COMPANY REGISTRATION NUMBER:
14674205
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
STATEMENT OF FINANCIAL POSITION |
|
29 February 2024
FIXED ASSETS
|
Tangible assets |
6 |
|
164,201 |
|
|
|
|
CURRENT ASSETS
|
Debtors |
7 |
359,774 |
|
|
Cash at bank and in hand |
15,154 |
|
|
--------- |
|
|
374,928 |
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
(
222,709) |
|
|
--------- |
|
|
NET CURRENT ASSETS |
|
152,219 |
|
|
--------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
316,420 |
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
|
(
16,831) |
|
|
|
|
|
PROVISIONS |
10 |
|
(
41,050) |
|
|
--------- |
|
NET ASSETS |
|
258,539 |
|
|
--------- |
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
12 |
|
100 |
|
Profit and loss account |
|
258,439 |
|
|
--------- |
|
SHAREHOLDER FUNDS |
|
258,539 |
|
|
--------- |
|
|
|
|
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 29 February 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 member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
29 February 2024
These financial statements were approved by the
board of directors
and authorised for issue on
7 May 2025
, and are signed on behalf of the board by:
Company registration number:
14674205
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 29 FEBRUARY 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 20-22 Bridge End, Leeds, West Yorkshire, LS1 4DJ.
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.
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 comprises revenue recognised by the company in respect of services provided, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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.
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 |
- |
15% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
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.
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.
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 statement of financial position 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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
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
2
.
5.
TAX ON PROFIT
Major components of tax expense
Current tax:
|
UK current tax expense |
44,953 |
|
|
Deferred tax:
|
Origination and reversal of timing differences |
41,050 |
|
-------- |
|
Tax on profit |
86,003 |
|
-------- |
|
|
6.
TANGIBLE ASSETS
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 March 2023 |
– |
– |
– |
|
Additions |
132,536 |
68,728 |
201,264 |
|
--------- |
-------- |
--------- |
|
At 29 February 2024 |
132,536 |
68,728 |
201,264 |
|
--------- |
-------- |
--------- |
|
Depreciation |
|
|
|
|
At 1 March 2023 |
– |
– |
– |
|
Charge for the year |
19,881 |
17,182 |
37,063 |
|
--------- |
-------- |
--------- |
|
At 29 February 2024 |
19,881 |
17,182 |
37,063 |
|
--------- |
-------- |
--------- |
|
Carrying amount |
|
|
|
|
At 29 February 2024 |
112,655 |
51,546 |
164,201 |
|
--------- |
-------- |
--------- |
|
|
|
|
7.
DEBTORS
|
2024 |
|
£ |
|
Trade debtors |
175,077 |
|
Other debtors |
184,697 |
|
--------- |
|
359,774 |
|
--------- |
|
|
8.
CREDITORS:
amounts falling due within one year
|
2024 |
|
£ |
|
Trade creditors |
139,198 |
|
Corporation tax |
44,953 |
|
Other creditors |
38,558 |
|
--------- |
|
222,709 |
|
--------- |
|
|
9.
CREDITORS:
amounts falling due after more than one year
|
2024 |
|
£ |
|
Other creditors |
16,831 |
|
-------- |
|
|
10.
PROVISIONS
|
Deferred tax (note 11) |
|
£ |
|
At 1 March 2023 |
– |
|
Charge against provision |
41,050 |
|
-------- |
|
At 29 February 2024 |
41,050 |
|
-------- |
|
|
11.
DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
|
2024 |
|
£ |
|
Included in provisions (note 10) |
41,050 |
|
-------- |
|
|
12.
CALLED UP SHARE CAPITAL
During the period 100 ordinary £1 shares were issued at par value upon incorporation.