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No description of principal activity
2019-08-01
Sage Accounts Production Advanced 2020 - FRS102_2019
122,355
954
123,309
60,006
12,661
72,667
50,642
62,349
xbrli:pure
xbrli:shares
iso4217:GBP
09138073
2019-08-01
2020-07-31
09138073
2020-07-31
09138073
2019-07-31
09138073
2019-07-31
09138073
core:PlantMachinery
2019-08-01
2020-07-31
09138073
bus:Director4
2019-08-01
2020-07-31
09138073
core:PlantMachinery
2019-07-31
09138073
core:PlantMachinery
2020-07-31
09138073
core:WithinOneYear
2020-07-31
09138073
core:WithinOneYear
2019-07-31
09138073
core:RetainedEarningsAccumulatedLosses
2020-07-31
09138073
core:RetainedEarningsAccumulatedLosses
2019-07-31
09138073
core:PlantMachinery
2019-07-31
09138073
bus:SmallEntities
2019-08-01
2020-07-31
09138073
bus:AuditExempt-NoAccountantsReport
2019-08-01
2020-07-31
09138073
bus:FullAccounts
2019-08-01
2020-07-31
09138073
bus:SmallCompaniesRegimeForAccounts
2019-08-01
2020-07-31
09138073
bus:CompanyLimitedByGuarantee
2019-08-01
2020-07-31
COMPANY REGISTRATION NUMBER:
09138073
|
Company Limited by Guarantee |
|
|
Filleted Unaudited Financial Statements |
|
|
Company Limited by Guarantee |
|
|
Statement of Financial Position |
|
31 July 2020
Fixed assets
|
Tangible assets |
4 |
50,642 |
62,349 |
|
|
|
|
Current assets
|
Debtors |
5 |
3,739 |
12,954 |
|
Cash at bank and in hand |
75,670 |
21,051 |
|
-------- |
-------- |
|
79,409 |
34,005 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
127,492 |
33,836 |
|
--------- |
-------- |
|
Net current (liabilities)/assets |
(
48,083) |
169 |
|
-------- |
-------- |
|
Total assets less current liabilities |
2,559 |
62,518 |
|
|
|
|
|
Provisions |
450 |
11,846 |
|
------- |
-------- |
|
Net assets |
2,109 |
50,672 |
|
------- |
-------- |
|
|
|
Capital and reserves
|
Profit and loss account |
2,109 |
50,672 |
|
------- |
-------- |
|
Members funds |
2,109 |
50,672 |
|
------- |
-------- |
|
|
|
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 income statement has not been delivered.
For the year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Company Limited by Guarantee |
|
|
Statement of Financial Position (continued) |
|
31 July 2020
These financial statements were approved by the
board of directors
and authorised for issue on
28 April 2021
, and are signed on behalf of the board by:
Company registration number:
09138073
|
Company Limited by Guarantee |
|
|
Notes to the Financial Statements |
|
Year ended 31 July 2020
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Unit 1 The Summit, Barbot Hall Industrial Estate, Mangham Road, Rotherham, S61 4RJ.
2.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
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.
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.
Operating leases
Lease 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.
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.
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:
|
Plant and machinery |
- |
20% reducing balance |
|
|
|
|
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.
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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 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.
3.
Company limited by guarantee
The company is limited by guarantee and the liability of each member is limited to £1 being the amount that each member undertakes to contribute to the assets of the company in the event of it being wound up while the person is a member or within one year after the person ceases to be a member. The company has three members at present.
4.
Tangible assets
|
Plant and machinery |
|
£ |
|
Cost |
|
|
At 1 August 2019 |
122,355 |
|
Additions |
954 |
|
--------- |
|
At 31 July 2020 |
123,309 |
|
--------- |
|
Depreciation |
|
|
At 1 August 2019 |
60,006 |
|
Charge for the year |
12,661 |
|
--------- |
|
At 31 July 2020 |
72,667 |
|
--------- |
|
Carrying amount |
|
|
At 31 July 2020 |
50,642 |
|
--------- |
|
At 31 July 2019 |
62,349 |
|
--------- |
|
|
5.
Debtors
|
2020 |
2019 |
|
£ |
£ |
|
Other debtors |
3,739 |
12,954 |
|
------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2020 |
2019 |
|
£ |
£ |
|
Bank loans and overdrafts |
75,000 |
– |
|
Trade creditors |
2,781 |
778 |
|
Corporation tax |
– |
500 |
|
Social security and other taxes |
505 |
430 |
|
Other creditors |
49,206 |
32,128 |
|
--------- |
-------- |
|
127,492 |
33,836 |
|
--------- |
-------- |
|
|
|
Bank loans are secured on the assets of the company.
