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No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
1147082
2024-01-01
2024-12-31
1147082
2024-12-31
1147082
2023-12-31
1147082
2023-01-01
2023-12-31
1147082
2023-12-31
1147082
2022-12-31
1147082
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-01
2024-12-31
1147082
core:FurnitureFittings
2024-01-01
2024-12-31
1147082
core:MotorVehicles
2024-01-01
2024-12-31
1147082
bus:Director1
2024-01-01
2024-12-31
1147082
core:LandBuildings
2023-12-31
1147082
core:PlantMachinery
2023-12-31
1147082
core:FurnitureFittings
2023-12-31
1147082
core:LandBuildings
2024-12-31
1147082
core:PlantMachinery
2024-12-31
1147082
core:FurnitureFittings
2024-12-31
1147082
core:LandBuildings
2024-01-01
2024-12-31
1147082
core:PlantMachinery
2024-01-01
2024-12-31
1147082
core:WithinOneYear
2024-12-31
1147082
core:WithinOneYear
2023-12-31
1147082
core:AfterOneYear
2024-12-31
1147082
core:AfterOneYear
2023-12-31
1147082
core:ShareCapital
2024-12-31
1147082
core:ShareCapital
2023-12-31
1147082
core:RevaluationReserve
2024-12-31
1147082
core:RetainedEarningsAccumulatedLosses
2024-12-31
1147082
core:RetainedEarningsAccumulatedLosses
2023-12-31
1147082
core:BetweenOneFiveYears
2024-12-31
1147082
core:BetweenOneFiveYears
2023-12-31
1147082
core:LandBuildings
2023-12-31
1147082
core:PlantMachinery
2023-12-31
1147082
core:FurnitureFittings
2023-12-31
1147082
bus:SmallEntities
2024-01-01
2024-12-31
1147082
bus:AuditExemptWithAccountantsReport
2024-01-01
2024-12-31
1147082
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
1147082
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
1147082
bus:FullAccounts
2024-01-01
2024-12-31
1147082
core:AfterOneYear
2024-01-01
2024-12-31
COMPANY REGISTRATION NUMBER:
1147082
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
|
Tangible assets |
5 |
|
1,368,928 |
912,417 |
|
|
|
|
|
Current assets
|
Stocks |
2,014,706 |
|
1,354,077 |
|
Debtors |
6 |
1,962,333 |
|
1,791,343 |
|
Cash at bank and in hand |
10,875 |
|
6,213 |
|
------------- |
|
------------- |
|
3,987,914 |
|
3,151,633 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,483,506 |
|
2,100,697 |
|
------------- |
|
------------- |
|
Net current assets |
|
1,504,408 |
1,050,936 |
|
|
------------- |
------------- |
|
Total assets less current liabilities |
|
2,873,336 |
1,963,353 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
539,514 |
722,598 |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
122,428 |
– |
|
|
------------- |
------------- |
|
Net assets |
|
2,211,394 |
1,240,755 |
|
|
------------- |
------------- |
|
|
|
|
|
Statement of Financial Position (continued) |
|
31 December 2024
Capital and reserves
|
Called up share capital |
|
10,000 |
10,000 |
|
Revaluation reserve |
|
476,308 |
– |
|
Profit and loss account |
|
1,725,086 |
1,230,755 |
|
|
------------- |
------------- |
|
Shareholders funds |
|
2,211,394 |
1,240,755 |
|
|
------------- |
------------- |
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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
14 July 2025
, and are signed on behalf of the board by:
Company registration number:
1147082
|
Notes to the Financial Statements |
|
Year ended 31 December 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 Temple Road, Aslackby, Sleaford, Lincs, NG34 0HJ.
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 the profit and loss.
Research & development
Research and Development expenditure is written off in the period in which it is incurred.
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. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. Recognition of turnover and on-going contracts at the year end Turnover is recognised when the outcome of a transaction involving the rendering of on going contracts can be reliably estimated. Turnover from the rendering of such contracts is measured by reference to the stage of completion of the contract transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of on-going contracts cannot be reliably estimated, turnover is recognised only to the extent that expenses recognised are recoverable.
