77
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2019-10-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
08711244
2019-10-01
2020-09-30
08711244
2020-09-30
08711244
2019-09-30
08711244
2018-10-01
2019-09-30
08711244
2019-09-30
08711244
bus:Director2
2019-10-01
2020-09-30
08711244
core:WithinOneYear
2020-09-30
08711244
core:WithinOneYear
2019-09-30
08711244
core:LandBuildings
2019-09-30
08711244
core:PlantMachinery
2019-09-30
08711244
core:FurnitureFittings
2019-09-30
08711244
core:MotorVehicles
2019-09-30
08711244
core:LandBuildings
2020-09-30
08711244
core:PlantMachinery
2020-09-30
08711244
core:FurnitureFittings
2020-09-30
08711244
core:MotorVehicles
2020-09-30
08711244
core:LandBuildings
2019-10-01
2020-09-30
08711244
core:PlantMachinery
2019-10-01
2020-09-30
08711244
core:FurnitureFittings
2019-10-01
2020-09-30
08711244
core:MotorVehicles
2019-10-01
2020-09-30
08711244
core:AfterOneYear
2020-09-30
08711244
core:AfterOneYear
2019-09-30
08711244
core:ShareCapital
2020-09-30
08711244
core:ShareCapital
2019-09-30
08711244
core:RetainedEarningsAccumulatedLosses
2020-09-30
08711244
core:RetainedEarningsAccumulatedLosses
2019-09-30
08711244
core:LandBuildings
2019-09-30
08711244
core:PlantMachinery
2019-09-30
08711244
core:FurnitureFittings
2019-09-30
08711244
core:MotorVehicles
2019-09-30
08711244
bus:SmallEntities
2019-10-01
2020-09-30
08711244
bus:AuditExemptWithAccountantsReport
2019-10-01
2020-09-30
08711244
bus:FullAccounts
2019-10-01
2020-09-30
08711244
bus:SmallCompaniesRegimeForAccounts
2019-10-01
2020-09-30
08711244
bus:PrivateLimitedCompanyLtd
2019-10-01
2020-09-30
08711244
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-10-01
2020-09-30
08711244
core:OfficeEquipment
2019-09-30
08711244
core:OfficeEquipment
2019-10-01
2020-09-30
08711244
core:OfficeEquipment
2020-09-30
08711244
core:AfterOneYear
2019-10-01
2020-09-30
COMPANY REGISTRATION NUMBER:
08711244
Filleted Unaudited Financial Statements
|
|
30 September 2020
Fixed assets
Tangible assets
|
5
|
|
1,024,496
|
642,675
|
|
|
|
|
|
Current assets
Debtors
|
6
|
426,528
|
|
270,145
|
Cash at bank and in hand
|
2,141,808
|
|
1,420,764
|
|
------------
|
|
------------
|
|
2,568,336
|
|
1,690,909
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
1,101,098)
|
|
(
848,579)
|
|
------------
|
|
------------
|
Net current assets
|
|
1,467,238
|
842,330
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
2,491,734
|
1,485,005
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
(
12,252)
|
(
62,664)
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
(
194,654)
|
(
122,100)
|
|
|
------------
|
------------
|
Net assets
|
|
2,284,828
|
1,300,241
|
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
2,284,728
|
1,300,141
|
|
|
------------
|
------------
|
Shareholders funds
|
|
2,284,828
|
1,300,241
|
|
|
------------
|
------------
|
|
|
|
|
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
31 March 2021
, and are signed on behalf of the board by:
Mr J M Patterson
|
Director
|
|
Company registration number:
08711244
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 7 Common Lane, North Runcton, Kings Lynn, Norfolk, PE33 ORD.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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. 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.
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:
|
Portakabins
|
-
|
15% p.a. reducing balance basis
|
|
Plant & Machinery
|
-
|
15% p.a. reducing balance basis
|
|
Fixtures & Fittings
|
-
|
15% p.a. reducing balance basis
|
|
Motor Vehicles
|
-
|
15% p.a. reducing balance basis
|
|
Equipment
|
-
|
15% p.a. reducing balance basis
|
|
|
|
|
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 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
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. 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
77
(2019:
70
).
5.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
|
At 1 Oct 2019
|
8,635
|
19,174
|
951
|
905,015
|
2,908
|
936,683
|
Additions
|
–
|
6,980
|
–
|
498,179
|
1,024
|
506,183
|
Disposals
|
–
|
–
|
–
|
(
34,660)
|
–
|
(
34,660)
|
|
-------
|
--------
|
----
|
------------
|
-------
|
------------
|
At 30 Sep 2020
|
8,635
|
26,154
|
951
|
1,368,534
|
3,932
|
1,408,206
|
|
-------
|
--------
|
----
|
------------
|
-------
|
------------
|
Depreciation
|
|
|
|
|
|
|
At 1 Oct 2019
|
4,690
|
4,425
|
320
|
284,170
|
403
|
294,008
|
Charge for the year
|
592
|
2,987
|
94
|
88,511
|
438
|
92,622
|
Disposals
|
–
|
–
|
–
|
(
2,920)
|
–
|
(
2,920)
|
|
-------
|
--------
|
----
|
------------
|
-------
|
------------
|
At 30 Sep 2020
|
5,282
|
7,412
|
414
|
369,761
|
841
|
383,710
|
|
-------
|
--------
|
----
|
------------
|
-------
|
------------
|
Carrying amount
|
|
|
|
|
|
|
At 30 Sep 2020
|
3,353
|
18,742
|
537
|
998,773
|
3,091
|
1,024,496
|
|
-------
|
--------
|
----
|
------------
|
-------
|
------------
|
At 30 Sep 2019
|
3,945
|
14,749
|
631
|
620,845
|
2,505
|
642,675
|
|
-------
|
--------
|
----
|
------------
|
-------
|
------------
|
|
|
|
|
|
|
|
6.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
88,305
|
21,994
|
Other debtors
|
338,223
|
248,151
|
|
---------
|
---------
|
|
426,528
|
270,145
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
670,679
|
99,919
|
Accruals and deferred income
|
129,319
|
140,026
|
Corporation tax
|
174,080
|
178,940
|
Social security and other taxes
|
32,496
|
41,286
|
Obligations under finance leases and hire purchase contracts
|
52,550
|
57,851
|
Director loan accounts
|
–
|
292,638
|
Other creditors
|
41,974
|
37,919
|
|
------------
|
---------
|
|
1,101,098
|
848,579
|
|
------------
|
---------
|
|
|
|
Creditors relating to hire purchase agreements are secured on the assets to which they relate.
8.
Creditors:
amounts falling due after more than one year
|
2020
|
2019
|
|
£
|
£
|
Other creditors
|
12,252
|
62,664
|
|
--------
|
--------
|
|
|
|
Included in Creditors due after more than one year is £12,252 (2019: £62,664) relating to hire purchase agreements that are secured on the assets to which they relate.
9.
Other financial commitments
Operating lease commitments not included in the balance sheet amount to £80,204 (2019: £98,204).
10.
Related party transactions
There were net transactions with the directors amounting to £282,998 (2019: £43,000) leaving a balance owed by the company at the balance sheet date of £Nil (2019: £282,998). There are no further transactions which require disclosure under FRS102 Section 1A.