3
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2020-12-01
Sage Accounts Production Advanced 2021 - FRS102_2021
70,000
52,500
3,500
56,000
14,000
17,500
xbrli:pure
xbrli:shares
iso4217:GBP
05626174
2020-12-01
2021-11-30
05626174
2021-11-30
05626174
2020-11-30
05626174
2019-12-01
2020-11-30
05626174
2020-11-30
05626174
core:NetGoodwill
2020-12-01
2021-11-30
05626174
core:MotorVehicles
2020-12-01
2021-11-30
05626174
bus:Director2
2020-12-01
2021-11-30
05626174
core:NetGoodwill
2020-11-30
05626174
core:NetGoodwill
2021-11-30
05626174
core:MotorVehicles
2021-11-30
05626174
core:WithinOneYear
2021-11-30
05626174
core:WithinOneYear
2020-11-30
05626174
core:AfterOneYear
2021-11-30
05626174
core:AfterOneYear
2020-11-30
05626174
core:ShareCapital
2021-11-30
05626174
core:ShareCapital
2020-11-30
05626174
core:CapitalRedemptionReserve
2021-11-30
05626174
core:CapitalRedemptionReserve
2020-11-30
05626174
core:RetainedEarningsAccumulatedLosses
2021-11-30
05626174
core:RetainedEarningsAccumulatedLosses
2020-11-30
05626174
core:NetGoodwill
2020-11-30
05626174
bus:SmallEntities
2020-12-01
2021-11-30
05626174
bus:AuditExemptWithAccountantsReport
2020-12-01
2021-11-30
05626174
bus:FullAccounts
2020-12-01
2021-11-30
05626174
bus:SmallCompaniesRegimeForAccounts
2020-12-01
2021-11-30
05626174
bus:PrivateLimitedCompanyLtd
2020-12-01
2021-11-30
05626174
core:ComputerEquipment
2020-12-01
2021-11-30
05626174
core:ComputerEquipment
2020-11-30
05626174
core:ComputerEquipment
2021-11-30
COMPANY REGISTRATION NUMBER:
05626174
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
Year ended 30 November 2021
Notes to the financial statements
|
3
|
|
|
30 November 2021
FIXED ASSETS
Intangible assets
|
5
|
14,000
|
17,500
|
Tangible assets
|
6
|
18,165
|
163
|
|
--------
|
--------
|
|
32,165
|
17,663
|
|
|
|
|
CURRENT ASSETS
Debtors
|
7
|
99,690
|
85,350
|
Cash at bank and in hand
|
121,724
|
80,010
|
|
---------
|
---------
|
|
221,414
|
165,360
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
8
|
(
128,458)
|
(
83,085)
|
|
---------
|
---------
|
NET CURRENT ASSETS
|
92,956
|
82,275
|
|
---------
|
--------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
125,121
|
99,938
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
9
|
(
34,539)
|
(
30,500)
|
|
|
|
|
PROVISIONS
|
(
3,451)
|
–
|
|
---------
|
--------
|
NET ASSETS
|
87,131
|
69,438
|
|
---------
|
--------
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
55
|
55
|
Capital redemption reserve
|
45
|
45
|
Profit and loss account
|
87,031
|
69,338
|
|
--------
|
--------
|
SHAREHOLDERS FUNDS
|
87,131
|
69,438
|
|
--------
|
--------
|
|
|
|
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.
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
BALANCE SHEET (continued)
|
|
30 November 2021
These financial statements were approved by the
board of directors
and authorised for issue on
5 July 2022
, and are signed on behalf of the board by:
Company registration number:
05626174
NOTES TO THE FINANCIAL STATEMENTS
|
|
Year ended 30 November 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 Unit 18, Bsc Innovation Quarter, Hood Road, Docks, Barry, CF62 5QN.
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 and represents amounts receivable for timber frames supplied and installed, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
|
Goodwill
|
-
|
5% straight line
|
|
|
|
|
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:
|
Motor vehicles
|
-
|
20% reducing balance
|
|
Equipment
|
-
|
15% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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
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
3
(2020:
3
).
5.
INTANGIBLE ASSETS
|
Goodwill
|
|
£
|
Cost
|
|
At 1 December 2020 and 30 November 2021
|
70,000
|
|
--------
|
Amortisation
|
|
At 1 December 2020
|
52,500
|
Charge for the year
|
3,500
|
|
--------
|
At 30 November 2021
|
56,000
|
|
--------
|
Carrying amount
|
|
At 30 November 2021
|
14,000
|
|
--------
|
At 30 November 2020
|
17,500
|
|
--------
|
|
|
6.
TANGIBLE ASSETS
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 December 2020
|
–
|
3,820
|
3,820
|
Additions
|
21,955
|
525
|
22,480
|
|
--------
|
-------
|
--------
|
At 30 November 2021
|
21,955
|
4,345
|
26,300
|
|
--------
|
-------
|
--------
|
Depreciation
|
|
|
|
At 1 December 2020
|
–
|
3,657
|
3,657
|
Charge for the year
|
4,391
|
87
|
4,478
|
|
--------
|
-------
|
--------
|
At 30 November 2021
|
4,391
|
3,744
|
8,135
|
|
--------
|
-------
|
--------
|
Carrying amount
|
|
|
|
At 30 November 2021
|
17,564
|
601
|
18,165
|
|
--------
|
-------
|
--------
|
At 30 November 2020
|
–
|
163
|
163
|
|
--------
|
-------
|
--------
|
|
|
|
|
7.
DEBTORS
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
52,281
|
38,806
|
Other debtors
|
47,409
|
46,544
|
|
--------
|
--------
|
|
99,690
|
85,350
|
|
--------
|
--------
|
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
6,874
|
3,500
|
Trade creditors
|
97,871
|
63,526
|
Corporation tax
|
16,082
|
10,948
|
Social security and other taxes
|
720
|
2,611
|
Other creditors
|
6,911
|
2,500
|
|
---------
|
--------
|
|
128,458
|
83,085
|
|
---------
|
--------
|
|
|
|
The above includes balances amounting to £4,411 (2020 - £–) which are secured over certain assets.
9.
CREDITORS:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
24,630
|
30,500
|
Other creditors
|
9,909
|
–
|
|
--------
|
--------
|
|
34,539
|
30,500
|
|
--------
|
--------
|
|
|
|
The above includes balances amounting to £9,909 (2020 - £-) which are secured over certain assets.
10.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within debtors are balances of £28,793 (2020 - £42,766) due from directors. These balances are interest free and repayable on demand. The following transactions took place between the directors and the company during the year:
|
|
Director 1 |
Director 2 |
|
|
£ |
£ |
|
|
|
|
Opening balance |
|
21,138 |
21,628 |
Dividends |
|
(30,000) |
(30,000) |
Drawings |
|
27,224 |
18,803 |
Closing balance |
|
18,362 |
10,431 |
|
|
|
|