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 and of Value Added Tax.
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 material 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 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.
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:
|
Freehold Property |
- |
2% straight line |
|
Plant & Machinery |
- |
10%, 14% & 20% straight line |
|
Fixtures & Fittings |
- |
20% straight line |
|
Motor Vehicles |
- |
25% straight line |
|
|
|
|
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.
Finance leases and hire purchase contracts
Assets held under finance leases 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
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
74
(2023:
70
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
|
Cost or valuation |
|
|
|
|
|
At 1 January 2024 |
395,891 |
2,687,054 |
94,738 |
3,177,683 |
|
Additions |
43,473 |
86,677 |
24,236 |
154,386 |
|
Revaluations |
354,109 |
– |
– |
354,109 |
|
---------- |
------------- |
---------- |
------------- |
|
At 31 December 2024 |
793,473 |
2,773,731 |
118,974 |
3,686,178 |
|
---------- |
------------- |
---------- |
------------- |
|
Depreciation |
|
|
|
|
|
At 1 January 2024 |
118,540 |
2,110,891 |
35,835 |
2,265,266 |
|
Charge for the year |
8,285 |
145,969 |
19,929 |
174,183 |
|
Revaluations |
(
122,199) |
– |
– |
(
122,199) |
|
---------- |
------------- |
---------- |
------------- |
|
At 31 December 2024 |
4,626 |
2,256,860 |
55,764 |
2,317,250 |
|
---------- |
------------- |
---------- |
------------- |
|
Carrying amount |
|
|
|
|
|
At 31 December 2024 |
788,847 |
516,871 |
63,210 |
1,368,928 |
|
---------- |
------------- |
---------- |
------------- |
|
At 31 December 2023 |
277,351 |
576,163 |
58,903 |
912,417 |
|
---------- |
------------- |
---------- |
------------- |
|
|
|
|
|
Tangible assets held at valuation
The Freehold Property was valued on 6 October 2024 by Brown & Co - JHWalter at Market Value
.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
1,374,172 |
1,233,817 |
|
Deferred tax asset |
– |
69,339 |
|
Amounts recoverable on contracts |
351,175 |
307,920 |
|
Other debtors |
236,986 |
180,267 |
|
------------- |
------------- |
|
1,962,333 |
1,791,343 |
|
------------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
752,820 |
906,078 |
|
Trade creditors |
1,140,317 |
628,993 |
|
Social security and other taxes |
282,197 |
269,250 |
|
Other creditors |
308,172 |
296,376 |
|
------------- |
------------- |
|
2,483,506 |
2,100,697 |
|
------------- |
------------- |
|
|
|
Bank loans are secured on assets held in the company.
The bank overdraft includes an Recourse Invoice Discounting Facility which is secured on the assets to which it relates.
Included in other creditors are hire purchase liabilities which are secured on the assets to which they relate.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
213,654 |
302,653 |
|
Other creditors |
325,860 |
419,945 |
|
---------- |
---------- |
|
539,514 |
722,598 |
|
---------- |
---------- |
|
|
|
Bank loans and overdrafts are secured on assets held in the company.
Included in other creditors are hire purchase liabilities which are secured on the assets to which they relate.
Included in other creditors are loans made by two directors which are secured on assets held in the company.
The company is in receipt of a Coronavirus business interruption loan. The lender has been provided with a partial guarantee from the UK Government.
9.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
Recognised in other operating income:
|
Government grants released to profit or loss |
11,428 |
8,838 |
|
--------- |
------- |
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
21,067 |
14,879 |
|
Later than 1 year and not later than 5 years |
16,652 |
21,124 |
|
--------- |
--------- |
|
37,719 |
36,003 |
|
--------- |
--------- |
|
|
|
11.
Directors' advances, credits and guarantees
During the year the directors maintained loan accounts with the company. At the start of the year Director B owed the company £9,886. During the year funds totalling £50,700 were drawn and £61,000 was introduced. At the end of the year Director B was owed £414 by the company. No interest was charged on the overdrawn balances and the loans are repayable on demand. All other directors loans remained in credit throughout the year.