6
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2020-03-01
Sage Accounts Production Advanced 2020 - FRS102_2019
9,746
7,202
16,948
2,967
1,657
4,624
12,324
6,779
xbrli:pure
xbrli:shares
iso4217:GBP
10835506
2020-03-01
2021-02-28
10835506
2021-02-28
10835506
2020-02-29
10835506
2019-03-01
2020-02-29
10835506
2020-02-29
10835506
bus:Director2
2020-03-01
2021-02-28
10835506
core:WithinOneYear
2021-02-28
10835506
core:WithinOneYear
2020-02-29
10835506
core:AfterOneYear
2021-02-28
10835506
core:ShareCapital
2021-02-28
10835506
core:ShareCapital
2020-02-29
10835506
core:RetainedEarningsAccumulatedLosses
2021-02-28
10835506
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2020-02-29
10835506
core:RestatedAmount
2020-02-29
10835506
core:BetweenOneFiveYears
2021-02-28
10835506
core:BetweenOneFiveYears
2020-02-29
10835506
bus:SmallEntities
2020-03-01
2021-02-28
10835506
bus:AuditExempt-NoAccountantsReport
2020-03-01
2021-02-28
10835506
bus:FullAccounts
2020-03-01
2021-02-28
10835506
bus:SmallCompaniesRegimeForAccounts
2020-03-01
2021-02-28
10835506
bus:PrivateLimitedCompanyLtd
2020-03-01
2021-02-28
10835506
core:OfficeEquipment
2020-03-01
2021-02-28
10835506
core:OfficeEquipment
2020-02-29
10835506
core:OfficeEquipment
2021-02-28
COMPANY REGISTRATION NUMBER:
10835506
|
Filleted Unaudited Financial Statements |
|
28 February 2021
Fixed assets
|
Tangible assets |
5 |
12,324 |
6,779 |
|
|
|
|
Current assets
|
Stocks |
3,451 |
5,000 |
|
Debtors |
6 |
5,000 |
7,881 |
|
Cash at bank and in hand |
4,350 |
1,992 |
|
-------- |
-------- |
|
12,801 |
14,873 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
28,405 |
34,393 |
|
-------- |
-------- |
|
Net current liabilities |
15,604 |
19,520 |
|
-------- |
-------- |
|
Total assets less current liabilities |
(
3,280) |
(
12,741) |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
42,500 |
– |
|
-------- |
-------- |
|
Net liabilities |
(
45,780) |
(
12,741) |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
2 |
2 |
|
Profit and loss account |
(
45,782) |
(
12,743) |
|
-------- |
-------- |
|
Shareholders deficit |
(
45,780) |
(
12,741) |
|
-------- |
-------- |
|
|
|
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 (including profit and loss account) has not been delivered.
For the year ending 28 February 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 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
.
|
Balance Sheet (continued) |
|
28 February 2021
These financial statements were approved by the
board of directors
and authorised for issue on
25 February 2022
, and are signed on behalf of the board by:
Company registration number:
10835506
|
Notes to the Financial Statements |
|
Year ended 28 February 2021
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 10 Oak Street, Fakenham, Norfolk, NR21 9DY.
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.
Going concern
At 28 February 2021, the company's net liabilities exceeded its net assets by £45,780 (2020: £12,741). It is on the continued support of the creditors totalling £70,905 (2020: £34,393) that the company relies to continue trading as a going concern. The accounts are therefore prepared on this basis.
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:
|
Equipment |
- |
15% 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.
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 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. 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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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
6
(2020:
6
).
5.
Tangible assets
|
Equipment |
|
£ |
|
Cost |
|
|
At 1 March 2020 |
9,746 |
|
Additions |
7,202 |
|
-------- |
|
At 28 February 2021 |
16,948 |
|
-------- |
|
Depreciation |
|
|
At 1 March 2020 |
2,967 |
|
Charge for the year |
1,657 |
|
-------- |
|
At 28 February 2021 |
4,624 |
|
-------- |
|
Carrying amount |
|
|
At 28 February 2021 |
12,324 |
|
-------- |
|
At 29 February 2020 |
6,779 |
|
-------- |
|
|
6.
Debtors
|
2021 |
2020 |
|
£ |
£ |
|
Other debtors |
5,000 |
7,881 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
|
Bank loans and overdrafts |
7,500 |
11,937 |
|
Trade creditors |
9,304 |
247 |
|
Social security and other taxes |
3,818 |
3,134 |
|
Other creditors |
7,783 |
19,075 |
|
-------- |
-------- |
|
28,405 |
34,393 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2021 |
2020 |
|
£ |
£ |
|
Bank loans and overdrafts |
42,500 |
– |
|
-------- |
---- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £2,500 (2020: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2021 |
2020 |
|
£ |
£ |
|
Later than 1 year and not later than 5 years |
32,136 |
53,560 |
|
-------- |
-------- |
|
|
|
