11
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2019-09-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
07755465
2019-09-01
2021-01-31
07755465
2021-01-31
07755465
2019-08-31
07755465
2018-09-01
2019-08-31
07755465
2019-08-31
07755465
core:PlantMachinery
2019-09-01
2021-01-31
07755465
core:FurnitureFittings
2019-09-01
2021-01-31
07755465
core:MotorVehicles
2019-09-01
2021-01-31
07755465
bus:OrdinaryShareClass1
2019-09-01
2021-01-31
07755465
bus:OrdinaryShareClass2
2019-09-01
2021-01-31
07755465
bus:Director1
2019-09-01
2021-01-31
07755465
core:PlantMachinery
2019-08-31
07755465
core:FurnitureFittings
2019-08-31
07755465
core:PlantMachinery
2021-01-31
07755465
core:FurnitureFittings
2021-01-31
07755465
core:AfterOneYear
2021-01-31
07755465
core:AfterOneYear
2019-08-31
07755465
core:WithinOneYear
2021-01-31
07755465
core:WithinOneYear
2019-08-31
07755465
bus:OrdinaryShareClass1
2018-09-01
2019-08-31
07755465
core:ShareCapital
2021-01-31
07755465
core:ShareCapital
2019-08-31
07755465
core:RetainedEarningsAccumulatedLosses
2021-01-31
07755465
core:RetainedEarningsAccumulatedLosses
2019-08-31
07755465
core:BetweenOneFiveYears
2021-01-31
07755465
core:BetweenOneFiveYears
2019-08-31
07755465
core:AcceleratedTaxDepreciationDeferredTax
2021-01-31
07755465
core:AcceleratedTaxDepreciationDeferredTax
2019-08-31
07755465
core:PlantMachinery
2019-08-31
07755465
core:FurnitureFittings
2019-08-31
07755465
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2021-01-31
07755465
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2019-08-31
07755465
bus:SmallEntities
2019-09-01
2021-01-31
07755465
bus:AuditExempt-NoAccountantsReport
2019-09-01
2021-01-31
07755465
bus:FullAccounts
2019-09-01
2021-01-31
07755465
bus:SmallCompaniesRegimeForAccounts
2019-09-01
2021-01-31
07755465
bus:PrivateLimitedCompanyLtd
2019-09-01
2021-01-31
07755465
bus:OrdinaryShareClass1
2021-01-31
07755465
bus:OrdinaryShareClass1
2019-08-31
07755465
bus:OrdinaryShareClass2
2021-01-31
07755465
bus:OrdinaryShareClass2
2019-08-31
07755465
bus:AllOrdinaryShares
2021-01-31
07755465
bus:AllOrdinaryShares
2019-08-31
07755465
core:RetainedEarningsAccumulatedLosses
2019-09-01
2021-01-31
COMPANY REGISTRATION NUMBER:
07755465
Filleted Unaudited Accounts
|
|
Statement of Financial Position
|
|
31 January 2021
|
31 Jan 21
|
31 Aug 19
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
6
|
|
26,689
|
98,044
|
|
|
|
|
|
Current assets
Debtors
|
7
|
33,976
|
|
38,574
|
Cash at bank and in hand
|
329,635
|
|
343,595
|
|
---------
|
|
---------
|
|
363,611
|
|
382,169
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
(
101,046)
|
|
(
249,598)
|
|
---------
|
|
---------
|
Net current assets
|
|
262,565
|
132,571
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
289,254
|
230,615
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
(
257,876)
|
(
36,450)
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
(
5,071)
|
(
18,146)
|
|
|
---------
|
---------
|
Net assets
|
|
26,307
|
176,019
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
11
|
|
2
|
2
|
Profit and loss account
|
12
|
|
26,305
|
176,017
|
|
|
--------
|
---------
|
Shareholders funds
|
|
26,307
|
176,019
|
|
|
--------
|
---------
|
|
|
|
|
|
These accounts 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 has not been delivered.
For the period ending 31 January 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 accounts for the period 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 accounts
.
Statement of Financial Position (continued)
|
|
31 January 2021
These accounts were approved by the
board of directors
and authorised for issue on
27 April 2021
, and are signed on behalf of the board by:
Company registration number:
07755465
Period from 1 September 2019 to 31 January 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 7 Everik Business Centre, Prospect Way, Hutton, Brentwood, Essex, CM13 1XG.
2.
