11
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2020-04-01
Sage Accounts Production Advanced 2020 - FRS102_2019
51
50
1
1
xbrli:pure
xbrli:shares
iso4217:GBP
07073871
2020-04-01
2021-03-31
07073871
2021-03-31
07073871
2020-03-31
07073871
2019-04-01
2020-03-31
07073871
2020-03-31
07073871
bus:RegisteredOffice
2020-04-01
2021-03-31
07073871
bus:LeadAgentIfApplicable
2020-04-01
2021-03-31
07073871
bus:Director1
2020-04-01
2021-03-31
07073871
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-03-31
07073871
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-03-31
07073871
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-03-31
07073871
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-04-01
2021-03-31
07073871
core:WithinOneYear
2021-03-31
07073871
core:WithinOneYear
2020-03-31
07073871
core:AfterOneYear
2021-03-31
07073871
core:AfterOneYear
2020-03-31
07073871
core:ShareCapital
2021-03-31
07073871
core:ShareCapital
2020-03-31
07073871
core:RetainedEarningsAccumulatedLosses
2021-03-31
07073871
core:RetainedEarningsAccumulatedLosses
2020-03-31
07073871
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-03-31
07073871
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-03-31
07073871
bus:SmallEntities
2020-04-01
2021-03-31
07073871
bus:AuditExemptWithAccountantsReport
2020-04-01
2021-03-31
07073871
bus:FullAccounts
2020-04-01
2021-03-31
07073871
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
07073871
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
07073871
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-04-01
2021-03-31
07073871
core:OfficeEquipment
2020-03-31
07073871
core:OfficeEquipment
2020-04-01
2021-03-31
07073871
core:OfficeEquipment
2021-03-31
07073871
core:AfterOneYear
2020-04-01
2021-03-31
COMPANY REGISTRATION NUMBER:
07073871
|
Filleted Unaudited Financial Statements |
|
Year ended 31st March 2021
|
Officers and professional advisers |
1 |
|
|
|
Notes to the financial statements |
4 to 9 |
|
|
|
Officers and Professional Advisers |
|
|
Registered office |
22-26 King Street |
|
King's Lynn |
|
Norfolk |
|
PE30 1HJ |
|
|
|
Accountants |
Stephenson Smart (East Anglia) Limited |
|
Chartered Accountants |
|
22-26 King Street |
|
King's Lynn |
|
Norfolk |
|
PE30 1HJ |
|
|
31 March 2021
Fixed assets
|
Intangible assets |
5 |
|
1 |
1 |
|
Tangible assets |
6 |
|
486,466 |
350,654 |
|
|
--------- |
--------- |
|
|
486,467 |
350,655 |
|
|
|
|
|
Current assets
|
Stocks |
193,982 |
|
137,663 |
|
Debtors |
7 |
702,203 |
|
636,966 |
|
Cash at bank and in hand |
416,435 |
|
231,221 |
|
------------ |
|
------------ |
|
1,312,620 |
|
1,005,850 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
529,948 |
|
495,030 |
|
------------ |
|
------------ |
|
Net current assets |
|
782,672 |
510,820 |
|
|
------------ |
--------- |
|
Total assets less current liabilities |
|
1,269,139 |
861,475 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
147,926 |
118,412 |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
43,916 |
17,006 |
|
|
------------ |
--------- |
|
Net assets |
|
1,077,297 |
726,057 |
|
|
------------ |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
100 |
|
Profit and loss account |
|
1,077,197 |
725,957 |
|
|
------------ |
--------- |
|
Shareholders funds |
|
1,077,297 |
726,057 |
|
|
------------ |
--------- |
|
|
|
|
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 31st March 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Balance Sheet (continued) |
|
31 March 2021
These financial statements were approved by the
board of directors
and authorised for issue on
22 July 2021
, and are signed on behalf of the board by:
Company registration number:
07073871
|
Notes to the Financial Statements |
|
Year ended 31st March 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 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ.
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.
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. (i) Useful economic lives if tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic loves and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See note 7 for the carrying amount of tangible assets and note 3 for the useful economic lives for each class of assets. (ii) Taxation The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced and accrued during the year, generated through the company's principal activities in the United Kingdom. Where appropriate amounts are shown excluding value added tax.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
5 years straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Freehold property |
- |
2% straight line |
|
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.
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
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. 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. 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
11
(2020:
12
).
5.
Intangible assets
|
Development costs |
|
£ |
|
Cost |
|
|
At 1st April 2020 and 31st March 2021 |
51 |
|
---- |
|
Amortisation |
|
|
At 1st April 2020 and 31st March 2021 |
50 |
|
---- |
|
Carrying amount |
|
|
At 31st March 2021 |
1 |
|
---- |
|
At 31st March 2020 |
1 |
|
---- |
|
|
6.
Tangible assets
|
Freehold property |
Equipment |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1st April 2020 |
290,914 |
134,157 |
425,071 |
|
Additions |
57,193 |
106,754 |
163,947 |
|
Disposals |
– |
(
4,634) |
(
4,634) |
|
--------- |
--------- |
--------- |
|
At 31st March 2021 |
348,107 |
236,277 |
584,384 |
|
--------- |
--------- |
--------- |
|
Depreciation |
|
|
|
|
At 1st April 2020 |
29,767 |
44,650 |
74,417 |
|
Charge for the year |
6,188 |
20,523 |
26,711 |
|
Disposals |
– |
(
3,210) |
(
3,210) |
|
--------- |
--------- |
--------- |
|
At 31st March 2021 |
35,955 |
61,963 |
97,918 |
|
--------- |
--------- |
--------- |
|
Carrying amount |
|
|
|
|
At 31st March 2021 |
312,152 |
174,314 |
486,466 |
|
--------- |
--------- |
--------- |
|
At 31st March 2020 |
261,147 |
89,507 |
350,654 |
|
--------- |
--------- |
--------- |
|
|
|
|
7.
Debtors
|
2021 |
2020 |
|
£ |
£ |
|
Trade debtors |
651,170 |
596,120 |
|
Other debtors |
51,033 |
40,846 |
|
--------- |
--------- |
|
702,203 |
636,966 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
|
Bank loans and overdrafts |
20,486 |
11,795 |
|
Trade creditors |
275,691 |
300,846 |
|
Corporation tax |
63,172 |
34,740 |
|
Social security and other taxes |
– |
5,143 |
|
Other creditors |
6,250 |
5,750 |
|
Other creditors |
164,349 |
136,756 |
|
--------- |
--------- |
|
529,948 |
495,030 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2021 |
2020 |
|
£ |
£ |
|
Bank loans and overdrafts |
147,926 |
118,412 |
|
--------- |
--------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £53,855 (2020: £67,548) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date. The bank loans and overdrafts detailed in notes 10 and 11 are secured by way of the following: There is a legal charge over the property ABC House, Scotland Road, King's Lynn, Norfolk, PE30 4JF. There is a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & machinery. All charges are held by National Westminster Bank PLC.
10.
Related party transactions
There were no transactions during the year that require disclosure under FRS 102 Section 1A.
