COMPANY REGISTRATION NUMBER:
02715600
|
Filleted Financial Statements |
|
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
|
Tangible assets |
4 |
170,773 |
227,697 |
|
|
|
|
Current assets
|
Stocks |
1,647,185 |
1,857,282 |
|
Debtors |
5 |
1,100,259 |
1,109,965 |
|
Cash at bank and in hand |
1,067 |
4,442 |
|
------------ |
------------ |
|
2,748,511 |
2,971,689 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
3,356,225 |
3,653,240 |
|
------------ |
------------ |
|
Net current liabilities |
607,714 |
681,551 |
|
--------- |
--------- |
|
Total assets less current liabilities |
(
436,941) |
(
453,854) |
|
--------- |
--------- |
|
Net liabilities |
(
436,941) |
(
453,854) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
25,100 |
25,100 |
|
Profit and loss account |
(
462,041) |
(
478,954) |
|
--------- |
--------- |
|
Shareholders deficit |
(
436,941) |
(
453,854) |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
22 December 2025
, and are signed on behalf of the board by:
Company registration number:
02715600
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Although the company has made a loss and the balance sheet is in deficit, the directors believe that the Company will be able to continue to operate and meet its liabilities as they fall due for a period of at least one year from the date of approval of the financial statements. The financial statements have therefore been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Plant and machinery |
|
£ |
|
Cost |
|
|
At 1 April 2024 and 31 March 2025 |
309,950 |
|
--------- |
|
Depreciation |
|
|
At 1 April 2024 |
82,253 |
|
Charge for the year |
56,924 |
|
--------- |
|
At 31 March 2025 |
139,177 |
|
--------- |
|
Carrying amount |
|
|
At 31 March 2025 |
170,773 |
|
--------- |
|
At 31 March 2024 |
227,697 |
|
--------- |
|
|
5.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
287,510 |
774,620 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
679,452 |
– |
|
Other debtors |
133,297 |
335,345 |
|
------------ |
------------ |
|
1,100,259 |
1,109,965 |
|
------------ |
------------ |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
2,223,556 |
3,164,441 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
903,457 |
200,000 |
|
Social security and other taxes |
33,985 |
– |
|
Other creditors |
195,227 |
288,799 |
|
------------ |
------------ |
|
3,356,225 |
3,653,240 |
|
------------ |
------------ |
|
|
|
7.
Financial instruments
The company's principal financial instruments are all basic and comprise of cash balances, trade and other debtors, trade and other creditors. The purpose of these financial instruments is to provide finance for the company's operations.
8.
Summary audit opinion
The auditor's report dated
22 December 2025
was
unqualified
.
The senior statutory auditor was
Paul Mattei
, for and on behalf of
Leaman Mattei
.
9.
Directors' advances, credits and guarantees
The advance provided to the directors which is repayable on demand is chargeable to interest at 2.5% annually. The balance owed to the company by the directors at the year end was £102,492 (2024: £99,993).
10.
Controlling party
The immediate and ultimate parent is Henderson Taylor Investment Holdings Limited, a company registered in England and Wales, and the ultimate controlling party is
J A Lynch
and M M Lynch by virtue of their shareholdings.