Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 105 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going Concern Disclosures
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Guarantees and financial commitments
At the balance sheet date, the company had no guarantees, commitments, or other arrangements.
The company had not entered into any guarantees, indemnities, or other financial commitments, whether legally enforceable or otherwise, nor were there any arrangements involving security over the company’s assets in respect of third‑party liabilities.
No commitments existed in relation to capital expenditure, operating leases, borrowing facilities, or other off‑balance‑sheet arrangements, and no guarantees were provided by the company in respect of third‑party liabilities at the year end.
Related party transactions
The company entered into transactions with directors, who are considered to be related parties.
Transactions during the year comprised advances to and from directors. Any balances outstanding at the year end are unsecured, interest‑free and have no fixed repayment terms.