ANGLESOURCE LTD |
Notes to the Accounts |
for the year ended 31 July 2024 |
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1 |
Statutory information |
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Compliance with accounting standards |
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The accounts have been prepared in accordance with the provisions of FRS 102 section 1A small Entities. There were no material departures from that standard. |
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Accounting policies |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
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Basis of preparation |
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These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland and the companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
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Investments |
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Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for smaller entities (effective January 2015), it is a departure from the general requirement of the companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
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Presentation Currency |
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The accounts are presented in £ sterling. |
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Leased assets |
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Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments. |
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Property, plant and equipment |
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Investment property is accounted for in accordance with Section 16 of FRS 102. Investment property is initially measured at cost and is subsequently remeasured to fair value at the end of each reporting period. Any gains or losses are recorded in the profit and loss account |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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1 |
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3 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 August 2023 |
2,844,002 |
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Additions |
56,011 |
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At 31 July 2024 |
2,900,013 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
16,107 |
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8,928 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
57,643 |
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56,117 |
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Taxation and social security costs |
5,244 |
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15,143 |
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Deferred income |
8,178 |
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8,178 |
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Accruals |
18,197 |
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513 |
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VAT |
2,714 |
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(4,169) |
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Other creditors |
1,233 |
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- |
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93,209 |
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75,782 |
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6 |
Revaluation reserve |
2024 |
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2023 |
£ |
£ |
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At 1 August 2023 |
118,250 |
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118,250 |
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At 31 July 2024 |
118,250 |
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118,250 |
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7 |
Other information |
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ANGLESOURCE LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite 1.01 Westgate |
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44 Hale Road |
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Hale |
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Cheshire |
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WA14 2EX |