Contents of the Financial Statements
for the Period Ended 31 March 2022
Balance sheet
As at 31 March 2022
| Notes | 13 months to 31 March 2022 |
| | £ |
Fixed assets |
Tangible assets: | 3 | 1,148,432 |
Total fixed assets: | | 1,148,432 |
Current assets |
Stocks: | | 81,450 |
Debtors: | | 168,149 |
Cash at bank and in hand: | | 171,110 |
Total current assets: | | 420,709 |
Creditors: amounts falling due within one year: | | (1,453,608) |
Net current assets (liabilities): | | (1,032,899) |
Total assets less current liabilities: | | 115,533 |
Total net assets (liabilities): | | 115,533 |
Capital and reserves |
Called up share capital: | | 200 |
Profit and loss account: | | 115,333 |
Shareholders funds: | | 115,533 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 March 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 18 November 2022
and signed on behalf of the board by:
Name: Philip J Martin
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 March 2022
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Turnover policy
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.
Tangible fixed assets and depreciation policy
DepreciationDepreciation 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. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Valuation and information policy
Basis of preparationThe 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.
Other accounting policies
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: If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.TaxationThe taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.Operating leasesLease 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.ImpairmentA 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. 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 are largely independent of the cash inflows from other assets or groups of assets.StocksStocks 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 stocks to their present location and condition.
Notes to the Financial Statements
for the Period Ended 31 March 2022
2. Employees
| 13 months to 31 March 2022 |
Average number of employees during the period | 2 |
Notes to the Financial Statements
for the Period Ended 31 March 2022
3. Tangible Assets
| Total |
Cost | £ |
Additions | 1,229,731 |
At 31 March 2022 | 1,229,731 |
Depreciation | |
Charge for year | 81,299 |
At 31 March 2022 | 81,299 |
Net book value | |
At 31 March 2022 | 1,148,432 |
Notes to the Financial Statements
for the Period Ended 31 March 2022
4. Loans to directors
Name of director receiving advance or credit: | Philip J Martin |
Description of the loan: | During the period the directors entered into the following credits with the company: |
£ |
Advances or credits made: | | 1,326,751 |
Balance at 31 March 2022 | | 1,326,751 |