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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, registered number 06082859. The address of the registered office is Alpha House, 40 Coinagehall Street, Helston, Cornwall, TR13 8EQ. |
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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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Turnover
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| Turnover represents net invoiced sales of goods and services, net of value added tax. |
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Intangible fixed assets
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| Intangible fixed assets (including purchased goodwill) are included at cost less accumulated amortisation. |
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Intangible fixed assets and amortisation - Goodwill
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| Goodwill, being the amount paid in connection with the acquisition of an unincorporated business on 1 April 2009, is being amortised evenly over 20 years. In the opinion of the directors, this represents a prudent estimate of the period over which the company will derive economic benefit from acquiring the business. |
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Property, plant and equipment
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| | Asset class and depreciation rate | | Land and Buildings | 20% straight line | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | 20% reducing balance | | Fixtures and Fittings | 15% reducing balance | | Equipment | 20% reducing balance | | Motor Cars | |
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Inventories
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| Inventories are measured at the lower of cost and net realisable value after making due allowance for obsolete and slowing moving items. |
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Leases and hire purchase contracts
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss as incurred. |
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Taxation
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Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax payable is based on taxable profit for the year. Taxable profit differs from profit 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or equity respectively. |
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Pensions
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| The company operates two defined pension contribution schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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(4) Employees
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| During the year, the average number of employees including director was 9 (2024 : 9). |
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(5) Intangible fixed assets
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| Goodwill | | £ | | Cost | | | As at 01 April 2024 | 40,000 | | As at 31 March 2025 | 40,000 | | Amortisation | | | As at 01 April 2024 | 30,000 | | For the year | 2,000 | | As at 31 March 2025 | 32,000 | | Net book value | | | As at 31 March 2025 | 8,000 | | As at 31 March 2024 | 10,000 |
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(6) Tangible fixed assets
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| Land and Buildings | Fixtures and Fittings | Equipment | Motor Vehicles | Totals | | £ | £ | £ | £ | £ | | Cost | | | | | | | As at 01 April 2024 | 43,545 | 88,559 | 15,260 | 140,943 | 288,307 | | Additions | - | 235 | - | 47,379 | 47,614 | | Disposals | - | (2,710) | (3,930) | (101,903) | (108,543) | | As at 31 March 2025 | 43,545 | 86,084 | 11,330 | 86,419 | 227,378 | | Depreciation | | | | | | | As at 01 April 2024 | 40,627 | 52,592 | 10,686 | 20,381 | 124,286 | | For the year | 1,459 | 5,309 | 616 | 12,546 | 19,930 | | Write off on disposals | - | (1,904) | (2,434) | (20,381) | (24,719) | | As at 31 March 2025 | 42,086 | 55,997 | 8,868 | 12,546 | 119,497 | | Net book value | | | | | | | As at 31 March 2025 | 1,459 | 30,087 | 2,463 | 73,873 | 107,881 | | As at 31 March 2024 | 2,918 | 35,967 | 4,574 | 120,562 | 164,021 |
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(7) Inventories
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| | | 2025 | | 2024 | | £ | | £ | | | Stocks | 198,450 | | 168,931 | | | | | | 198,450 | | 168,931 |
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(8) Debtors
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Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade debtors | 94,144 | | 59,986 | | Other debtors | 445 | | 26,625 | | Prepayments and accrued income | 1,832 | | 1,170 | | 96,421 | | 87,780 |
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(9) Creditors: Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade creditors | 210,394 | | 144,688 | | | | | | Finance leases | 7,867 | | 7,500 | | Other taxes and social security | 13,428 | | 72,797 | | Other creditors | 84,351 | | 47,083 | | Accruals and deferred income | 469 | | 753 | | 316,509 | | 272,821 |
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(10) Creditors: Amounts falling due after more than one year
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| | | 2025 | | 2024 | | £ | | £ | | | | | | | Finance leases | - | | 7,500 | | | | | | - | | 7,500 |
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(11) Provision for liabilities
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| | | 2025 | | 2024 | | £ | | £ | | | | | | | Deferred taxation | 5,700 | | 7,800 | | 5,700 | | 7,800 |
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(12) Share capital and reserves
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| | Alloted, called up and fully paid: | 2025 | | 2024 | | £ | | £ | | | 100 (2024 : 100) Ordinary of £ 1 each | 100 | | 100 | | 100 | | 100 | | | | | Retained earnings | | | 2025 | | | | £ | | At 1 April 2024 | | | 332,920 | | Loss of the year | | | (14,536) | | Dividends paid | | | (40,000) | | At 31 March 2025 | | | 278,384 | |
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Retained earnings
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| Called up and fully paid: | | Retained earnings | | | 2025 | | | | £ | | | At 1 April 2024 | | | 332,920 | | Loss of the year | | | (14,536) | | Dividends paid | | | (40,000) | | At 31 March 2025 | | | 278,384 | |
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(13) Related party transactions
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During the year, the directors, Mr Stephen Coram and Mrs Charmaine Coram, received from the company, dividends totalling £40,000 (2024 : £83,000), remuneration of £18,692 (2024 : £18,192) and rent of £23,000 (2024 : £25,000) on normal commercial terms, in respect of the business premises occupied by the company.
Pension contributions were also made for the benefit of the directors, amounting to £15,592 (2024 : £20,790). |
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(14) Off balance sheet arrangements
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| The company held stock on consignment from its main supplier, not accounted for in the balance sheet, amounting to £88,189 (2024 : £83,157). |
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(15) Secured liabilities
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| The finance lease is secured against the asset to which it relates. |
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