19
12 March 2025
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2024 - FRS102_2024
36,709
6,730
3,671
10,401
26,308
29,979
xbrli:pure
xbrli:shares
iso4217:GBP
05114820
2024-01-01
2024-12-31
05114820
2024-12-31
05114820
2023-12-31
05114820
2023-01-01
2023-12-31
05114820
2023-12-31
05114820
2022-12-31
05114820
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-01-01
2024-12-31
05114820
core:PlantMachinery
2024-01-01
2024-12-31
05114820
core:FurnitureFittings
2024-01-01
2024-12-31
05114820
core:MotorVehicles
2024-01-01
2024-12-31
05114820
bus:OrdinaryShareClass1
2024-01-01
2024-12-31
05114820
bus:OrdinaryShareClass2
2024-01-01
2024-12-31
05114820
bus:OrdinaryShareClass3
2024-01-01
2024-12-31
05114820
bus:OrdinaryShareClass4
2024-01-01
2024-12-31
05114820
bus:Director3
2024-01-01
2024-12-31
05114820
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-12-31
05114820
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-12-31
05114820
core:PlantMachinery
2023-12-31
05114820
core:FurnitureFittings
2023-12-31
05114820
core:MotorVehicles
2023-12-31
05114820
core:PlantMachinery
2024-12-31
05114820
core:FurnitureFittings
2024-12-31
05114820
core:MotorVehicles
2024-12-31
05114820
core:WithinOneYear
2024-12-31
05114820
core:WithinOneYear
2023-12-31
05114820
core:ShareCapital
2024-12-31
05114820
core:ShareCapital
2023-12-31
05114820
core:RetainedEarningsAccumulatedLosses
2024-12-31
05114820
core:RetainedEarningsAccumulatedLosses
2023-12-31
05114820
core:BetweenOneFiveYears
2023-12-31
05114820
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-12-31
05114820
core:PlantMachinery
2023-12-31
05114820
core:FurnitureFittings
2023-12-31
05114820
core:MotorVehicles
2023-12-31
05114820
bus:Director1
2024-01-01
2024-12-31
05114820
bus:SmallEntities
2024-01-01
2024-12-31
05114820
bus:Audited
2024-01-01
2024-12-31
05114820
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
05114820
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
05114820
bus:FullAccounts
2024-01-01
2024-12-31
05114820
bus:OrdinaryShareClass1
2024-12-31
05114820
bus:OrdinaryShareClass1
2023-12-31
05114820
bus:OrdinaryShareClass2
2024-12-31
05114820
bus:OrdinaryShareClass2
2023-12-31
05114820
bus:OrdinaryShareClass3
2024-12-31
05114820
bus:OrdinaryShareClass3
2023-12-31
05114820
bus:OrdinaryShareClass4
2024-12-31
05114820
bus:OrdinaryShareClass4
2023-12-31
05114820
bus:AllOrdinaryShares
2024-12-31
05114820
bus:AllOrdinaryShares
2023-12-31
05114820
core:OfficeEquipment
2024-01-01
2024-12-31
05114820
core:OfficeEquipment
2023-12-31
05114820
core:OfficeEquipment
2024-12-31
COMPANY REGISTRATION NUMBER:
05114820
|
Filleted Financial Statements |
|
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
|
Intangible assets |
5 |
|
26,308 |
29,979 |
|
Tangible assets |
6 |
|
230,297 |
251,790 |
|
|
-------- |
-------- |
|
|
256,605 |
281,769 |
|
|
|
|
|
Current assets
|
Stocks |
1,634,535 |
|
1,738,971 |
|
Debtors |
7 |
1,401,762 |
|
1,422,941 |
|
Cash at bank and in hand |
850,649 |
|
408,430 |
|
----------- |
|
----------- |
|
3,886,946 |
|
3,570,342 |
|
|
|
|
|
|
Prepayments and accrued income |
42,059 |
|
41,124 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
726,116 |
|
870,035 |
|
----------- |
|
----------- |
|
Net current assets |
|
3,202,889 |
2,741,431 |
|
|
----------- |
----------- |
|
Total assets less current liabilities |
|
3,459,494 |
3,023,200 |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
11,487 |
9,600 |
|
|
----------- |
----------- |
|
Net assets |
|
3,448,007 |
3,013,600 |
|
|
----------- |
----------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
9 |
|
320,000 |
320,000 |
|
Profit and loss account |
|
3,128,007 |
2,693,600 |
|
|
----------- |
----------- |
|
Shareholders funds |
|
3,448,007 |
3,013,600 |
|
|
----------- |
----------- |
|
|
|
|
|
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
12 March 2025
, and are signed on behalf of the board by:
Company registration number:
05114820
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The financial statements are for a single entity and the company is a private company limited by shares, incorporated and registered in England and Wales with company number
05114820
. The address of the registered office is 9 Hurst Road, Longford, Coventry, CV6 6EG. The principal place of business is Unit A3, Abbey Industrial Estate, Bodmin Road, Coventry, CV2 5DB.
