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No description of principal activity
2021-11-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
9845004
2021-11-01
2022-10-31
9845004
2022-10-31
9845004
2021-10-31
9845004
2020-11-01
2021-10-31
9845004
2021-10-31
9845004
core:MotorVehicles
2021-11-01
2022-10-31
9845004
bus:Director1
2021-11-01
2022-10-31
9845004
core:WithinOneYear
2022-10-31
9845004
core:WithinOneYear
2021-10-31
9845004
core:AfterOneYear
2022-10-31
9845004
core:AfterOneYear
2021-10-31
9845004
core:ShareCapital
2022-10-31
9845004
core:ShareCapital
2021-10-31
9845004
core:RetainedEarningsAccumulatedLosses
2022-10-31
9845004
core:RetainedEarningsAccumulatedLosses
2021-10-31
9845004
core:CostValuation
core:Non-currentFinancialInstruments
2021-10-31
9845004
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2022-10-31
9845004
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2022-10-31
9845004
core:CostValuation
core:Non-currentFinancialInstruments
2022-10-31
9845004
core:Non-currentFinancialInstruments
2022-10-31
9845004
core:Non-currentFinancialInstruments
2021-10-31
9845004
bus:SmallEntities
2021-11-01
2022-10-31
9845004
bus:AuditExempt-NoAccountantsReport
2021-11-01
2022-10-31
9845004
bus:AbridgedAccounts
2021-11-01
2022-10-31
9845004
bus:SmallCompaniesRegimeForAccounts
2021-11-01
2022-10-31
9845004
bus:PrivateLimitedCompanyLtd
2021-11-01
2022-10-31
9845004
core:ComputerEquipment
2021-11-01
2022-10-31
COMPANY REGISTRATION NUMBER:
9845004
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
31 October 2022
Fixed assets
|
Tangible assets |
5 |
|
– |
17,850 |
|
Investments |
6 |
|
45,185 |
89,301 |
|
|
-------- |
--------- |
|
|
45,185 |
107,151 |
|
|
|
|
|
Current assets
|
Debtors |
56 |
|
226 |
|
Cash at bank and in hand |
192 |
|
543 |
|
---- |
|
---- |
|
248 |
|
769 |
|
|
|
|
|
Creditors: amounts falling due within one year |
29,268 |
|
40,137 |
|
-------- |
|
-------- |
|
Net current liabilities |
|
29,020 |
39,368 |
|
|
-------- |
--------- |
|
Total assets less current liabilities |
|
16,165 |
67,783 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
49,500 |
67,500 |
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
31 |
31 |
|
|
-------- |
-------- |
|
Net (liabilities)/assets |
|
(
33,366) |
252 |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
100 |
|
Profit and loss account |
|
(
33,466) |
152 |
|
|
-------- |
---- |
|
Shareholders (deficit)/funds |
|
(
33,366) |
252 |
|
|
-------- |
---- |
|
|
|
|
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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 October 2022 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 abridged 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 abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
31 October 2022
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 October 2022 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
21 June 2023
, and are signed on behalf of the board by:
Company registration number:
9845004
|
Notes to the Abridged Financial Statements |
|
Year ended 31 October 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 57a Broadway, Leigh-On-sea, Essex, United Kingdom, SS9 1PE.
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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
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.
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:
|
Motor Vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
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 abridged 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
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
2
(2021:
2
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 November 2021 |
44,524 |
|
Disposals |
(
38,500) |
|
-------- |
|
At 31 October 2022 |
6,024 |
|
-------- |
|
Depreciation |
|
|
At 1 November 2021 |
26,674 |
|
Charge for the year |
1,609 |
|
Disposals |
(
22,259) |
|
-------- |
|
At 31 October 2022 |
6,024 |
|
-------- |
|
Carrying amount |
|
|
At 31 October 2022 |
– |
|
-------- |
|
At 31 October 2021 |
17,850 |
|
-------- |
|
|
6.
Investments
|
£ |
|
Cost |
|
|
At 1 November 2021 |
89,301 |
|
Disposals |
(
35,305) |
|
Revaluations |
(
8,811) |
|
-------- |
|
At 31 October 2022 |
45,185 |
|
-------- |
|
Impairment |
|
|
At 1 November 2021 and 31 October 2022 |
– |
|
-------- |
|
Carrying amount |
|
|
At 31 October 2022 |
45,185 |
|
-------- |
|
At 31 October 2021 |
89,301 |
|
-------- |
|
|
7.
Related party transactions
The company was under the control of Mr
S Milosevic
throughout the current and previous period in his capacity as the managing director and majority shareholder.
