0
false
false
false
false
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false
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true
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No description of principal activity
2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
235,299
400,617
635,916
635,916
235,299
xbrli:pure
xbrli:shares
iso4217:GBP
11240376
2020-04-01
2021-03-31
11240376
2021-03-31
11240376
2020-03-31
11240376
2020-03-31
11240376
bus:Director1
2020-04-01
2021-03-31
11240376
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-04-01
2021-03-31
11240376
core:WithinOneYear
2021-03-31
11240376
core:WithinOneYear
2020-03-31
11240376
core:AfterOneYear
2021-03-31
11240376
core:AfterOneYear
2020-03-31
11240376
core:ShareCapital
2021-03-31
11240376
core:ShareCapital
2020-03-31
11240376
core:RetainedEarningsAccumulatedLosses
2021-03-31
11240376
core:RetainedEarningsAccumulatedLosses
2020-03-31
11240376
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-03-31
11240376
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-03-31
11240376
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-03-31
11240376
bus:SmallEntities
2020-04-01
2021-03-31
11240376
bus:AuditExempt-NoAccountantsReport
2020-04-01
2021-03-31
11240376
bus:FullAccounts
2020-04-01
2021-03-31
11240376
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
11240376
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
11240376
core:KeyManagementPersonnel
2020-04-01
2021-03-31
COMPANY REGISTRATION NUMBER:
11240376
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 March 2021
Fixed assets
Tangible assets
|
4
|
635,916
|
235,299
|
|
|
|
|
Current assets
Debtors
|
5
|
2,066
|
–
|
Cash at bank and in hand
|
59,688
|
55,690
|
|
--------
|
--------
|
|
61,754
|
55,690
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
272,979
|
190,375
|
|
---------
|
---------
|
Net current liabilities
|
211,225
|
134,685
|
|
---------
|
---------
|
Total assets less current liabilities
|
424,691
|
100,614
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
7
|
429,688
|
91,474
|
|
---------
|
---------
|
Net (liabilities)/assets
|
(
4,997)
|
9,140
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
100
|
100
|
Profit and loss account
|
(
5,097)
|
9,040
|
|
-------
|
-------
|
Shareholders (deficit)/funds
|
(
4,997)
|
9,140
|
|
-------
|
-------
|
|
|
|
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 has not been delivered.
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 March 2021
These financial statements were approved by the
board of directors
and authorised for issue on
11 August 2021
, and are signed on behalf of the board by:
Mrs C Fitzpatrick
|
|
Director
|
|
|
|
Company registration number:
11240376
Notes to the Financial Statements
|
|
Year ended 31 March 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 The Boathouse, Harbour Square, Nene Parade, Wisbech, PE13 3BH, Cambs.
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.
Going concern
The director believes the company can withstand the current Covid 19 crisis, despite the liabilities of the company exceeding the assets by £4,997 at 31 March 2021, therefore the going concern basis has been adopted.
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. 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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going 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. 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4.
Tangible assets
|
Freehold property
|
|
£
|
Cost
|
|
At 1 April 2020
|
235,299
|
Additions
|
400,617
|
|
---------
|
At 31 March 2021
|
635,916
|
|
---------
|
Depreciation
|
|
At 1 April 2020 and 31 March 2021
|
–
|
|
---------
|
Carrying amount
|
|
At 31 March 2021
|
635,916
|
|
---------
|
At 31 March 2020
|
235,299
|
|
---------
|
|
|
Included within the above are properties at a valuation of £751,042 (2020:£235,299) which is also the historic cost. The valuation was performed by the company director, after taking advice from a professional valuer, who believes the open market value to be the fair value.
5.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Other debtors
|
2,066
|
–
|
|
-------
|
----
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
26,999
|
3,000
|
Other creditors
|
245,980
|
187,375
|
|
---------
|
---------
|
|
272,979
|
190,375
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2021
|
2020
|
|
£
|
£
|
Bank loans and overdrafts
|
429,688
|
91,474
|
|
---------
|
--------
|
|
|
|
8.
Other financial commitments
The mortgage companies hold legal charges over the properties owned by the company.
9.
Related party transactions
During the previous year the company purchased a property from the director for £135,299 which was the market value. No other transactions were underaken with related parties such as are required to be disclosed under FRS 102 Section 1A.