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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, registration number 02345508. The address of the registered office is Trevoole, Praze An Beeble, Camborne, Cornwall, TR14 0PJ. |
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(2) Significant Accounting Policies
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Basis of Preparation
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The financial statements are prepared under the historical cost convention and in accordance with FRS 102 Section 1A
Small Entities - 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 as modified by the revaluation of certain assets.
The presentation and functional currency of the company is the pound sterling (£). |
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Turnover
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| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes. |
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Property, plant and equipment
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At each reporting date the company reviews the carrying value of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in the Income Statement. Impairment losses are reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply.
Revaluation gains and losses are charged to other comprehensive income and accumulated in the revaluation reserve in equity. Revaluation losses are charged to other comprehensive income only to the extent that they reverse any previous gains in the revaluation reserve. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess is recognised in profit or loss. If the revaluation has resulted in the carrying value increasing, this is recognised in other comprehensive income and accumulated in equity. However the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
Depreciation is charged so as to allocate the cost of an asset, less its estimated residual value, over its estimated useful life as follows: | | Asset class and depreciation rate | | Land and Buildings | 10% reducing balance | | Plant and Machinery | 1% reducing balance | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | | | Motor Cars | |
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Inventories
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| Inventories are measured at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Income Statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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Grants
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| Capital grants are treated as deferred credits and credited to the Income Statement over the estimated useful life of the relevant asset. Revenue grants are recognised in the income statement so as to match the expenditure to which they relate. |
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(3) Employees
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| During the year, the average number of employees including director was 1 (2024 : 1). |
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(4) Tangible fixed assets
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| Land and Buildings | Plant and Machinery | Totals | | £ | £ | £ | | Cost | | | | | As at 01 June 2024 | 1,415 | 53,624 | 55,039 | | Additions | - | 4,076 | 4,076 | | As at 31 May 2025 | 1,415 | 57,700 | 59,115 | | Depreciation | | | | | As at 01 June 2024 | 176 | 7,806 | 7,982 | | For the year | 124 | 499 | 623 | | As at 31 May 2025 | 300 | 8,305 | 8,605 | | Net book value | | | | | As at 31 May 2025 | 1,115 | 49,395 | 50,510 | | As at 31 May 2024 | 1,239 | 45,818 | 47,057 |
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(5) Inventories
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| | | 2025 | | 2024 | | £ | | £ | | | Stock Materials and Work in Progress | 104,498 | | 108,710 | | | | | | 104,498 | | 108,710 |
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(6) Debtors
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Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade debtors | 30,805 | | 31,529 | | Other debtors | 34,557 | | 23,029 | | | | | | 65,362 | | 54,558 |
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(7) Creditors: Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade creditors | 11,435 | | 10,328 | | | | | | | | | | Other taxes and social security | 922 | | 702 | | Other creditors | 28,654 | | 28,493 | | | | | | 41,011 | | 39,523 |
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(8) Provision for liabilities
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| | | 2025 | | 2024 | | £ | | £ | | | Other provisions | 2,368 | | 2,392 | | Deferred taxation | 9,400 | | 8,700 | | 11,768 | | 11,092 |
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(9) Share capital and reserves
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| | Alloted, called up and fully paid: | 2025 | | 2024 | | £ | | £ | | | 40,000 (2024 : 40,000) Share Capital of £ 1 each | 40,000 | | 40,000 | | 40,000 | | 40,000 | | | The balance on the Revaluation Reserve at 31 May 2025 was £32,000 (2024 : £32,000) | | | Retained earnings | | | 2025 | | | | £ | | At 1 June 2024 | | | 92,199 | | Profit of the year | | | 18,972 | | | | | | At 31 May 2025 | | | 111,171 | |
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Retained earnings
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| Called up and fully paid: | | Retained earnings | | | 2025 | | | | £ | | | At 1 June 2024 | | | 92,199 | | Profit of the year | | | 18,972 | | | | | | At 31 May 2025 | | | 111,171 | |
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(10) Tangible Assets
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If an item of plant and machinery had not been revalued it would have been included at an historical cost value of £80,374 (2024: £80,374). Aggregate depreciation would have been £80,374 (2024: £80,374). The revaluation took place in 2009.
At 31 May 2025 tangible assets included assets at cost of £27,115 and assets at valuation of £32,000 (2024: assets at cost of £23,039 and assets at valuation of £32,000) |
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(11) Stock of materials and work in progress
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| At 31 May 2025 the company held a stock of materials amounting to £104,498 and work in progress of £Nil (2024: £108,710 and £Nil respectively). |
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