Statement of compliance
These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have reviewed the trading position of the company, in light of the risks and uncertainties created by the global Covid-19 pandemic, to establish whether the business can continue as a going concern for the foreseeable future. The directors acknowledge that most trading activities have had to be curtailed as a direct result of the Government imposed restrictions, but do foresee a position whereby the company will be able to recover and commence trading again once these restrictions are lifted. The company has a strong balance sheet with cash reserves sufficient to allow it to meet all essential liabilities, as they fall due, whilst taking advantage of Government assistance where needed. In view of this the Directors do consider the company to be a going concern and the accounts are prepared on this basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, 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. Revenues from 'event' services rendered are recognised in the period in which the event occurs, unless a right to consideration has been established for costs incurred and re-charged prior to the event.
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.
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.
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:
|
Plant and equipment
|
-
|
33% straight line
|
|
Furniture, fixtures and Office equipment
|
-
|
25% straight line
|
|
Motor Vehicles
|
-
|
25% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the 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.
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.
Financial instruments
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.
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
11
(2019:
14
).
5.
Dividends
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period):
|
31 Jan 21
|
31 Aug 19
|
|
£
|
£
|
Dividends on equity shares
|
100,000
|
220,000
|
|
---------
|
---------
|
|
|
|
6.
Tangible assets
|
Plant and equipment
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 September 2019
|
329,199
|
3,942
|
333,141
|
Additions
|
14,469
|
2,269
|
16,738
|
|
---------
|
-------
|
---------
|
At 31 January 2021
|
343,668
|
6,211
|
349,879
|
|
---------
|
-------
|
---------
|
Depreciation
|
|
|
|
At 1 September 2019
|
231,821
|
3,276
|
235,097
|
Charge for the period
|
86,956
|
1,137
|
88,093
|
|
---------
|
-------
|
---------
|
At 31 January 2021
|
318,777
|
4,413
|
323,190
|
|
---------
|
-------
|
---------
|
Carrying amount
|
|
|
|
At 31 January 2021
|
24,891
|
1,798
|
26,689
|
|
---------
|
-------
|
---------
|
At 31 August 2019
|
97,378
|
666
|
98,044
|
|
---------
|
-------
|
---------
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and equipment
|
|
£
|
At 31 January 2021
|
7,107
|
|
-------
|
At 31 August 2019
|
23,704
|
|
--------
|
|
|
7.
Debtors
|
31 Jan 21
|
31 Aug 19
|
|
£
|
£
|
Trade debtors
|
162
|
9,144
|
Other debtors
|
33,814
|
29,430
|
|
--------
|
--------
|
|
33,976
|
38,574
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
31 Jan 21
|
31 Aug 19
|
|
£
|
£
|
Trade creditors
|
12,640
|
18,915
|
Corporation tax
|
1,951
|
42,344
|
Social security and other taxes
|
40,806
|
82,772
|
Other creditors
|
45,649
|
105,567
|
|
---------
|
---------
|
|
101,046
|
249,598
|
|
---------
|
---------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
31 Jan 21
|
31 Aug 19
|
|
£
|
£
|
Bank loans and overdrafts
|
250,000
|
–
|
Other creditors
|
7,876
|
36,450
|
|
---------
|
--------
|
|
257,876
|
36,450
|
|
---------
|
--------
|
|
|
|
The above bank loan is held with Metro Bank and is repayable by instalments over 5 years from October 2021 at an interest rate of 4.75% above base rate.
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
31 Jan 21
|
31 Aug 19
|
|
£
|
£
|
Included in provisions
|
5,071
|
18,146
|
|
-------
|
--------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
31 Jan 21
|
31 Aug 19
|
|
£
|
£
|
Accelerated capital allowances
|
5,071
|
18,146
|
|
-------
|
--------
|
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
31 Jan 21
|
31 Aug 19
|
|
No.
|
£
|
No.
|
£
|
Ordinary A shares of £ 0.01 each
|
100
|
1
|
100
|
1
|
Ordinary B shares of £ 0.01 each
|
100
|
1
|
100
|
1
|
|
----
|
----
|
----
|
----
|
|
200
|
2
|
200
|
2
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
12.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
13.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
31 Jan 21
|
31 Aug 19
|
|
£
|
£
|
Not later than 1 year
|
14,500
|
14,500
|
Later than 1 year and not later than 5 years
|
12,083
|
3,625
|
|
--------
|
--------
|
|
26,583
|
18,125
|
|
--------
|
--------
|
|
|
|
14.
Directors' advances, credits and guarantees
Throughout the period the directors provided the company with a short term advance. At the balance sheet date the company was indebted to the directors for an amount of £8,639 (2019: £6,840). There is no interest charged and the debts are considered repayable on demand.
15.
Related party transactions
The company was under the control of the directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 1A.