24
17 August 2022
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-03-01
Sage Accounts Production Advanced 2021 - FRS102_2021
45,000
7,000
4,667
11,667
33,333
38,000
56,176
3,032
59,208
43,358
5,211
48,569
10,639
12,818
xbrli:pure
xbrli:shares
iso4217:GBP
02756572
2021-03-01
2021-10-31
02756572
2021-10-31
02756572
2021-02-28
02756572
2020-03-01
2021-02-28
02756572
2021-02-28
02756572
core:FurnitureFittings
2021-03-01
2021-10-31
02756572
bus:Director7
2021-03-01
2021-10-31
02756572
core:PatentsTrademarksLicencesConcessionsSimilar
2021-02-28
02756572
core:PatentsTrademarksLicencesConcessionsSimilar
2021-10-31
02756572
core:FurnitureFittings
2021-02-28
02756572
core:FurnitureFittings
2021-10-31
02756572
core:WithinOneYear
2021-10-31
02756572
core:WithinOneYear
2021-02-28
02756572
core:ShareCapital
2021-10-31
02756572
core:ShareCapital
2021-02-28
02756572
core:CapitalRedemptionReserve
2021-10-31
02756572
core:CapitalRedemptionReserve
2021-02-28
02756572
core:RetainedEarningsAccumulatedLosses
2021-10-31
02756572
core:RetainedEarningsAccumulatedLosses
2021-02-28
02756572
core:BetweenOneFiveYears
2021-10-31
02756572
core:BetweenOneFiveYears
2021-02-28
02756572
core:MoreThanFiveYears
2021-10-31
02756572
core:MoreThanFiveYears
2021-02-28
02756572
core:PatentsTrademarksLicencesConcessionsSimilar
2021-03-01
2021-10-31
02756572
core:PatentsTrademarksLicencesConcessionsSimilar
2021-02-28
02756572
core:FurnitureFittings
2021-02-28
02756572
bus:SmallEntities
2021-03-01
2021-10-31
02756572
bus:Audited
2021-03-01
2021-10-31
02756572
bus:FullAccounts
2021-03-01
2021-10-31
02756572
bus:SmallCompaniesRegimeForAccounts
2021-03-01
2021-10-31
02756572
bus:PrivateLimitedCompanyLtd
2021-03-01
2021-10-31
COMPANY REGISTRATION NUMBER:
02756572
FILLETED FINANCIAL STATEMENTS
|
|
Period from 1 March 2021 to 31 October 2021
Notes to the financial statements
|
2 to 7
|
|
|
31 October 2021
|
31 Oct 21
|
28 Feb 21
|
Note
|
£
|
£
|
|
|
|
FIXED ASSETS
Intangible assets
|
5
|
33,333
|
38,000
|
Tangible assets
|
6
|
10,639
|
12,818
|
|
--------
|
--------
|
|
43,972
|
50,818
|
|
|
|
|
CURRENT ASSETS
Stocks
|
6,723
|
8,015
|
Debtors
|
7
|
741,694
|
440,909
|
Cash at bank and in hand
|
228,336
|
175,088
|
|
---------
|
---------
|
|
976,753
|
624,012
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
8
|
(
405,134)
|
(
332,255)
|
|
---------
|
---------
|
NET CURRENT ASSETS
|
571,619
|
291,757
|
|
---------
|
---------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
615,591
|
342,575
|
|
|
|
|
PROVISIONS
|
(
2,278)
|
(
365)
|
|
---------
|
---------
|
NET ASSETS
|
613,313
|
342,210
|
|
---------
|
---------
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
82
|
82
|
Capital redemption reserve
|
66
|
66
|
Profit and loss account
|
613,165
|
342,062
|
|
---------
|
---------
|
SHAREHOLDERS FUNDS
|
613,313
|
342,210
|
|
---------
|
---------
|
|
|
|
These 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 profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
16 August 2022
, and are signed on behalf of the board by:
Company registration number:
02756572
NOTES TO THE FINANCIAL STATEMENTS
|
|
Period from 1 March 2021 to 31 October 2021
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Wharf, Abbey Mill Business Park, Lower Eashing, Godalming, England, GU7 2QN. The company's primary trading address is Signal House, Off Hulley Road, Macclesfield SK10 2SF.
2.
STATEMENT OF COMPLIANCE
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Patents, trademarks and licences
|
-
|
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Fixtures and fittings
|
-
|
25% straight line
|
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 period amounted to
24
(2021:
25
).
5.
INTANGIBLE ASSETS
|
Patents, trademarks and licences
|
|
£
|
Cost
|
|
At 1 March 2021 and 31 October 2021
|
45,000
|
|
--------
|
Amortisation
|
|
At 1 March 2021
|
7,000
|
Charge for the period
|
4,667
|
|
--------
|
At 31 October 2021
|
11,667
|
|
--------
|
Carrying amount
|
|
At 31 October 2021
|
33,333
|
|
--------
|
At 28 February 2021
|
38,000
|
|
--------
|
|
|
6.
TANGIBLE ASSETS
|
Fixtures and fittings
|
|
£
|
Cost
|
|
At 1 March 2021
|
56,176
|
Additions
|
3,032
|
|
--------
|
At 31 October 2021
|
59,208
|
|
--------
|
Depreciation
|
|
At 1 March 2021
|
43,358
|
Charge for the period
|
5,211
|
|
--------
|
At 31 October 2021
|
48,569
|
|
--------
|
Carrying amount
|
|
At 31 October 2021
|
10,639
|
|
--------
|
At 28 February 2021
|
12,818
|
|
--------
|
|
|
7.
DEBTORS
|
31 Oct 21
|
28 Feb 21
|
|
£
|
£
|
Trade debtors
|
546,549
|
435,702
|
Other debtors
|
195,145
|
5,207
|
|
---------
|
---------
|
|
741,694
|
440,909
|
|
---------
|
---------
|
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
31 Oct 21
|
28 Feb 21
|
|
£
|
£
|
Trade creditors
|
150,403
|
113,347
|
Corporation tax
|
55,353
|
63,343
|
Social security and other taxes
|
95,968
|
98,522
|
Other creditors
|
103,410
|
57,043
|
|
---------
|
---------
|
|
405,134
|
332,255
|
|
---------
|
---------
|
|
|
|
9.
OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
31 Oct 21
|
28 Feb 21
|
|
£
|
£
|
Not later than 1 year
|
22,986
|
27,908
|
Later than 1 year and not later than 5 years
|
66,329
|
73,314
|
Later than 5 years
|
8,000
|
24,000
|
|
--------
|
---------
|
|
97,315
|
125,222
|
|
--------
|
---------
|
|
|
|
10.
SUMMARY AUDIT OPINION
The auditor's report for the period dated
17 August 2022
was
unqualified
.
The senior statutory auditor was
Simon Tee
, for and on behalf of
Kilsby & Williams LLP
.
11.
RELATED PARTY TRANSACTIONS
The company has taken advantage of the exemption under section 33 of FRS 102 from the requirement to disclose transactions with wholly owned members of the same group.
12.
CONTROLLING PARTY
The Company's immediate parent company is Circle IT Solutions Limited. The ultimate parent entity is Arrow Communications Holdings Limited, to which consolidated accounts include this company. The consolidated accounts are available from Companies House. The ultimate controlling party of Arrow Communications Holdings Limited is MML Capital Europe VII Equity I S.A., a company based in Luxembourg. MML Capital Europe VII Equity I S.A is a 100% subsidiary of MML Partnership Capital VII SCSp acting by its general partner MML Partnership Capital VII GP S.a.r.l.