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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 05100908. 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 sterling (£) unless stated otherwise. |
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Turnover
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| Turnover represents the sale of goods to customers, excluding value added tax. |
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Goodwill
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| Goodwill, being the amount paid in connection with the acquisition of an unincorporated business on 1 May 2004, was being amortised evenly over 20 years until it was sold on 6 June 2023. In the opinion of the directors, this represented a prudent estimate of the period over which the company would derive economic benefit from acquiring the business. An additional nominal amount was paid for goodwill to an independent third party on the acquisition of a business on 8 July 2019. As the value is negligible, no amortisation has been applied. |
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Tangible Fixed Assets and Depreciation
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At each reporting date the company reviews the carrying value of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in the Income Statement. Impairment losses are reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply.
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 bases: | | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | 33% straight line | | Commercial Vehicles | | | Fixtures and Fittings | 15% reducing balance | | Equipment | 25% reducing balance | | Motor Cars | |
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Stocks and Work in Progress
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| Stocks are valued 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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| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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 currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income and 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 and 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 directly in equity respectively. |
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Pensions
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| The company operates defined pension contribution schemes. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme. |
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Investments
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Investments held as fixed assets are stated at fair value at the balance sheet date.
Investments held in current assets are stated at the lower of cost or net realisable value and are included in other debtors. |
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(4) Employees
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| During the period, the average number of employees including director was 11 (2024 : 10). |
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(5) Intangible fixed assets
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| Goodwill | | £ | | Cost | | | As at 31 July 2024 | 1 | | Disposals | (1) | | As at 01 August 2025 | - | | Amortisation | | | As at 01 August 2025 | - | | Net book value | | | As at 01 August 2025 | - | | As at 30 July 2024 | 1 |
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(6) Tangible fixed assets
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| Leasehold Properties | Fixtures and Fittings | Equipment | Totals | | £ | £ | £ | £ | | Cost | | | | | | As at 31 July 2024 | 1,741 | 53,193 | 5,965 | 60,899 | | Disposals | (1,741) | (53,193) | (5,965) | (60,899) | | As at 01 August 2025 | - | - | - | - | | Depreciation | | | | | | As at 31 July 2024 | 306 | 22,741 | 4,585 | 27,632 | | Write off on disposals | (306) | (22,741) | (4,585) | (27,632) | | As at 01 August 2025 | - | - | - | - | | Net book value | | | | | | As at 01 August 2025 | - | - | - | - | | As at 30 July 2024 | 1,435 | 30,452 | 1,380 | 33,267 |
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(7) Debtors
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Amounts falling due within one year
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| Included in Other debtors are listed investments of £5 (2024: £268). | | | 2025 | | 2024 | | £ | | £ | | | Trade debtors | - | | 3,388 | | Other debtors | 12,838 | | 638 | | | | | | 12,838 | | 4,027 |
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(8) Creditors: Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade creditors | 246 | | 22,306 | | | | | | | | | | Other taxes and social security | - | | 4,156 | | Other creditors | 3,800 | | 7,803 | | | | | | 4,046 | | 34,265 |
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(9) Share capital and reserves
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| | Alloted, called up and fully paid: | 2025 | | 2024 | | £ | | £ | | | 100 (2024 : 100) Ordinary Share of £ 1 each | 100 | | 100 | | 100 | | 100 | | | | | Retained earnings | | | 2025 | | | | £ | | At 31 July 2024 | | | 167,980 | | Profit of the year | | | 15,833 | | Dividends paid | | | (18,000) | | At 1 August 2025 | | | 165,813 | |
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Retained earnings
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| Called up and fully paid: | | Retained earnings | | | 2025 | | | | £ | | | At 31 July 2024 | | | 167,980 | | Profit of the year | | | 15,833 | | Dividends paid | | | (18,000) | | At 1 August 2025 | | | 165,813 | |
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(10) Related party transactions
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| During the year, the directors received, from the company, dividends totalling £18,000 (2024: £15,000) and remuneration of £12,939 (2024: £18,629). |
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(11) Directors advances, credit and guarantees
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Overdrawn
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| During the year, the company made aggregate advances of £12,017 (2024: £2,753) to the directors of the company. This amount is repayable on demand. Interest is charged at the official rate, on overdrawn balances in excess of £10,000 per director, giving rise to an interest charge of £0 (2024 : £0). | |
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(12) Other Commitment
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| At 1 August 2025, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £0 (2024: £30,537). |
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(13) Going Concern
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| The company ceased trading on 1 August 2025 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for any future costs of terminating the business unless such costs were committed at the reporting date. |
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