| Directors | |
| Registered office | |
| Registered number | 05822589 |
| Notes |
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The financial statements were approved and authorised for issue by the Board of Directors on
Love, Andrew David
Director |
Company registration number 05822589
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The financial statements are presented in sterling and this is the functional currency of the company.
The financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
The financial statements have been prepared under the historical cost convention in accordance with the Companies Act 2006.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
The company operates a defined contribution pension plan for the benefit of its employees. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate.
Assets held under hire purchase or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit and loss over the relevant period. The capital element of the future payments is treated as a liability.
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Computer software is being amortised evenly over its estimated useful life of five years.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the term of the lease, whichever is the shorter.
Property is depreciated at 4% straight line on valuation or cost.
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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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Within creditors, the following amounts are secured:
Bank Loan - £332,393
Factoring - £277,765
The Bank Loan is secured against the freehold land and building by means of legal charges dated 15 July 2008, and a debenture dated 19th June 2008, which includes a fixed charge and floating charge against all of the company's property and assets present and future.
Included within other creditors is an invoice financing creditor which is secured on a fixed charge and floating charge against all of the company's property and undertakings dated 27 July 2021.
Obligations under hire purchase are secured on the assets concerned.
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The following advances and credits to a director subsisted during the period ending 30th December 2025.
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £22,710 (2024 £43,242). These financial commitments represent the total amount of payments remaining on leases ending between 2026 and 2027.