(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Dns House, 382 Kenton Road, Harrow, United Kingdom, HA3 8DP. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Foreign currency
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Transactions in foreign currencies other than its functional currency are recorded at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year-end date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement within financial income or expense, as appropriate. Non-monetary assets that are measured in terms of historical cost in foreign currency are translated using the exchange rate at the date of the transaction. |
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Borrowing costs
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All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Intangible fixed assets
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Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 25% reducing balance | Equipment | 33% straight line | Motor Cars | |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Employee benefits
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Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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(4) Employees
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During the year, the average number of employees including director was 8 (2022 : 10). |
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(5) Fixed assets
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| Intangible £ | Tangible £ | Totals £ | Cost | | | | As at 01 March 2022 | 1,203,127 | 12,718 | 1,215,845 | Additions | 888,656 | - | 888,656 | As at 28 February 2023 | 2,091,783 | 12,718 | 2,104,501 | Depreciation/Amortisation | | | | As at 01 March 2022 | - | 5,582 | 5,582 | For the year | - | 2,463 | 2,463 | As at 28 February 2023 | - | 8,045 | 8,045 | Net book value | | | | As at 28 February 2023 | 2,091,783 | 4,673 | 2,096,456 | As at 28 February 2022 | 1,203,127 | 7,136 | 1,210,263 |
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