COMPANY REGISTRATION NUMBER:
05893079
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
|
Investments |
5 |
|
198,527 |
198,527 |
|
|
|
|
|
Current assets
|
Debtors |
6 |
170,058 |
|
164,124 |
|
-------- |
|
-------- |
|
Net current assets |
|
170,058 |
164,124 |
|
|
-------- |
-------- |
|
Total assets less current liabilities |
|
368,585 |
362,651 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
|
9,351,243 |
8,821,927 |
|
|
|
|
|
|
Accruals and deferred income |
|
1,500 |
1,501 |
|
|
----------- |
----------- |
|
Net liabilities |
|
(
8,984,158) |
(
8,460,777) |
|
|
----------- |
----------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
8 |
|
1 |
1 |
|
Profit and loss account |
|
(
8,984,159) |
(
8,460,778) |
|
|
----------- |
----------- |
|
Shareholders deficit |
|
(
8,984,158) |
(
8,460,777) |
|
|
----------- |
----------- |
|
|
|
|
|
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 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 August 2025
, and are signed on behalf of the board by:
Company registration number:
05893079
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered and trading in England and Wales with company number
05893079
. The address of the registered office is Redroofs, Berrington Road, Tenbury Wells, Worcestershire, WR15 8EN, England.
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 company and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis. Under the terms of the funding the company has received for capital investments and operating expenditure, the amounts will be repayable from realised surpluses on the disposal of investments. In the event of there being insufficient funds at the end of the project the loan (to the extent that it is unpayable) included in creditors will be deemed non repayable. The project was originally due to end on 31 December 2019, however It has now been agreed with the British Business Bank and ERDF to extend the loan granted up to 31 December 2025. Given the above, the directors have considered it appropriate to prepare the financial statements on a going concern basis. However, these matters do indicate the existence of a material uncertainty which may cast doubt on the company's ability to continue as a going concern. The financial statements do not contain any adjustments that may arise if this basis is not appropriate.
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 measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Financial instruments
The company only has basic financial instruments. - 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Investments
|
Unlisted investments |
|
£ |
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
463,479 |
|
-------- |
|
Impairment |
|
|
At 1 January 2024 and 31 December 2024 |
264,952 |
|
-------- |
|
|
|
Carrying amount |
|
|
At 31 December 2024 |
198,527 |
|
-------- |
|
At 31 December 2023 |
198,527 |
|
-------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed by holding company |
170,058 |
164,124 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
9,351,243 |
8,821,927 |
|
----------- |
----------- |
|
|
|
Included in bank loans and overdrafts above is a repayable capital grant from the British Business Bank (formerly Advantage West Midlands) of £3,300,000 (2023: £3,300,000) together with accrued interest of £6,051,243 (2023: £5,521,927).
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Controlling party
The company is a wholly owned subsidiary of Advantage Early Growth Limited, a company incorporated in England and Wales. A copy of the financial statements of the ultimate parent undertaking is available from their registered office in the UK: Advantage Early Growth Limited Redroofs Berrington Road Tenbury Wells Worcestershire WR15 8EN