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No description of principal activity
2022-08-31
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
04862891
2022-08-31
2023-08-30
04862891
2023-08-30
04862891
2022-08-30
04862891
2021-08-31
2022-08-30
04862891
2022-08-30
04862891
core:MotorVehicles
2022-08-31
2023-08-30
04862891
bus:Director1
2022-08-31
2023-08-30
04862891
core:WithinOneYear
2023-08-30
04862891
core:WithinOneYear
2022-08-30
04862891
core:ShareCapital
2023-08-30
04862891
core:ShareCapital
2022-08-30
04862891
core:RetainedEarningsAccumulatedLosses
2023-08-30
04862891
core:RetainedEarningsAccumulatedLosses
2022-08-30
04862891
core:AcceleratedTaxDepreciationDeferredTax
2023-08-30
04862891
core:AcceleratedTaxDepreciationDeferredTax
2022-08-30
04862891
bus:SmallEntities
2022-08-31
2023-08-30
04862891
bus:AuditExemptWithAccountantsReport
2022-08-31
2023-08-30
04862891
bus:AbridgedAccounts
2022-08-31
2023-08-30
04862891
bus:SmallCompaniesRegimeForAccounts
2022-08-31
2023-08-30
04862891
bus:PrivateLimitedCompanyLtd
2022-08-31
2023-08-30
04862891
core:ComputerEquipment
2022-08-31
2023-08-30
COMPANY REGISTRATION NUMBER:
04862891
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
30 August 2023
Fixed assets
Tangible assets |
4 |
|
6,059 |
8,069 |
|
|
|
|
|
Current assets
Debtors |
14,360 |
|
11,486 |
Cash at bank and in hand |
25,284 |
|
24,225 |
|
-------- |
|
-------- |
|
39,644 |
|
35,711 |
|
|
|
|
Creditors: amounts falling due within one year |
25,823 |
|
18,572 |
|
-------- |
|
-------- |
Net current assets |
|
13,821 |
17,139 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
19,880 |
25,208 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
1,151 |
1,533 |
|
|
-------- |
-------- |
Net assets |
|
18,729 |
23,675 |
|
|
-------- |
-------- |
|
|
|
|
Abridged Statement of Financial Position (continued) |
|
30 August 2023
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
18,727 |
23,673 |
|
|
-------- |
-------- |
Shareholders funds |
|
18,729 |
23,675 |
|
|
-------- |
-------- |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30th August 2023 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 abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30th August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
15 November 2023
, and are signed on behalf of the board by:
Company registration number:
04862891
Year ended 30th August 2023
(a)
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
(b)
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy.
(c)
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.
(d)
Taxation
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.
(e)
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.
(f)
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:
|
Motor vehicles |
- |
25% reducing balance |
|
Computer equipment |
- |
20% reducing balance |
|
|
|
|
(g)
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.
(h)
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 abridged 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.
(i)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
(j)
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.
Notes to the Abridged Financial Statements |
|
Year ended 30th August 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Milburn House, 3 Oxford Street, Workington, Cumbria, CA14 2AL.
2.
Statement of compliance
These abridged 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.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
4.
Tangible assets
|
£ |
Cost |
|
At 31st August 2022 and 30th August 2023 |
26,230 |
|
-------- |
Depreciation |
|
At 31st August 2022 |
18,161 |
Charge for the year |
2,010 |
|
-------- |
At 30th August 2023 |
20,171 |
|
-------- |
Carrying amount |
|
At 30th August 2023 |
6,059 |
|
-------- |
At 30th August 2022 |
8,069 |
|
-------- |
|
|
5.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions |
1,151 |
1,533 |
|
------- |
------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
1,151 |
1,533 |
|
------- |
------- |
|
|
|