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No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
01453891
2021-01-01
2021-12-31
01453891
2021-12-31
01453891
2020-12-31
01453891
2020-01-01
2020-12-31
01453891
2020-12-31
01453891
core:LandBuildings
2021-01-01
2021-12-31
01453891
core:FurnitureFittings
2021-01-01
2021-12-31
01453891
core:MotorVehicles
2021-01-01
2021-12-31
01453891
bus:Director2
2021-01-01
2021-12-31
01453891
core:WithinOneYear
2021-12-31
01453891
core:WithinOneYear
2020-12-31
01453891
core:ShareCapital
2021-12-31
01453891
core:ShareCapital
2020-12-31
01453891
core:RetainedEarningsAccumulatedLosses
2021-12-31
01453891
core:RetainedEarningsAccumulatedLosses
2020-12-31
01453891
bus:SmallEntities
2021-01-01
2021-12-31
01453891
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
01453891
bus:AbridgedAccounts
2021-01-01
2021-12-31
01453891
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
01453891
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
COMPANY REGISTRATION NUMBER:
01453891
|
Filleted Unaudited Abridged Financial Statements |
|
31 December 2021
Fixed assets
|
Tangible assets |
5 |
|
437,537 |
440,338 |
|
|
|
|
|
Current assets
|
Stocks |
137,022 |
|
65,123 |
|
Debtors |
219,922 |
|
139,227 |
|
Cash at bank and in hand |
691,305 |
|
689,566 |
|
------------ |
|
--------- |
|
1,048,249 |
|
893,916 |
|
|
|
|
|
Creditors: amounts falling due within one year |
229,511 |
|
188,638 |
|
------------ |
|
--------- |
|
Net current assets |
|
818,738 |
705,278 |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
1,256,275 |
1,145,616 |
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
51,450 |
51,762 |
|
|
------------ |
------------ |
|
Net assets |
|
1,204,825 |
1,093,854 |
|
|
------------ |
------------ |
|
|
|
|
|
Balance Sheet (continued) |
|
31 December 2021
Capital and reserves
|
Called up share capital |
|
1,000 |
1,000 |
|
Profit and loss account |
|
1,203,825 |
1,092,854 |
|
|
------------ |
------------ |
|
Shareholders funds |
|
1,204,825 |
1,093,854 |
|
|
------------ |
------------ |
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 December 2021 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged balance sheet for the year ending 31 December 2021 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
20 June 2022
, and are signed on behalf of the board by:
Company registration number:
01453891
|
Notes to the Abridged Financial Statements |
|
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Kings Avenue, Ramsgate, Kent, CT12 6DL.
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 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.
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, adjusted for amounts recoverable on contracts, exclusive of Value Added Tax.
Income tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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:
|
Land and buildings |
- |
2% straight line |
|
Fixtures and fittings |
- |
15% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Freehold buildings:-(i) Improvements carried out on buildings used by the company capitalised in 1984 were written off over 20 years at 5% per annum using the straight line method. (ii) The cost of the erection of a warehouse incorporating a workshop and office completed in 1994, together with the cost of the Newington Road premises acquired in 1998, are being written off over a period of 50 years at 2% per annum, also using the straight line method. Other fixed assets:- No depreciation is provided on freehold land. Other tangible fixed assets are depreciated at rates calculated to write off the cost to residual value over their useful lives.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
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.
Government grants
Government grants are recognised using the performance model. 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 balance sheet 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2020:
7
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 January 2021 |
562,708 |
|
Additions |
10,300 |
|
--------- |
|
At 31 December 2021 |
573,008 |
|
--------- |
|
Depreciation |
|
|
At 1 January 2021 |
122,370 |
|
Charge for the year |
13,101 |
|
--------- |
|
At 31 December 2021 |
135,471 |
|
--------- |
|
Carrying amount |
|
|
At 31 December 2021 |
437,537 |
|
--------- |
|
At 31 December 2020 |
440,338 |
|
--------- |
|
|
The investment property was revalued by the directors at open market value for existing use basis.
