| |
|
|
|
|
| 2. |
Summary of Significant Accounting Policies |
|
|
|
Statement of compliance |
|
|
|
Basis of preparation |
|
The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and the financial reporting standards. |
|
|
|
Turnover |
|
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. |
|
|
|
Tangible assets and depreciation |
|
Tangible assets are stated at cost or at valuation, less accumulated depreciation. Cost comprises purchase price and other directly attributable costs. Freehold land is stated at cost and is not depreciated. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows: |
|
|
| |
|
Land and buildings freehold |
- |
4% Straight line |
| |
|
Plant and machinery |
- |
15% Straight line |
| |
|
Fixtures, fittings and equipment |
- |
15% Straight line |
| |
|
Motor vehicles |
- |
25% Straight line |
|
|
|
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
|
|
|
Trade and other debtors |
|
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
|
|
|
Borrowing costs |
|
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
|
|
|
Trade and other creditors |
|
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
|
|
|
Taxation |
|
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. |
|
|
|
Foreign currencies |
|
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions, during the financial year, which are denominated in foreign currencies are translated at the rates of exchange ruling at the date of the transaction. The resulting exchange differences are dealt with in the Profit and Loss Account. |
|
|
|
Ordinary share capital |
|
The ordinary share capital of the company is presented as equity. |
| |
|
|
|
For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
|
|
|
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006. |
|
|
|
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
These financial statements have been prepared in accordance with the provisions available to micro-entities in Part 15 of the Companies Act 2006 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. |
|
|
|
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account. |
|
|
|
Approved by the Board on 28 May 2026 and signed on its behalf by: |
|
|
| |
|
|
| |
Mrs Donna Michelle Bebb |
|
| |
Director |
|
|
|
|
|
|
Mr Marcus John Bebb |
|
Director |