18
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2019-03-01
Sage Accounts Production Advanced 2020 - FRS102_2019
24,798
52,709
77,507
2,323
6,328
8,651
68,856
22,475
xbrli:pure
xbrli:shares
iso4217:GBP
11212846
2019-03-01
2020-02-29
11212846
2020-02-29
11212846
2019-02-28
11212846
2018-02-19
2019-02-28
11212846
2019-02-28
11212846
bus:Director1
2019-03-01
2020-02-29
11212846
core:WithinOneYear
2020-02-29
11212846
core:WithinOneYear
2019-02-28
11212846
core:AfterOneYear
2020-02-29
11212846
core:ShareCapital
2020-02-29
11212846
core:ShareCapital
2019-02-28
11212846
core:RetainedEarningsAccumulatedLosses
2020-02-29
11212846
core:RetainedEarningsAccumulatedLosses
2019-02-28
11212846
bus:SmallEntities
2019-03-01
2020-02-29
11212846
bus:AuditExemptWithAccountantsReport
2019-03-01
2020-02-29
11212846
bus:FullAccounts
2019-03-01
2020-02-29
11212846
bus:SmallCompaniesRegimeForAccounts
2019-03-01
2020-02-29
11212846
bus:PrivateLimitedCompanyLtd
2019-03-01
2020-02-29
11212846
core:ToolsEquipment
2019-03-01
2020-02-29
11212846
core:ToolsEquipment
2019-02-28
11212846
core:ToolsEquipment
2020-02-29
COMPANY REGISTRATION NUMBER:
11212846
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
STATEMENT OF FINANCIAL POSITION
|
|
29 February 2020
FIXED ASSETS
Tangible assets
|
5
|
|
68,856
|
|
22,475
|
|
|
|
|
|
|
CURRENT ASSETS
Stocks
|
4,561
|
|
4,709
|
|
Debtors
|
6
|
5,717
|
|
3,880
|
|
Cash at bank and in hand
|
345
|
|
21,047
|
|
|
---------
|
|
---------
|
|
|
10,623
|
|
29,636
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
7
|
52,981
|
|
45,997
|
|
|
---------
|
|
---------
|
|
NET CURRENT LIABILITIES
|
|
42,358
|
|
16,361
|
|
|
---------
|
|
---------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
26,498
|
|
6,114
|
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
8
|
|
16,018
|
|
–
|
|
|
|
|
|
|
PROVISIONS
|
|
9,195
|
|
4,270
|
|
|
---------
|
|
--------
|
NET ASSETS
|
|
1,285
|
|
1,844
|
|
|
---------
|
|
--------
|
|
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
29 February 2020
CAPITAL AND RESERVES
Called up share capital
|
|
100
|
|
100
|
Profit and loss account
|
|
1,185
|
|
1,744
|
|
|
--------
|
|
--------
|
SHAREHOLDERS FUNDS
|
|
1,285
|
|
1,844
|
|
|
--------
|
|
--------
|
|
|
|
|
|
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 period ending 29 February 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 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 financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
1 April 2020
, and are signed on behalf of the board by:
Company registration number:
11212846
NOTES TO THE FINANCIAL STATEMENTS
|
|
PERIOD ENDED 29 FEBRUARY 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 Wool Merchant Hotel, 5 Mulcture Road, Halifax, HX1 1SP.
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. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
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.
Current and deferred 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:
|
Fixtures & equipment
|
-
|
20% reducing balance
|
|
|
|
|
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.
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 period amounted to
18
(2019:
13
).
5.
TANGIBLE ASSETS
|
Fixtures & equipment
|
|
£
|
Cost
|
|
At 1 March 2019
|
24,798
|
Additions
|
52,709
|
|
---------
|
At 29 February 2020
|
77,507
|
|
---------
|
Depreciation
|
|
At 1 March 2019
|
2,323
|
Charge for the period
|
6,328
|
|
---------
|
At 29 February 2020
|
8,651
|
|
---------
|
Carrying amount
|
|
At 29 February 2020
|
68,856
|
|
---------
|
At 28 February 2019
|
22,475
|
|
---------
|
|
|
6.
DEBTORS
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
3,767
|
3,880
|
Other debtors
|
1,950
|
–
|
|
--------
|
--------
|
|
5,717
|
3,880
|
|
--------
|
--------
|
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Bank loans and overdrafts
|
2,954
|
–
|
Trade creditors
|
27,733
|
17,534
|
Corporation tax
|
–
|
840
|
Social security and other taxes
|
18,835
|
13,844
|
Other creditors
|
3,459
|
13,779
|
|
---------
|
---------
|
|
52,981
|
45,997
|
|
---------
|
---------
|
|
|
|
The following liabilities disclosed under creditors falling due within one year are secured by the company:
|
|
2020
|
2019
|
|
|
£
|
£
|
|
Bank Loan
|
2,786
|
–
|
|
|
--------
|
-----
|
|
|
|
|
8.
CREDITORS:
amounts falling due after more than one year
|
2020
|
2019
|
|
£
|
£
|
Bank loans and overdrafts
|
16,018
|
–
|
|
---------
|
-----
|
|
|
|
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
|
|
2020
|
2019
|
|
|
£
|
£
|
|
Bank Loan
|
16,018
|
Nil
|
|
|
---------
|
-----
|
|
|
|
|
9.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.