2.
Statement of compliance
The financial statements have been prepared in accordance with the applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and Companies Act 2006.
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 company and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is derived from ordinary activities and stated after trade discounts and other sales taxes and net 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, calculated 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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at a standard rate of exchange during the period. Exchange differences are taken into account in arriving at the operating profit.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Software |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Plant & Machinery |
- |
14% straight line |
|
Fixtures & Fittings |
- |
20% straight line |
|
Motor Vehicles |
- |
20% straight line |
|
Equipment |
- |
20% straight line |
|
|
|
|
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 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. 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
The company has basic financial instruments and also has preference shares. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss. - Preference Shares The company has 300,000 preference shares with the following rights attached to them:- No right to vote - The right to a non - cumulative preferential dividend at the rate of 5% per annum on the amounts for the time being paid up theron.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable of £16,539 are charged to the profit and loss account.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2023:
19
).
5.
Intangible assets
|
Software |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
36,709 |
|
------- |
|
Amortisation |
|
|
At 1 January 2024 |
6,730 |
|
Charge for the year |
3,671 |
|
------- |
|
At 31 December 2024 |
10,401 |
|
------- |
|
Carrying amount |
|
|
At 31 December 2024 |
26,308 |
|
------- |
|
At 31 December 2023 |
29,979 |
|
------- |
|
|
6.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
At 1 January 2024 |
841,813 |
84,871 |
247,187 |
77,117 |
1,250,988 |
|
Additions |
42,215 |
– |
– |
– |
42,215 |
|
-------- |
------- |
-------- |
------- |
----------- |
|
At 31 December 2024 |
884,028 |
84,871 |
247,187 |
77,117 |
1,293,203 |
|
-------- |
------- |
-------- |
------- |
----------- |
|
Depreciation |
|
|
|
|
|
|
At 1 January 2024 |
749,434 |
80,129 |
93,664 |
75,971 |
999,198 |
|
Charge for the year |
23,168 |
1,138 |
38,944 |
458 |
63,708 |
|
-------- |
------- |
-------- |
------- |
----------- |
|
At 31 December 2024 |
772,602 |
81,267 |
132,608 |
76,429 |
1,062,906 |
|
-------- |
------- |
-------- |
------- |
----------- |
|
Carrying amount |
|
|
|
|
|
|
At 31 December 2024 |
111,426 |
3,604 |
114,579 |
688 |
230,297 |
|
-------- |
------- |
-------- |
------- |
----------- |
|
At 31 December 2023 |
92,379 |
4,742 |
153,523 |
1,146 |
251,790 |
|
-------- |
------- |
-------- |
------- |
----------- |
|
|
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
1,301,762 |
1,422,941 |
|
Other debtors |
100,000 |
– |
|
----------- |
----------- |
|
1,401,762 |
1,422,941 |
|
----------- |
----------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
48,799 |
83,697 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
183,586 |
373,427 |
|
Social security and other taxes |
421,993 |
342,548 |
|
Other creditors |
71,738 |
70,363 |
|
-------- |
-------- |
|
726,116 |
870,035 |
|
-------- |
-------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary A shares of £ 1 each |
10,000 |
10,000 |
10,000 |
10,000 |
|
Ordinary B shares of £ 1 each |
10,000 |
10,000 |
10,000 |
10,000 |
|
Preference A shares of £ 1 each |
150,000 |
150,000 |
150,000 |
150,000 |
|
Preference B shares of £ 1 each |
150,000 |
150,000 |
150,000 |
150,000 |
|
-------- |
-------- |
-------- |
-------- |
|
320,000 |
320,000 |
320,000 |
320,000 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
The redeemable preference shares are redeemable at a future date solely at the company's option.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
22,751 |
54,602 |
|
Later than 1 year and not later than 5 years |
– |
22,751 |
|
------- |
------- |
|
22,751 |
77,353 |
|
------- |
------- |
|
|
|
11.
Limitation of auditors liability
The company on 3 February 2025 entered into a limitation of auditors liability with the auditor limiting the auditor's liability to a maximum of £1,500,000 (including interest).
12.
Summary audit opinion
The auditor's report dated
12 March 2025
was
unqualified
.
The senior statutory auditor was
David Pearson
, for and on behalf of
Edwards Pearson & White (Audit) Limited
.
13.
Controlling party
The company was under the control of Kinkelder BV and Rontgen during the current and previous period.