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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 Paddocks Barn, Butlers Green Road, Haywards Heath, Mid Sussex, RH16 4BJ. |
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(2) Accounting Policies
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Basis of preparation of financial statement
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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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Foreign currency
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| Transactions in foreign currencies other than its functional currency are recorded at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year-end date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement within financial income or expense, as appropriate. Non-monetary assets that are measured in terms of historical cost in foreign currency are translated using the exchange rate at the date of the transaction. |
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Tangible fixed assets
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Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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 | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | 25% straight line | | Motor Cars | |
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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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(3) 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 all contractual obligations have been met. |
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(4) Employees
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| During the year, the average number of employees including director was 0 (2023 : 0). |
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(5) Creditors: Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | | | | | | Bank loans and overdrafts | - | | 7 | | | | | | | | | | Other creditors | 76,697 | | 62,534 | | Accruals and deferred income | 1,500 | | 1,980 | | 78,197 | | 64,521 |
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(6) Share capital
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| | Alloted, called up and fully paid: | 2024 | | 2023 | | £ | | £ | | | 100 (2023 : 100) Ordinary shares of £ 1 each | 100 | | 100 | | 100 | | 100 | | | Alloted, called up and fully paid: | | | Retained earnings | | | 2024 | | | | £ | | At 1 January 2024 | | | (61,542) | | Loss of the year | | | (12,655) | | | | | | At 31 December 2024 | | | (74,197) | |
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(7) Related Party Transactions – Director and Shareholder Loans
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| At the year end, the company had the following balance due to a director who is also a shareholder: £65,355.02. This loan is unsecured, interest Âfree, and repayable on demand. The loan is classified as current liabilities in the financial statements. |
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(8) Fixed assets
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| Tangible
£ | | Cost | | | Additions | 798 | | As at 31 December 2024 | 798 | | Depreciation/Amortisation | | | For the year | 598 | | As at 31 December 2024 | 598 | | Net book value | | | As at 31 December 2024 | 200 | | As at 31 December 2023 | - |
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