11
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
788,995
640,350
78,895
719,245
69,750
148,645
38,150
38,150
636
636
37,514
xbrli:pure
xbrli:shares
iso4217:GBP
06525525
2022-05-01
2023-04-30
06525525
2023-04-30
06525525
2022-04-30
06525525
2021-05-01
2022-04-30
06525525
2022-04-30
06525525
2021-04-30
06525525
core:NetGoodwill
2022-05-01
2023-04-30
06525525
bus:OrdinaryShareClass1
2022-05-01
2023-04-30
06525525
bus:OrdinaryShareClass2
2022-05-01
2023-04-30
06525525
bus:OrdinaryShareClass3
2022-05-01
2023-04-30
06525525
bus:OrdinaryShareClass4
2022-05-01
2023-04-30
06525525
bus:OrdinaryShareClass5
2022-05-01
2023-04-30
06525525
bus:Director5
2022-05-01
2023-04-30
06525525
core:NetGoodwill
2022-04-30
06525525
core:NetGoodwill
2023-04-30
06525525
core:WithinOneYear
2023-04-30
06525525
core:WithinOneYear
2022-04-30
06525525
core:AfterOneYear
2023-04-30
06525525
core:AfterOneYear
2022-04-30
06525525
core:ShareCapital
2023-04-30
06525525
core:ShareCapital
2022-04-30
06525525
core:RetainedEarningsAccumulatedLosses
2023-04-30
06525525
core:RetainedEarningsAccumulatedLosses
2022-04-30
06525525
core:NetGoodwill
2022-04-30
06525525
bus:SmallEntities
2022-05-01
2023-04-30
06525525
bus:AuditExempt-NoAccountantsReport
2022-05-01
2023-04-30
06525525
bus:SmallCompaniesRegimeForAccounts
2022-05-01
2023-04-30
06525525
bus:PrivateLimitedCompanyLtd
2022-05-01
2023-04-30
06525525
bus:FullAccounts
2022-05-01
2023-04-30
06525525
bus:OrdinaryShareClass1
2023-04-30
06525525
bus:OrdinaryShareClass1
2022-04-30
06525525
bus:OrdinaryShareClass2
2023-04-30
06525525
bus:OrdinaryShareClass2
2022-04-30
06525525
bus:OrdinaryShareClass3
2023-04-30
06525525
bus:OrdinaryShareClass3
2022-04-30
06525525
bus:OrdinaryShareClass4
2023-04-30
06525525
bus:OrdinaryShareClass4
2022-04-30
06525525
bus:OrdinaryShareClass5
2023-04-30
06525525
bus:AllOrdinaryShares
2023-04-30
06525525
bus:AllOrdinaryShares
2022-04-30
06525525
core:ComputerEquipment
2022-05-01
2023-04-30
06525525
core:ComputerEquipment
2023-04-30
COMPANY REGISTRATION NUMBER:
06525525
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
30 April 2023
FIXED ASSETS
Intangible assets |
5 |
|
69,750 |
|
148,645 |
Tangible assets |
6 |
|
37,514 |
|
– |
|
|
---------- |
|
---------- |
|
|
107,264 |
|
148,645 |
|
|
|
|
|
|
CURRENT ASSETS
Debtors |
7 |
759,463 |
|
575,497 |
|
Cash at bank and in hand |
1,159 |
|
6,005 |
|
|
---------- |
|
---------- |
|
|
760,622 |
|
581,502 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
294,986 |
|
272,056 |
|
|
---------- |
|
---------- |
|
NET CURRENT ASSETS |
|
465,636 |
|
309,446 |
|
|
---------- |
|
---------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
572,900 |
|
458,091 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
|
39,233 |
|
30,833 |
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax |
|
7,128 |
|
– |
|
|
---------- |
|
---------- |
NET ASSETS |
|
526,539 |
|
427,258 |
|
|
---------- |
|
---------- |
|
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
30 April 2023
CAPITAL AND RESERVES
Called up share capital |
10 |
|
48 |
|
4 |
Profit and loss account |
|
526,491 |
|
427,254 |
|
|
---------- |
|
---------- |
SHAREHOLDERS FUNDS |
|
526,539 |
|
427,258 |
|
|
---------- |
|
---------- |
|
|
|
|
|
|
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 statement of comprehensive income has not been delivered.
