|
(1) General Information
|
| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 10-12 Bourlet Close, London, W1W 7BR. |
|
|
|
(2) Statement of compliance
|
| 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. |
|
|
|
|
(3) Significant Accounting Policies
|
|
Basis of preparation
|
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied: |
|
|
Revenue recognition
|
|
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
|
|
|
Sale of goods
|
|
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
|
|
|
Rendering of Services
|
|
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably. |
|
|
Interest income
|
|
| Interest income is recognised using the effective interest method. |
|
|
Property, plant and equipment
|
|
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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 | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | | | Motor Cars | 25% reducing balance |
|
|
Investments in subsidiaries, jointly controlled entities or associates
|
|
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
|
|
Financial instruments
|
|
|
|
|
|
Trade and other debtors
|
|
| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
|
|
|
Cash and cash equivalents
|
|
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
|
|
|
Trade and other payables
|
|
| Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
|
|
Leases
|
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
|
|
Provisions for liabilites
|
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss. |
|
|
Taxation
|
|
|
|
|
|
Current and deferred taxation
|
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
|
Employee benefits - Defined contribution pension plan
|
|
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
|
|
Dividends
|
|
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
|
|
|
|
(4) Critical accounting judgements and key sources of estimation uncertainty
|
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgements in applying the company's accounting policies
The company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Key accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
|
|
|
(5) Employees
|
| During the year, the average number of employees including director was 3 (2025 : 3). |
|
|
|
|
(6) Tangible fixed assets
|
| Fixtures and Fittings | Equipment | Motor Vehicles | Totals | | £ | £ | £ | £ | | Cost | | | | | | As at 01 April 2025 | 31,523 | 22,364 | 31,159 | 85,046 | | As at 31 March 2026 | 31,523 | 22,364 | 31,159 | 85,046 | | Depreciation | | | | | | As at 01 April 2025 | 31,523 | 22,364 | 23,765 | 77,652 | | For the year | - | - | 1,848 | 1,848 | | As at 31 March 2026 | 31,523 | 22,364 | 25,613 | 79,500 | | Net book value | | | | | | As at 31 March 2026 | - | - | 5,546 | 5,546 | | As at 31 March 2025 | - | - | 7,394 | 7,394 |
|
|
|
|
|
|
(7) Investments
|
| Subsidiary
Undertakings | | £ | | Cost | | | As at 01 April 2025 | 959,001 | | Additions | 601,022 | | Disposals | - | | As at 31 March 2026 | 1,560,023 | | Impairment | | | As at 31 March 2026 | - | | Net book value | | | As at 31 March 2026 | 1,560,023 | | As at 31 March 2025 | 959,001 |
|
|
|
|
(8) Debtors
|
|
Amounts falling due within one year
|
|
| | | 2026 | | 2025 | | £ | | £ | | | Trade debtors | 2,752,353 | | - | | Other debtors | 1,795,281 | | 2,025,540 | | Prepayments and accrued income | - | | 211,156 | | 4,547,634 | | 2,236,696 |
|
|
|
|
(9) Cash and cash equivalents
|
| | | 2026 | | 2025 | | £ | | £ | | | Bank balance | 1,130,727 | | 1,862,996 | | | | | | 1,130,727 | | 1,862,996 |
|
|
|
(10) Creditors: Amounts falling due within one year
|
| | | 2026 | | 2025 | | £ | | £ | | | | | | | | | | | | | | | Other taxes and social security | 452,465 | | 2,949 | | Other creditors | 15,823 | | 55,485 | | Accruals and deferred income | 40,500 | | - | | 508,788 | | 58,434 |
|
|
|
(11) Controlling party
|
The ultimate and immediate parent is Broadview Ventures Limited, a company incorporated in England and Wales, and with a registered office of: 10-12 Bourlet Close, London, W1W 7BR.
The controlling party of Broadview Ventures Limited is Jeffrey Corrigan. |
|