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(1) General Information
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| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 32 High Catton Road, Stamford Bridge, York, United Kingdom, YO41 1DU. |
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(2) Statement of compliance
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| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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| 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. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Sale of goods
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| Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
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Rendering of Services
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| Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
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Interest income
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| Interest income is recognised using the effective interest method. |
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Borrowing costs
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| All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | 33% reducing balance | | Plant and Machinery | 25% reducing balance | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | | | Motor Cars | 25% reducing balance |
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Inventories
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| Inventories are measured at the lower of cost and net realisable value. Costs of inventories are determined on a first-in-first-out basis. Net realisable value represents the estimated selling price for inventories less all estimated costs necessary to make the sale. |
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Leases
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Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
The company as lessee
Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in the income statement.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases,the aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis over the lease period. |
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Taxation
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| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred Tax
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A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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Employee benefits
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Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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(4) Employees
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| During the year, the average number of employees including director was 7 (2023 : 7). |
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(5) Inventories
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| | | 2024 | | 2023 | | £ | | £ | | | | | | | Stock of Finished Goods | 5,200 | | 2,415 | | 5,200 | | 2,415 |
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(6) Debtors
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Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | | Trade debtors | 258,894 | | 231,770 | | Other debtors | 84,256 | | 101,192 | | Prepayments and accrued income | 7,823 | | 6,851 | | 350,973 | | 339,813 |
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(7) Cash and cash equivalents
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| | | 2024 | | 2023 | | £ | | £ | | | Bank balance | 134,007 | | 135,337 | | | | | | 134,007 | | 135,337 |
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(8) Creditors: Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | | Trade creditors | 50,445 | | 21,158 | | | | | | | | | | Other taxes and social security | - | | 22,597 | | Other creditors | 138,489 | | 175,538 | | Accruals and deferred income | 1,790 | | 1,790 | | 190,724 | | 221,083 |
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(9) Share capital
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| | Alloted, called up and fully paid: | 2024 | | 2023 | | £ | | £ | | | 50 (2023 : 50) A Ordinary Share Capital of £ 1 each | 50 | | 50 | | 50 (2023 : 50) B ordimary share capital of £ 1 each | 50 | | 50 | | 100 | | 100 | | | A ordinary share and B ordinary shares both hold equal voting rights. | | | Retained earnings | | | 2024 | | | | £ | | At 1 January 2024 | | | 350,722 | | Profit of the year | | | 79,748 | | Dividends paid | | | (36,900) | | At 31 December 2024 | | | 393,570 | |
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(10) Ultimate controlling party
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| The company's ultimate controlling party is the directors by virtue of their ownership of 100% of the issued share capital in the company. |
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(11) Fixed assets
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| Tangible
£ | | Cost | | | As at 01 January 2024 | 242,597 | | Additions | 44,854 | | Disposals | (4,808) | | As at 31 December 2024 | 282,643 | | Depreciation/Amortisation | | | As at 01 January 2024 | 116,812 | | For the year | 40,616 | | Write off on disposals | (404) | | As at 31 December 2024 | 157,024 | | Net book value | | | As at 31 December 2024 | 125,619 | | As at 31 December 2023 | 125,785 |
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