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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. The address of the registered office is The Old Emporium, Bow Street, Langport, TA10 9PQ. |
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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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Revenue recognition
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| 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. |
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Tangible assets
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Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | 10% reducing balance | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | | | Motor Cars | 25% reducing balance |
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Impairment of fixed assets
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| 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. |
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Financial instruments
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| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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Stocks
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| 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. |
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Provisions
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| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises |
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Income tax
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The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
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Going concern
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| The directors have reviewed the company's current trading position and believe that it has sufficient resources and is well placed to manage its business risks successfully despite the current economic outlook. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the accounts. |
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(4) Employees
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| During the year, the average number of employees including director was 2 (2025 : 2). |
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(5) Tangible fixed assets
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| Equipment | Motor Vehicles | Totals | | £ | £ | £ | | Cost | | | | | As at 01 March 2025 | 3,044 | 21,139 | 24,183 | | As at 28 February 2026 | 3,044 | 21,139 | 24,183 | | Depreciation | | | | | As at 01 March 2025 | 1,847 | 20,648 | 22,495 | | For the year | 120 | 123 | 243 | | As at 28 February 2026 | 1,967 | 20,771 | 22,738 | | Net book value | | | | | As at 28 February 2026 | 1,078 | 368 | 1,445 | | As at 28 February 2025 | 1,197 | 491 | 1,688 |
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(6) Debtors
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Amounts falling due within one year
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| | | 2026 | | 2025 | | £ | | £ | | | | | | | Other debtors | - | | 95 | | Prepayments and accrued income | 913 | | 783 | | 913 | | 878 |
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(7) Creditors: Amounts falling due within one year
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| Included in creditors, amount falling due within one year, is an amount of £225 (2025: £122) owed to the director's of the company. This amount is interest free and repayable on demand. | | | 2026 | | 2025 | | £ | | £ | | | Trade creditors | 97 | | - | | | | | | | | | | Other taxes and social security | 125 | | 76 | | Other creditors | 225 | | 122 | | Accruals and deferred income | 2,290 | | 2,100 | | 2,737 | | 2,298 |
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(8) Called up share capital
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| | Alloted, called up and fully paid: | 2026 | | 2025 | | £ | | £ | | | 100 (2025 : 100) Ordinary Shares of £ 1 each | 100 | | 100 | | 100 | | 100 | | | | | Retained earnings | | | 2026 | | | | £ | | At 1 March 2025 | | | 2,815 | | Profit of the year | | | 9,435 | | Dividends paid | | | (10,000) | | At 28 February 2026 | | | 2,250 | |
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