-10-31
01466084
bus:SmallEntities
2023-11-01
2024-10-31
01466084
bus:Audited
2023-11-01
2024-10-31
01466084
bus:SmallCompaniesRegimeForAccounts
2023-11-01
2024-10-31
01466084
bus:PrivateLimitedCompanyLtd
2023-11-01
2024-10-31
01466084
bus:FullAccounts
2023-11-01
2024-10-31
01466084
bus:OrdinaryShareClass1
2024-10-31
01466084
bus:OrdinaryShareClass1
2023-10-31
01466084
core:ComputerEquipment
2023-11-01
2024-10-31
01466084
core:ComputerEquipment
2024-10-31
COMPANY REGISTRATION NUMBER:
01466084
FILLETED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 OCTOBER 2024
Director's responsibilities statement
1
Balance sheet
2
Notes to the financial statements
3
DIRECTOR'S RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 31 OCTOBER 2024
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
31 October 2024
Fixed assets
Current assets
Stocks |
7 |
318,373 |
105,487 |
Debtors |
8 |
836,426 |
344,790 |
Cash at bank and in hand |
481,342 |
800,300 |
|
------------ |
------------ |
|
1,636,141 |
1,250,577 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
(
707,006) |
(
376,722) |
|
------------ |
------------ |
Net current assets |
929,135 |
873,855 |
|
------------ |
------------ |
Total assets less current liabilities |
930,047 |
874,767 |
|
|
|
|
Provisions
Taxation including deferred tax |
6,060 |
– |
|
------------ |
------------ |
Net assets |
936,107 |
874,767 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
10 |
100 |
100 |
Profit and loss account |
936,007 |
874,667 |
|
------------ |
------------ |
Shareholders funds |
936,107 |
874,767 |
|
------------ |
------------ |
|
|
|
|
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 profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
1 April 2025
, and are signed on behalf of the board by:
Company registration number: 01466084
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 OCTOBER 2024
1.
General information
The company is a private company limited by shares, company number01466084, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
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 prepared in sterling, which is the functional currency of the entity.
The company continues to meet its day to day working capital requirements through its invoice finance facilities.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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 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.
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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or at the rate of any related forward contract. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction or at the rate of any related forward contract. Exchange differences are taken into account in arriving at the operating profit.
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 |
- |
20% straight line |
|
Computer Equipment |
- |
50% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 balance sheet 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 November 2023 and 31 October 2024 |
19,558 |
4,040 |
23,598 |
|
------------ |
------------ |
------------ |
Depreciation |
|
|
|
At 1 November 2023 and 31 October 2024 |
19,558 |
4,040 |
23,598 |
|
------------ |
------------ |
------------ |
Carrying amount |
|
|
|
At 31 October 2024 |
– |
– |
– |
|
------------ |
------------ |
------------ |
At 31 October 2023 |
– |
– |
– |
|
------------ |
------------ |
------------ |
|
|
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 November 2023 and 31 October 2024 |
912 |
|
------------ |
Impairment |
|
At 1 November 2023 and 31 October 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 31 October 2024 |
912 |
|
------------ |
At 31 October 2023 |
912 |
|
------------ |
|
|
7.
Stocks
|
2024 |
2023 |
|
£ |
£ |
Finished goods and goods for resale |
318,373 |
105,487 |
|
------------ |
------------ |
|
|
|
8.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
821,438 |
310,029 |
Prepayments and accrued income |
12,020 |
18,865 |
Invoice discounting facility |
2,968 |
15,896 |
|
------------ |
------------ |
|
836,426 |
344,790 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
375,391 |
150,958 |
Amounts owed to group undertakings |
9,822 |
9,822 |
Accruals and deferred income |
57,744 |
43,702 |
Corporation tax |
28,892 |
17,336 |
Social security and other taxes |
234,554 |
154,743 |
Director loan accounts |
20 |
– |
Other creditors |
583 |
161 |
|
------------ |
------------ |
|
707,006 |
376,722 |
|
------------ |
------------ |
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
– |
2,238 |
|
------------ |
------------ |
|
|
|
12.
Summary audit opinion
The auditor's report dated
1 April 2025
was
unqualified
.
The senior statutory auditor was
David Butterworth
, for and on behalf of
Wheawill & Sudworth Limited
.
13.
Related party transactions
The director`s loan account at note 9 above is unsecured, repayable on demand and currently interest free. Included in creditors is £9,822 (2023 - £9,822) owing to/from the Dutch subsidiary, Chemisphere Europe BV. This balance is unsecured, repayable on normal commercial terms and currently interest-free.
14.
Company control
The company was under the control of the Lloyd-Watts family throughout the current and previous year by reason of their shareholdings.