16
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2019-11-01
Sage Accounts Production Advanced 2020 - FRS102_2019
115,795
102,149
2,729
104,878
10,917
13,646
885,000
50,000
835,000
835,000
885,000
xbrli:pure
xbrli:shares
iso4217:GBP
02637912
2019-11-01
2020-10-31
02637912
2020-10-31
02637912
2019-10-31
02637912
2018-11-01
2019-10-31
02637912
2019-10-31
02637912
core:PlantMachinery
2019-11-01
2020-10-31
02637912
bus:Director3
2019-11-01
2020-10-31
02637912
core:PlantMachinery
2019-10-31
02637912
core:PlantMachinery
2020-10-31
02637912
core:WithinOneYear
2020-10-31
02637912
core:WithinOneYear
2019-10-31
02637912
core:UKTax
2019-11-01
2020-10-31
02637912
core:UKTax
2018-11-01
2019-10-31
02637912
core:ShareCapital
2020-10-31
02637912
core:ShareCapital
2019-10-31
02637912
core:CapitalRedemptionReserve
2020-10-31
02637912
core:CapitalRedemptionReserve
2019-10-31
02637912
core:RetainedEarningsAccumulatedLosses
2020-10-31
02637912
core:RetainedEarningsAccumulatedLosses
2019-10-31
02637912
core:CostValuation
core:Non-currentFinancialInstruments
2019-10-31
02637912
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2020-10-31
02637912
core:CostValuation
core:Non-currentFinancialInstruments
2020-10-31
02637912
core:Non-currentFinancialInstruments
2020-10-31
02637912
core:Non-currentFinancialInstruments
2019-10-31
02637912
core:PlantMachinery
2019-10-31
02637912
bus:SmallEntities
2019-11-01
2020-10-31
02637912
bus:AuditExemptWithAccountantsReport
2019-11-01
2020-10-31
02637912
bus:FullAccounts
2019-11-01
2020-10-31
02637912
bus:SmallCompaniesRegimeForAccounts
2019-11-01
2020-10-31
02637912
bus:PrivateLimitedCompanyLtd
2019-11-01
2020-10-31
COMPANY REGISTRATION NUMBER:
02637912
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 OCTOBER 2020
|
Statement of financial position |
1 |
|
|
|
Notes to the financial statements |
3 |
|
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 October 2020
FIXED ASSETS
|
Tangible assets |
5 |
10,917 |
13,646 |
|
Investments |
6 |
835,000 |
885,000 |
|
------------ |
------------ |
|
845,917 |
898,646 |
|
|
|
|
CURRENT ASSETS
|
Stocks |
65,224 |
65,400 |
|
Debtors |
7 |
158,249 |
306,085 |
|
Cash at bank and in hand |
115,866 |
181,106 |
|
------------ |
------------ |
|
339,339 |
552,591 |
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
158,778 |
316,926 |
|
------------ |
------------ |
|
NET CURRENT ASSETS |
180,561 |
235,665 |
|
--------------- |
--------------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,026,478 |
1,134,311 |
|
|
|
|
|
PROVISIONS |
83,469 |
85,510 |
|
--------------- |
--------------- |
|
NET ASSETS |
943,009 |
1,048,801 |
|
--------------- |
--------------- |
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 October 2020
CAPITAL AND RESERVES
|
Called up share capital |
2 |
2 |
|
Capital redemption reserve |
2 |
2 |
|
Profit and loss account |
943,005 |
1,048,797 |
|
------------ |
--------------- |
|
SHAREHOLDERS FUNDS |
943,009 |
1,048,801 |
|
------------ |
--------------- |
|
|
|
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 October 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
30 July 2021
, and are signed on behalf of the board by:
Company registration number:
02637912
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 OCTOBER 2020
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 204 Days Lane, Sidcup, Kent, DA15 8LA, England.
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.
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.
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.
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 |
|
|
|
|
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.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities 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 joint venture 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.
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 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. 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. 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. 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.
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.
3.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
16
(2019:
16
).
4.
TAX ON (LOSS)/PROFIT
Major components of tax (income)/expense
Current tax:
|
UK current tax (income)/expense |
(
12,556) |
37,176 |
|
Adjustments in respect of prior periods |
(
4,116) |
– |
|
---------- |
---------- |
|
Total current tax |
(
16,672) |
37,176 |
|
---------- |
---------- |
|
|
|
Deferred tax:
|
Origination and reversal of timing differences |
(
2,041) |
85,510 |
|
---------- |
------------ |
|
Tax on (loss)/profit |
(
18,713) |
122,686 |
|
---------- |
------------ |
|
|
|
5.
TANGIBLE ASSETS
|
Plant and machinery |
|
£ |
|
Cost |
|
|
At 1 November 2019 and 31 October 2020 |
115,795 |
|
------------ |
|
Depreciation |
|
|
At 1 November 2019 |
102,149 |
|
Charge for the year |
2,729 |
|
------------ |
|
At 31 October 2020 |
104,878 |
|
------------ |
|
Carrying amount |
|
|
At 31 October 2020 |
10,917 |
|
------------ |
|
At 31 October 2019 |
13,646 |
|
------------ |
|
|
6.
INVESTMENTS
|
Other investments other than loans |
|
£ |
|
Cost |
|
|
At 1 November 2019 |
885,000 |
|
Revaluations |
(
50,000) |
|
------------ |
|
At 31 October 2020 |
835,000 |
|
------------ |
|
Impairment |
|
|
At 1 November 2019 and 31 October 2020 |
– |
|
------------ |
|
|
|
Carrying amount |
|
|
At 31 October 2020 |
835,000 |
|
------------ |
|
At 31 October 2019 |
885,000 |
|
------------ |
|
|
7.
DEBTORS
|
2020 |
2019 |
|
£ |
£ |
|
Trade debtors |
142,098 |
298,965 |
|
Other debtors |
16,151 |
7,120 |
|
------------ |
------------ |
|
158,249 |
306,085 |
|
------------ |
------------ |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2020 |
2019 |
|
£ |
£ |
|
Trade creditors |
40,245 |
74,551 |
|
Corporation tax |
– |
44,828 |
|
Social security and other taxes |
108,676 |
86,905 |
|
Other creditors |
9,857 |
110,642 |
|
------------ |
------------ |
|
158,778 |
316,926 |
|
------------ |
------------ |
|
|
|
9.
DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
|
2020 |
2019 |
|
£ |
£ |
|
Included in provisions |
83,469 |
85,510 |
|
---------- |
---------- |
|
|
|
10.
GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
Recognised in other operating income:
|
Government grants recognised directly in income |
234,354 |
– |
|
------------ |
----- |
|
|
|
11.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the director did not enter into any advances, credits or guarantees with the company.
