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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
07032616
2022-01-01
2022-12-31
07032616
2022-12-31
07032616
2021-12-31
07032616
2021-01-01
2021-12-31
07032616
2021-12-31
07032616
core:FurnitureFittings
2022-01-01
2022-12-31
07032616
core:MotorVehicles
2022-01-01
2022-12-31
07032616
bus:Director1
2022-01-01
2022-12-31
07032616
core:WithinOneYear
2022-12-31
07032616
core:WithinOneYear
2021-12-31
07032616
core:AfterOneYear
2022-12-31
07032616
core:AfterOneYear
2021-12-31
07032616
core:ShareCapital
2022-12-31
07032616
core:ShareCapital
2021-12-31
07032616
core:RetainedEarningsAccumulatedLosses
2022-12-31
07032616
core:RetainedEarningsAccumulatedLosses
2021-12-31
07032616
bus:SmallEntities
2022-01-01
2022-12-31
07032616
bus:AuditExemptWithAccountantsReport
2022-01-01
2022-12-31
07032616
bus:AbridgedAccounts
2022-01-01
2022-12-31
07032616
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
07032616
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
07032616
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 December 2022
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 December 2022
Fixed assets
Tangible assets |
5 |
|
144,787 |
124,491 |
|
|
|
|
|
Current assets
Stocks |
473,094 |
|
401,196 |
Debtors |
733,886 |
|
545,930 |
Cash at bank and in hand |
416,495 |
|
184,876 |
|
------------ |
|
------------ |
|
1,623,475 |
|
1,132,002 |
|
|
|
|
Creditors: amounts falling due within one year |
738,883 |
|
561,234 |
|
------------ |
|
------------ |
Net current assets |
|
884,592 |
570,768 |
|
|
------------ |
--------- |
Total assets less current liabilities |
|
1,029,379 |
695,259 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
139,681 |
252,556 |
|
|
------------ |
--------- |
Net assets |
|
889,698 |
442,703 |
|
|
------------ |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
889,598 |
442,603 |
|
|
--------- |
--------- |
Shareholders funds |
|
889,698 |
442,703 |
|
|
--------- |
--------- |
|
|
|
|
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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 financial position for the year ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 December 2022
These abridged financial statements were approved by the
board of directors
and authorised for issue on
12 May 2023
, and are signed on behalf of the board by:
Company registration number:
07032616
Notes to the Abridged Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Spitfire Close, Ermine Business Park, Huntingdon, PE29 6XY.
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.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
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.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 and fittings |
- |
20% reducing balance |
|
Motor vehicles |
- |
20% reducing balance |
|
Equipment |
- |
|
|
|
|
|
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2021:
11
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 January 2022 |
264,383 |
Additions |
56,494 |
|
--------- |
At 31 December 2022 |
320,877 |
|
--------- |
Depreciation |
|
At 1 January 2022 |
139,892 |
Charge for the year |
36,198 |
|
--------- |
At 31 December 2022 |
176,090 |
|
--------- |
Carrying amount |
|
At 31 December 2022 |
144,787 |
|
--------- |
At 31 December 2021 |
124,491 |
|
--------- |
|
|
6.
Director's advances, credits and guarantees
At the year end the company owed
Mr N Nahab
£49,218 (2021: £32,712) and Mr M Khudairi £833 (2021: £833) in interest free loans.