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No description of principal activity
2020-06-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,705,000
1,705,000
1,705,000
xbrli:pure
xbrli:shares
iso4217:GBP
10776980
2020-06-01
2021-05-31
10776980
2021-05-31
10776980
2020-05-31
10776980
bus:Director1
2020-06-01
2021-05-31
10776980
core:WithinOneYear
2021-05-31
10776980
core:WithinOneYear
2020-05-31
10776980
core:ShareCapital
2021-05-31
10776980
core:ShareCapital
2020-05-31
10776980
core:RetainedEarningsAccumulatedLosses
2021-05-31
10776980
core:RetainedEarningsAccumulatedLosses
2020-05-31
10776980
core:CostValuation
core:Non-currentFinancialInstruments
2021-05-31
10776980
core:Non-currentFinancialInstruments
2021-05-31
10776980
core:Non-currentFinancialInstruments
2020-05-31
10776980
bus:SmallEntities
2020-06-01
2021-05-31
10776980
bus:AuditExemptWithAccountantsReport
2020-06-01
2021-05-31
10776980
bus:FullAccounts
2020-06-01
2021-05-31
10776980
bus:SmallCompaniesRegimeForAccounts
2020-06-01
2021-05-31
10776980
bus:PrivateLimitedCompanyLtd
2020-06-01
2021-05-31
COMPANY REGISTRATION NUMBER:
10776980
|
Filleted Unaudited Financial Statements |
|
Year ended 31 May 2021
|
Statement of financial position |
1 |
|
|
|
Notes to the financial statements |
3 |
|
|
|
Statement of Financial Position |
|
31 May 2021
Fixed assets
|
Investments |
4 |
1,705,000 |
1,705,000 |
|
|
|
|
Current assets
|
Debtors |
5 |
150,001 |
150,001 |
|
Cash at bank and in hand |
12,085 |
12,172 |
|
--------- |
--------- |
|
162,086 |
162,173 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
343,255 |
560,549 |
|
--------- |
--------- |
|
Net current liabilities |
181,169 |
398,376 |
|
------------ |
------------ |
|
Total assets less current liabilities |
1,523,831 |
1,306,624 |
|
------------ |
------------ |
|
Net assets |
1,523,831 |
1,306,624 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
740,001 |
740,001 |
|
Profit and loss account |
783,830 |
566,623 |
|
------------ |
------------ |
|
Shareholder funds |
1,523,831 |
1,306,624 |
|
------------ |
------------ |
|
|
|
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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its 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 financial statements
.
|
Statement of Financial Position (continued) |
|
31 May 2021
These financial statements were approved by the
board of directors
and authorised for issue on
20 May 2022
, and are signed on behalf of the board by:
Company registration number:
10776980
|
Notes to the Financial Statements |
|
Year ended 31 May 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 41 Greek Street, Stockport, Cheshire, SK3 8AX.
2.
Statement of compliance
These 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, 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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
.
4.
Investments
|
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 1 June 2020 and 31 May 2021 |
1,705,000 |
|
------------ |
|
Impairment |
|
|
At 1 June 2020 and 31 May 2021 |
– |
|
------------ |
|
|
|
Carrying amount |
|
|
At 31 May 2021 |
1,705,000 |
|
------------ |
|
At 31 May 2020 |
1,705,000 |
|
------------ |
|
|
On 30 January 2018 the company acquired 100% of the issued share capital of United Trade and Industry Limited, a company incorporated and registered in the United Kingdom.
5.
Debtors
|
2021 |
2020 |
|
£ |
£ |
|
Other debtors |
150,001 |
150,001 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
34,820 |
– |
|
Corporation tax |
– |
1,554 |
|
Other creditors |
308,435 |
558,995 |
|
--------- |
--------- |
|
343,255 |
560,549 |
|
--------- |
--------- |
|
|
|
