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2024-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
11364109
2024-04-01
2025-03-31
11364109
2025-03-31
11364109
2024-03-31
11364109
2023-04-01
2024-03-31
11364109
2024-03-31
11364109
2023-03-31
11364109
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-04-01
2025-03-31
11364109
core:PlantMachinery
2024-04-01
2025-03-31
11364109
core:FurnitureFittings
2024-04-01
2025-03-31
11364109
bus:Director1
2024-04-01
2025-03-31
11364109
bus:Director2
2024-04-01
2025-03-31
11364109
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
11364109
core:PlantMachinery
2024-03-31
11364109
core:FurnitureFittings
2024-03-31
11364109
core:LandBuildings
core:OwnedOrFreeholdAssets
2025-03-31
11364109
core:PlantMachinery
2025-03-31
11364109
core:FurnitureFittings
2025-03-31
11364109
core:WithinOneYear
2025-03-31
11364109
core:WithinOneYear
2024-03-31
11364109
core:AfterOneYear
2025-03-31
11364109
core:AfterOneYear
2024-03-31
11364109
core:ShareCapital
2025-03-31
11364109
core:ShareCapital
2024-03-31
11364109
core:RetainedEarningsAccumulatedLosses
2025-03-31
11364109
core:RetainedEarningsAccumulatedLosses
2024-03-31
11364109
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
11364109
core:PlantMachinery
2024-03-31
11364109
core:FurnitureFittings
2024-03-31
11364109
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2024-04-01
2025-03-31
11364109
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2024-04-01
2025-03-31
11364109
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2024-04-01
2025-03-31
11364109
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2024-04-01
2025-03-31
11364109
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2024-04-01
2025-03-31
11364109
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2024-04-01
2025-03-31
COMPANY REGISTRATION NUMBER:
11364109
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
|
Tangible assets |
5 |
676,752 |
703,631 |
|
|
|
|
Current assets
|
Stocks |
15,320 |
10,751 |
|
Debtors |
6 |
7,239 |
5,052 |
|
Cash at bank and in hand |
1,420 |
5,482 |
|
-------- |
-------- |
|
23,979 |
21,285 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
469,276 |
490,071 |
|
--------- |
--------- |
|
Net current liabilities |
445,297 |
468,786 |
|
--------- |
--------- |
|
Total assets less current liabilities |
231,455 |
234,845 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
368,500 |
397,077 |
|
--------- |
--------- |
|
Net liabilities |
(
137,045) |
(
162,232) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
(
137,145) |
(
162,332) |
|
--------- |
--------- |
|
Shareholders deficit |
(
137,045) |
(
162,232) |
|
--------- |
--------- |
|
|
|
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 31 March 2025 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
.
|
Statement of Financial Position (continued) |
|
31 March 2025
These financial statements were approved by the
board of directors
and authorised for issue on
11 July 2025
, and are signed on behalf of the board by:
|
Mr S G Sherwood |
Mr C T Manumbali |
|
Director |
Director |
|
|
Company registration number:
11364109
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Gabb and Co, 32 Monk Street, Abergavenny, Monmouthshire, NP7 5NW.
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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Despite the deficit position within the statement of financial position, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future.
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.
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 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 and machinery |
- |
20% reducing balance |
|
Fixtures and fittings |
- |
15% reducing balance |
|
|
|
|
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 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.
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 and the performance 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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans and directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.
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
13
(2024:
12
).
5.
Tangible assets
|
Freehold property |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
At 1 April 2024 |
675,064 |
14,331 |
202,530 |
891,925 |
|
Additions |
– |
– |
1,704 |
1,704 |
|
--------- |
-------- |
--------- |
--------- |
|
At 31 March 2025 |
675,064 |
14,331 |
204,234 |
893,629 |
|
--------- |
-------- |
--------- |
--------- |
|
Depreciation |
|
|
|
|
|
At 1 April 2024 |
68,036 |
7,607 |
112,651 |
188,294 |
|
Charge for the year |
13,501 |
1,345 |
13,737 |
28,583 |
|
--------- |
-------- |
--------- |
--------- |
|
At 31 March 2025 |
81,537 |
8,952 |
126,388 |
216,877 |
|
--------- |
-------- |
--------- |
--------- |
|
Carrying amount |
|
|
|
|
|
At 31 March 2025 |
593,527 |
5,379 |
77,846 |
676,752 |
|
--------- |
-------- |
--------- |
--------- |
|
At 31 March 2024 |
607,028 |
6,724 |
89,879 |
703,631 |
|
--------- |
-------- |
--------- |
--------- |
|
|
|
|
|
6.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Other debtors |
7,239 |
5,052 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Bank loans and overdrafts |
46,464 |
41,968 |
|
Trade creditors |
5,184 |
8,159 |
|
Social security and other taxes |
11,176 |
19,546 |
|
Other creditors |
406,452 |
420,398 |
|
--------- |
--------- |
|
469,276 |
490,071 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
|
Bank loans and overdrafts |
368,500 |
397,077 |
|
--------- |
--------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £309,812 (2024: £321,410) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan has 180 months remaining of which the fixed term loan is over 24 months. The fixed interest rate applied is 3.67% p.a. over the banks base rate.
9.
Security
The bank hold a standard security over the property of Ramnee Hotel, Forres, along with a bond and floating charge.
10.
Related party transactions
Included within creditors due within one year is £376,198 (2024 - £400,379) creditors due greater than one year) due to the directors. There are no set repayment terms and no interest is being charged.