Balance sheet continued

As at 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover comprises the fair value of consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Where applicable, turnover is shown net of VAT,
  returns, rebates and discounts.
  
  The company recognises revenue when:
  The amount of revenue can be reliably measured;
  it is probable that future economic benefits will flow to the entity;
  and specific criteria have been met for each of the company's activities.
  

  Tangible fixed assets depreciation policy

  Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
  
  Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
  
  Asset class Depreciation method/rate
  Plant , machinery and other tangible assets 25% reducing balance
  

  Intangible fixed assets amortisation policy

  Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
  
  Asset class Amortisation method/rate
  Goodwill 3 years
  

  Valuation information and policy

  Stocks
  
  Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location
  and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.