COMPANY REGISTRATION NUMBER:
00189761
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
30 June 2023
Fixed assets
Tangible assets |
5 |
|
117,401 |
125,601 |
|
|
|
|
|
Current assets
Stocks |
25,248 |
|
28,053 |
Debtors |
136,048 |
|
134,077 |
Cash at bank and in hand |
13,648 |
|
11,015 |
|
--------- |
|
--------- |
|
174,944 |
|
173,145 |
|
|
|
|
Creditors: amounts falling due within one year |
41,399 |
|
30,766 |
|
--------- |
|
--------- |
Net current assets |
|
133,545 |
142,379 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
250,946 |
267,980 |
|
|
--------- |
--------- |
Net assets |
|
250,946 |
267,980 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
22,000 |
22,000 |
Profit and loss account |
|
228,946 |
245,980 |
|
|
--------- |
--------- |
Shareholders funds |
|
250,946 |
267,980 |
|
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
30 June 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 March 2024
, and are signed on behalf of the board by:
Company registration number:
00189761
Notes to the Abridged Financial Statements |
|
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents gross services provided.
Income tax
Provision is made at current rates for taxation deferred in respect of all material timing differences except to the extent that in the opinion of the directors, there is reasonable probability that the liability will not arise in the forseeable future.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold buildings |
- |
10% straight line |
|
Plant and equipment |
- |
20% straight line |
|
Motor vehicles |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
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.
Stocks
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2022:
7
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 July 2022 and 30 June 2023 |
592,538 |
|
--------- |
Depreciation |
|
At 1 July 2022 |
466,937 |
Charge for the year |
8,200 |
|
--------- |
At 30 June 2023 |
475,137 |
|
--------- |
Carrying amount |
|
At 30 June 2023 |
117,401 |
|
--------- |
At 30 June 2022 |
125,601 |
|
--------- |
|
|
6.
Contingencies
A debenture registered on 4th September 1989 by Barclays Bank Plc provides a fixed charge over the company's freehold property at 23 Cedar Road, Newport NP19 0BA on all monies due or to become due from the company to the chargee on any account whatsoever. A debenture registered on 16th February 1981 by Barclays Bank Plc provides a fixed charge over the company's freehold property at 1 Grafton Road, Newport NP19 0AS on all monies due or to become due from the company to the chargee on any account whatsoever.
7.
Related party transactions
The company was under the control of
Mr D.G. Hicks
throughout the period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.