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No description of principal activity
2016-10-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
05921944
2016-10-01
2017-09-30
05921944
2017-09-30
05921944
2016-09-30
05921944
2015-10-01
2016-09-30
05921944
2016-09-30
05921944
core:NetGoodwill
2016-10-01
2017-09-30
05921944
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-10-01
2017-09-30
05921944
core:PlantMachinery
2016-10-01
2017-09-30
05921944
core:MotorVehicles
2016-10-01
2017-09-30
05921944
bus:Director1
2016-10-01
2017-09-30
05921944
core:WithinOneYear
2017-09-30
05921944
core:WithinOneYear
2016-09-30
05921944
core:AfterOneYear
2017-09-30
05921944
core:AfterOneYear
2016-09-30
05921944
core:ShareCapital
2017-09-30
05921944
core:ShareCapital
2016-09-30
05921944
core:SharePremium
2017-09-30
05921944
core:SharePremium
2016-09-30
05921944
core:RetainedEarningsAccumulatedLosses
2017-09-30
05921944
core:RetainedEarningsAccumulatedLosses
2016-09-30
05921944
bus:SmallEntities
2016-10-01
2017-09-30
05921944
bus:AuditExemptWithAccountantsReport
2016-10-01
2017-09-30
05921944
bus:AbridgedAccounts
2016-10-01
2017-09-30
05921944
bus:SmallCompaniesRegimeForAccounts
2016-10-01
2017-09-30
05921944
bus:PrivateLimitedCompanyLtd
2016-10-01
2017-09-30
05921944
core:OfficeEquipment
2016-10-01
2017-09-30
COMPANY REGISTRATION NUMBER:
05921944
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
|
|
ABRIDGED FINANCIAL STATEMENTS
|
|
YEAR ENDED 30 SEPTEMBER 2017
Abridged statement of financial position
|
1
|
|
|
Notes to the abridged financial statements
|
3
|
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION
|
|
30 September 2017
Fixed assets
Tangible assets
|
6
|
|
69,767
|
211,967
|
|
|
|
|
|
Current assets
Stocks
|
20,477
|
|
22,438
|
Debtors
|
316,101
|
|
132,444
|
Cash at bank and in hand
|
16,402
|
|
112,823
|
|
----------
|
|
----------
|
|
352,980
|
|
267,705
|
|
|
|
|
Creditors: amounts falling due within one year
|
284,570
|
|
307,523
|
|
----------
|
|
----------
|
Net current assets/(liabilities)
|
|
68,410
|
(
39,818)
|
|
|
----------
|
----------
|
Total assets less current liabilities
|
|
138,177
|
172,149
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
23,294
|
41,552
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
13,135
|
17,866
|
|
|
----------
|
----------
|
Net assets
|
|
101,748
|
112,731
|
|
|
----------
|
----------
|
|
|
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
|
|
30 September 2017
Capital and reserves
Called up share capital
|
|
100
|
100
|
Share premium account
|
|
407
|
407
|
Profit and loss account
|
|
101,241
|
112,224
|
|
|
----------
|
----------
|
Shareholders funds
|
|
101,748
|
112,731
|
|
|
----------
|
----------
|
|
|
|
|
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 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 comprehensive income has not been delivered.
For the year ending 30 September 2017 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 comprehensive income and the abridged statement of financial position for the year ending 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
26 June 2018
, and are signed on behalf of the board by:
Company registration number:
05921944
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
|
|
YEAR ENDED 30 SEPTEMBER 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, Lincolnshire, LN1 1XW.
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 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.
All members have consented to the abridgements of these financial statements in accordance with Section 444(2A) of the Companies Act 2006
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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
|
-
|
20% 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:
|
Land & Buildings
|
-
|
2% straight line
|
|
Plant and Equipment
|
-
|
20% reducing balance
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
Office Equipment
|
-
|
33% reducing balance
|
|
|
|
|
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 valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position 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.
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 abridged statement of financial position 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2016:
10
).
5.
Intangible assets
|
£
|
Cost
|
|
At 1 October 2016 and 30 September 2017
|
15,000
|
|
---------
|
Amortisation
|
|
At 1 October 2016 and 30 September 2017
|
15,000
|
|
---------
|
Carrying amount
|
|
At 30 September 2017
|
–
|
|
---------
|
At 30 September 2016
|
–
|
|
---------
|
|
|
6.
Tangible assets
|
£
|
Cost
|
|
At 1 October 2016
|
262,177
|
Disposals
|
(
118,342)
|
|
----------
|
At 30 September 2017
|
143,835
|
|
----------
|
Depreciation
|
|
At 1 October 2016
|
50,210
|
Charge for the year
|
24,264
|
Disposals
|
(
406)
|
|
----------
|
At 30 September 2017
|
74,068
|
|
----------
|
Carrying amount
|
|
At 30 September 2017
|
69,767
|
|
----------
|
At 30 September 2016
|
211,967
|
|
----------
|
|
|
7.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.