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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, registration number 04590250. The address of the registered office is Old Carpenters Workshop, Laity, Wendron, Helston, Cornwall, TR13 0NP. |
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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 sterling (£) 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 (purchased licence) is included at cost. |
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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 | | | Plant and Machinery | 15% straight line | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | | | Motor Cars | 20% straight line |
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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 slow moving items. |
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Leasing 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. |
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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 statement of comprehensive income 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 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. 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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Grants
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| Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the Income Statement over the useful life of the asset concerned. |
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(4) Employees
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| During the year, the average number of employees including director was 2 (2024 : 2). |
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(5) Intangible fixed assets
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| Development
Costs | | £ | | Cost | | | As at 01 April 2024 | 3,500 | | As at 31 March 2025 | 3,500 | | Amortisation | | | As at 31 March 2025 | - | | Net book value | | | As at 31 March 2025 | 3,500 | | As at 31 March 2024 | 3,500 |
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(6) Tangible fixed assets
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| Land and Buildings | Plant and Machinery | Motor Vehicles | Totals | | £ | £ | £ | £ | | Cost | | | | | | As at 01 April 2024 | 4,992 | 51,253 | 48,133 | 104,378 | | Additions | 8,869 | 36,296 | 27,500 | 72,665 | | Disposals | - | (11,096) | (12,500) | (23,596) | | As at 31 March 2025 | 13,861 | 76,453 | 63,133 | 153,447 | | Depreciation | | | | | | As at 01 April 2024 | - | 26,156 | 23,013 | 49,169 | | For the year | - | 7,378 | 9,291 | 16,669 | | Write off on disposals | - | (3,800) | (3,253) | (7,053) | | As at 31 March 2025 | - | 29,734 | 29,051 | 58,785 | | Net book value | | | | | | As at 31 March 2025 | 13,861 | 46,718 | 34,081 | 94,662 | | As at 31 March 2024 | 4,992 | 25,097 | 25,120 | 55,209 |
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(7) Inventories
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| | | 2025 | | 2024 | | £ | | £ | | | Stock | 6,500 | | 6,500 | | | | | | 6,500 | | 6,500 |
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(8) Debtors
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Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade debtors | 274,934 | | 247,696 | | Other debtors | 1,740 | | 1,846 | | | | | | 276,674 | | 249,542 |
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(9) Creditors: Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | | | | | Bank loans and overdrafts | 10,000 | | 10,000 | | | | | | Other taxes and social security | 57,705 | | 81,565 | | Other creditors | 2,465 | | 48,082 | | Accruals and deferred income | 8,559 | | 11,459 | | 78,729 | | 151,106 |
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(10) Creditors: Amounts falling due after more than one year
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| | | 2025 | | 2024 | | £ | | £ | | | Bank loans and overdrafts | 4,167 | | 14,167 | | | | | | | | | | 4,167 | | 14,167 |
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(11) Provision for liabilities
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| | | 2025 | | 2024 | | £ | | £ | | | Other provisions | 784 | | 933 | | Deferred taxation | 19,000 | | 9,000 | | 19,784 | | 9,933 |
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(12) Share capital and reserves
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| | Alloted, called up and fully paid: | 2025 | | 2024 | | £ | | £ | | | 2 (2024 : 2) Ordinary of £ 1 each | 2 | | 2 | | 2 | | 2 | | | | | Retained earnings | | | 2025 | | | | £ | | At 1 April 2024 | | | 360,699 | | Profit of the year | | | 129,956 | | Dividends paid | | | (1,000) | | At 31 March 2025 | | | 489,655 | |
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Retained earnings
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| Called up and fully paid: | | Retained earnings | | | 2025 | | | | £ | | | At 1 April 2024 | | | 360,699 | | Profit of the year | | | 129,956 | | Dividends paid | | | (1,000) | | At 31 March 2025 | | | 489,655 | |
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(13) Related party transactions
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| During the year, the directors received from the company, dividends totaling £1,000 (2024 : £2,000) and remuneration of £18,168 (2024 : £18,168). |
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