For the year ending 30 April 2023 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 January 2024
, and are signed on behalf of the board by:
Company registration number:
06525525
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 APRIL 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 Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover includes not only chargeable time and disbursements invoiced during the period but also recoverable unbilled time at the year end valued at normal rates, (Accrued income).
Current tax
The taxation expense represents the aggregate amount of current 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.
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 |
- |
10% 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:
|
Computer equipment |
- |
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.
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 receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. 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 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
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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
11
(2022:
10
).
5.
INTANGIBLE ASSETS
|
Goodwill |
|
£ |
Cost |
|
At 1 May 2022 and 30 April 2023 |
788,995 |
|
---------- |
Amortisation |
|
At 1 May 2022 |
640,350 |
Charge for the year |
78,895 |
|
---------- |
At 30 April 2023 |
719,245 |
|
---------- |
Carrying amount |
|
At 30 April 2023 |
69,750 |
|
---------- |
At 30 April 2022 |
148,645 |
|
---------- |
|
|
6.
TANGIBLE ASSETS
|
Computer equipment |
Total |
|
£ |
£ |
Cost |
|
|
At 1 May 2022 |
– |
– |
Additions |
38,150 |
38,150 |
|
--------- |
--------- |
At 30 April 2023 |
38,150 |
38,150 |
|
--------- |
--------- |
Depreciation |
|
|
At 1 May 2022 |
– |
– |
Charge for the year |
636 |
636 |
|
--------- |
--------- |
At 30 April 2023 |
636 |
636 |
|
--------- |
--------- |
Carrying amount |
|
|
At 30 April 2023 |
37,514 |
37,514 |
|
--------- |
--------- |
At 30 April 2022 |
– |
– |
|
--------- |
--------- |
|
|
|
7.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
421,480 |
337,050 |
Other debtors |
337,983 |
238,447 |
|
---------- |
---------- |
|
759,463 |
575,497 |
|
---------- |
---------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
14,740 |
4,009 |
Corporation tax |
61,100 |
34,453 |
Social security and other taxes |
142,851 |
143,090 |
Other creditors |
66,295 |
80,504 |
|
---------- |
---------- |
|
294,986 |
272,056 |
|
---------- |
---------- |
|
|
|
9.
CREDITORS:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
20,833 |
30,833 |
Other creditors |
18,400 |
– |
|
--------- |
--------- |
|
39,233 |
30,833 |
|
--------- |
--------- |
|
|
|
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary 'A' shares of £ 1 each |
4 |
4 |
1 |
1 |
Ordinary 'B' shares of £ 1 each |
12 |
12 |
1 |
1 |
Ordinary 'C' shares of £ 1 each |
12 |
12 |
1 |
1 |
Ordinary 'D' shares of £ 1 each |
12 |
12 |
1 |
1 |
Ordinary 'E' shares of £ 1 each |
4 |
4 |
– |
– |
Ordinary 'F' shares of £1 each |
4 |
4 |
– |
– |
|
---- |
---- |
---- |
---- |
|
48 |
48 |
4 |
4 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
On 21 February 2023 the company made a bonus issue of 11 ordinary £1 shares for every £1 share held as at 20 February 2023. On 4 April 2023 the company's existing Ordinary 'A' £1 shares were divided into 4 'A' Ordinary shares of £1 each, 4 'E' Ordinary shares of £1 each and 4 'F' Ordinary shares of £1 each. All ordinary shares rank pari passu with respect to all rights except for dividends where the directors may pay interim dividends at variable rates on the different classes of shares, and the company, on the recommendation of the directors may declare dividends at variable rates on the different classes of shares.
11.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had unsecured loans with the company. Interest at a commercial rate was paid on outstanding credit balances held throughout the year.