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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
10378647
2022-01-01
2022-12-31
10378647
2022-12-31
10378647
2021-12-31
10378647
2021-01-01
2021-12-31
10378647
2021-12-31
10378647
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-01-01
2022-12-31
10378647
bus:OrdinaryShareClass1
2022-01-01
2022-12-31
10378647
bus:OrdinaryShareClass2
2022-01-01
2022-12-31
10378647
bus:Director1
2022-01-01
2022-12-31
10378647
core:LandBuildings
2021-12-31
10378647
core:LandBuildings
2022-12-31
10378647
core:LandBuildings
2022-01-01
2022-12-31
10378647
core:WithinOneYear
2022-12-31
10378647
core:WithinOneYear
2021-12-31
10378647
core:AfterOneYear
2022-12-31
10378647
core:AfterOneYear
2021-12-31
10378647
core:ShareCapital
2022-12-31
10378647
core:ShareCapital
2021-12-31
10378647
core:SharePremium
2022-12-31
10378647
core:SharePremium
2021-12-31
10378647
core:RetainedEarningsAccumulatedLosses
2022-12-31
10378647
core:RetainedEarningsAccumulatedLosses
2021-12-31
10378647
core:BetweenOneFiveYears
2022-12-31
10378647
core:BetweenOneFiveYears
2021-12-31
10378647
core:MoreThanFiveYears
2021-12-31
10378647
core:LandBuildings
2021-12-31
10378647
bus:SmallEntities
2022-01-01
2022-12-31
10378647
bus:AuditExempt-NoAccountantsReport
2022-01-01
2022-12-31
10378647
bus:FullAccounts
2022-01-01
2022-12-31
10378647
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
10378647
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
10378647
bus:OrdinaryShareClass1
2022-12-31
10378647
bus:OrdinaryShareClass1
2021-12-31
10378647
bus:OrdinaryShareClass2
2022-12-31
10378647
bus:OrdinaryShareClass2
2021-12-31
10378647
bus:AllOrdinaryShares
2022-12-31
10378647
bus:AllOrdinaryShares
2021-12-31
10378647
core:ComputerEquipment
2022-01-01
2022-12-31
10378647
core:ComputerEquipment
2021-12-31
10378647
core:ComputerEquipment
2022-12-31
COMPANY REGISTRATION NUMBER:
10378647
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
31 December 2022
Fixed assets
Tangible assets |
5 |
|
74,215 |
|
40,069 |
|
|
|
|
|
|
Current assets
Stocks |
4,462 |
|
4,686 |
|
Debtors |
6 |
3,777,418 |
|
424,123 |
|
Cash at bank and in hand |
907,430 |
|
659,555 |
|
|
----------- |
|
----------- |
|
|
4,689,310 |
|
1,088,364 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
2,814,805) |
|
(
485,493) |
|
|
----------- |
|
----------- |
|
Net current assets |
|
1,874,505 |
|
602,871 |
|
|
----------- |
|
-------- |
Total assets less current liabilities |
|
1,948,720 |
|
642,940 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
(
129,230) |
|
(
177,663) |
|
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
10,059) |
|
(
4,561) |
|
|
----------- |
|
-------- |
Net assets |
|
1,809,431 |
|
460,716 |
|
|
----------- |
|
-------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
143 |
|
143 |
Share premium account |
|
659,957 |
|
659,957 |
Profit and loss account |
|
1,149,331 |
|
(
199,384) |
|
|
----------- |
|
-------- |
Shareholders funds |
|
1,809,431 |
|
460,716 |
|
|
----------- |
|
-------- |
|
|
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 December 2022 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) |
|
31 December 2022
These financial statements were approved by the
board of directors
and authorised for issue on
20 March 2023
, and are signed on behalf of the board by:
Company registration number:
10378647
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, HP18 0RA, England.
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
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Critical judgements in applying the Company's accounting policies The critical judgements that the directors have made in the progress of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment of assets, the directors have considered both internal and external sources of information such as market conditions, counterparty credit ratings and experience recoverability. There have been no indicators of impairments identified during the current financial year. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (ii) Estimating value in use Where an indication of impairment exists, the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value. (iii) Recoverability of receivables The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability, the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers. (iv) Determining residual values and useful economic lives of property, plant and equipment. The company depreciate tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
|
Fixtures and fittings |
- |
10% straight line |
|
Equipment |
- |
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
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
Basic financial assets, which include trade, other receivables and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade, other payables and a bank loan, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Research and development
Expenditure on research and development is written off as incurred.
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
284
(2021:
24
).
5.
Tangible assets
|
Land and buildings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2022 |
57,983 |
39,474 |
97,457 |
Additions |
162 |
51,198 |
51,360 |
|
------- |
------- |
-------- |
At 31 December 2022 |
58,145 |
90,672 |
148,817 |
|
------- |
------- |
-------- |
Depreciation |
|
|
|
At 1 January 2022 |
23,343 |
34,045 |
57,388 |
Charge for the year |
5,807 |
11,407 |
17,214 |
|
------- |
------- |
-------- |
At 31 December 2022 |
29,150 |
45,452 |
74,602 |
|
------- |
------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2022 |
28,995 |
45,220 |
74,215 |
|
------- |
------- |
-------- |
At 31 December 2021 |
34,640 |
5,429 |
40,069 |
|
------- |
------- |
-------- |
|
|
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
2,986,706 |
359,265 |
Other debtors |
790,712 |
64,858 |
|
----------- |
-------- |
|
3,777,418 |
424,123 |
|
----------- |
-------- |
|
|
|
Other debtors include £8,500 (2021: £8,500) due after more than one year.
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
48,948 |
46,423 |
Trade creditors |
249,785 |
109,260 |
Corporation tax |
299,642 |
– |
Social security and other taxes |
1,722,169 |
58,007 |
Other creditors |
494,261 |
271,803 |
|
----------- |
-------- |
|
2,814,805 |
485,493 |
|
----------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
129,230 |
177,663 |
|
-------- |
-------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2022 |
2021 |
|
No. |
£ |
No. |
£ |
A Ordinary shares of £ 0.01 each |
10,000 |
100 |
10,000 |
100 |
B Ordinary shares of £ 0.01 each |
4,286 |
43 |
4,286 |
43 |
|
------- |
---- |
------- |
---- |
|
14,286 |
143 |
14,286 |
143 |
|
------- |
---- |
------- |
---- |
|
|
|
|
|
10.
Operating leases and off balance sheet arrangements
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022 |
2021 |
|
£ |
£ |
Not later than 1 year |
17,500 |
17,000 |
Later than 1 year and not later than 5 years |
62,708 |
68,000 |
Later than 5 years |
– |
9,917 |
|
------- |
------- |
|
80,208 |
94,917 |
|
------- |
------- |
|
|
|
The lease relates to property.
11.
Directors' advances, credits and guarantees
During the year £4,921 was advanced to the directors of the company. The amount was repayable on demand with no interest charged. During the year £nil was repaid by the directors of the company. The amount owed by the directors at the year end was £4,921.