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false
false
false
false
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false
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true
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No description of principal activity
2019-10-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
06706796
2019-10-01
2020-09-30
06706796
2020-09-30
06706796
2019-09-30
06706796
2018-10-01
2019-09-30
06706796
2019-09-30
06706796
core:LandBuildings
core:LongLeaseholdAssets
2019-10-01
2020-09-30
06706796
core:MotorVehicles
2019-10-01
2020-09-30
06706796
bus:Director1
2019-10-01
2020-09-30
06706796
core:LandBuildings
2019-09-30
06706796
core:MotorVehicles
2019-09-30
06706796
core:LandBuildings
2020-09-30
06706796
core:MotorVehicles
2020-09-30
06706796
core:LandBuildings
2019-10-01
2020-09-30
06706796
core:WithinOneYear
2020-09-30
06706796
core:WithinOneYear
2019-09-30
06706796
core:AfterOneYear
2020-09-30
06706796
core:AfterOneYear
2019-09-30
06706796
core:ShareCapital
2020-09-30
06706796
core:ShareCapital
2019-09-30
06706796
core:RetainedEarningsAccumulatedLosses
2020-09-30
06706796
core:RetainedEarningsAccumulatedLosses
2019-09-30
06706796
core:LandBuildings
2019-09-30
06706796
core:MotorVehicles
2019-09-30
06706796
bus:SmallEntities
2019-10-01
2020-09-30
06706796
bus:AuditExemptWithAccountantsReport
2019-10-01
2020-09-30
06706796
bus:FullAccounts
2019-10-01
2020-09-30
06706796
bus:SmallCompaniesRegimeForAccounts
2019-10-01
2020-09-30
06706796
bus:PrivateLimitedCompanyLtd
2019-10-01
2020-09-30
06706796
core:OfficeEquipment
2019-10-01
2020-09-30
06706796
core:OfficeEquipment
2019-09-30
06706796
core:OfficeEquipment
2020-09-30
06706796
core:AfterOneYear
2019-10-01
2020-09-30
06706796
core:RetainedEarningsAccumulatedLosses
2019-10-01
2020-09-30
COMPANY REGISTRATION NUMBER:
06706796
Filleted Unaudited Financial Statements
|
|
30 September 2020
Fixed assets
Tangible assets
|
6
|
|
297,639
|
310,761
|
|
|
|
|
|
Current assets
Debtors
|
7
|
505,394
|
|
406,564
|
Cash at bank and in hand
|
316,258
|
|
439,153
|
|
---------
|
|
---------
|
|
821,652
|
|
845,717
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
308,354
|
|
250,710
|
|
---------
|
|
---------
|
Net current assets
|
|
513,298
|
595,007
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
810,937
|
905,768
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
8,237
|
39,417
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
54,200
|
49,460
|
|
|
---------
|
---------
|
Net assets
|
|
748,500
|
816,891
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
10
|
|
748,400
|
816,791
|
|
|
---------
|
---------
|
Shareholders funds
|
|
748,500
|
816,891
|
|
|
---------
|
---------
|
|
|
|
|
|
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 income and retained earnings (including profit and loss account) has not been delivered.
For the year ending 30 September 2020 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 September 2020
These financial statements were approved by the
board of directors
and authorised for issue on
21 January 2021
, and are signed on behalf of the board by:
Company registration number:
06706796
Notes to the Financial Statements
|
|
Year ended 30 September 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ.
2.
Statement of compliance
These individual financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
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 the total amount receivable by the company for goods supplied and services rendered, excluding VAT.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Leasehold property
|
-
|
4% straight line
|
|
Motor Vehicles
|
-
|
20% reducing balance
|
|
Equipment
|
-
|
15% 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.
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 statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2019:
6
).
5.
Charges
A fixed and floating charge is held by Barclays Security Trustee Limited covering all property or undertaking of the company.
6.
Tangible assets
|
Land and buildings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 October 2019
|
10,020
|
379,992
|
18,108
|
408,120
|
Additions
|
–
|
69,000
|
862
|
69,862
|
Disposals
|
–
|
(
20,750)
|
–
|
(
20,750)
|
|
--------
|
---------
|
--------
|
---------
|
At 30 September 2020
|
10,020
|
428,242
|
18,970
|
457,232
|
|
--------
|
---------
|
--------
|
---------
|
Depreciation
|
|
|
|
|
At 1 October 2019
|
1,838
|
88,800
|
6,721
|
97,359
|
Charge for the year
|
401
|
69,425
|
1,708
|
71,534
|
Disposals
|
–
|
(
9,300)
|
–
|
(
9,300)
|
|
--------
|
---------
|
--------
|
---------
|
At 30 September 2020
|
2,239
|
148,925
|
8,429
|
159,593
|
|
--------
|
---------
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
At 30 September 2020
|
7,781
|
279,317
|
10,541
|
297,639
|
|
--------
|
---------
|
--------
|
---------
|
At 30 September 2019
|
8,182
|
291,192
|
11,387
|
310,761
|
|
--------
|
---------
|
--------
|
---------
|
|
|
|
|
|
7.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
282,147
|
142,937
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
208,487
|
258,504
|
Other debtors
|
14,760
|
5,123
|
|
---------
|
---------
|
|
505,394
|
406,564
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
39,775
|
10,424
|
Corporation tax
|
76,108
|
50,524
|
Social security and other taxes
|
144,858
|
131,216
|
Other creditors
|
47,613
|
58,546
|
|
---------
|
---------
|
|
308,354
|
250,710
|
|
---------
|
---------
|
|
|
|
Included within Other creditors due within one year is a balance of £31,179 (2019: £39,875) relating to assets held under hire purchase contracts. This balance is secured on the asset the debt was used to purchase.
9.
Creditors:
amounts falling due after more than one year
|
2020
|
2019
|
|
£
|
£
|
Other creditors
|
8,237
|
39,417
|
|
-------
|
--------
|
|
|
|
Included within Other creditors due in more than one year is a balance of £8,237 (2019: £39,417) relating to assets held under hire purchase contracts. This balance is secured on the asset the debt was used to purchase.
10.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11.
Related party transactions
The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the group that are wholly owned. No related party transactions were undertaken during this or the previous reporting period which requires disclosure under FRS 102 Section 1A.
12.
Controlling party
The company is a 100% subsidiary of
Casp Holdings Limited
, a company registered in England.