A. L. Sole & Son Limited 30/04/2023 iXBRL

A. L. Sole & Son Limited 30/04/2023 iXBRL

A. L. SOLE & SON LIMITED - Company Information

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13 30/04/2023 2023-04-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-05-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08925709 2022-05-01 2023-04-30 08925709 2023-04-30 08925709 2022-04-30 08925709 2021-05-01 2022-04-30 08925709 2022-04-30 08925709 core:NetGoodwill 2022-05-01 2023-04-30 08925709 bus:RegisteredOffice 2022-05-01 2023-04-30 08925709 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 08925709 bus:Director2 2022-05-01 2023-04-30 08925709 core:NetGoodwill 2022-04-30 08925709 core:NetGoodwill 2023-04-30 08925709 core:LandBuildings core:LongLeaseholdAssets 2022-04-30 08925709 core:FurnitureFittingsToolsEquipment 2022-04-30 08925709 core:MotorVehicles 2022-04-30 08925709 core:LandBuildings core:LongLeaseholdAssets 2023-04-30 08925709 core:FurnitureFittingsToolsEquipment 2023-04-30 08925709 core:MotorVehicles 2023-04-30 08925709 core:WithinOneYear 2023-04-30 08925709 core:WithinOneYear 2022-04-30 08925709 core:AfterOneYear 2023-04-30 08925709 core:AfterOneYear 2022-04-30 08925709 core:ShareCapital 2023-04-30 08925709 core:ShareCapital 2022-04-30 08925709 core:RetainedEarningsAccumulatedLosses 2023-04-30 08925709 core:RetainedEarningsAccumulatedLosses 2022-04-30 08925709 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 08925709 core:MotorVehicles 2022-05-01 2023-04-30 08925709 core:NetGoodwill 2022-04-30 08925709 core:LandBuildings core:LongLeaseholdAssets 2022-04-30 08925709 core:FurnitureFittingsToolsEquipment 2022-04-30 08925709 core:MotorVehicles 2022-04-30 08925709 bus:SmallEntities 2022-05-01 2023-04-30 08925709 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 08925709 bus:FullAccounts 2022-05-01 2023-04-30 08925709 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 08925709 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30
Company registration number: 08925709
A. L. Sole & Son Limited
Unaudited filleted financial statements
30 April 2023
A. L. Sole & Son Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
A. L. Sole & Son Limited
Directors and other information
Director
Samantha Sole
Company number 08925709
Registered office Bidston Close
Over Norton
Chipping Norton
OX7 5PP
Business address Bidston Close
Over Norton
Chipping Norton
OX7 5PP
Accountants Morgan Hemp & Co
103-104
Walter Road
Swansea
SA1 5QF
A. L. Sole & Son Limited
Report to the director on the preparation of the
unaudited statutory financial statements of A. L. Sole & Son Limited
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A. L. Sole & Son Limited for the year ended 30 April 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of A. L. Sole & Son Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of A. L. Sole & Son Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A. L. Sole & Son Limited and its director as a body for our work or for this report.
It is your duty to ensure that A. L. Sole & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A. L. Sole & Son Limited. You consider that A. L. Sole & Son Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of A. L. Sole & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp & Co
Chartered Certified Accountants
103-104
Walter Road
Swansea
SA1 5QF
14 July 2023
A. L. Sole & Son Limited
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 24,000 48,000
Tangible assets 6 189,175 143,891
_______ _______
213,175 191,891
Current assets
Stocks 11,789 3,270
Debtors 7 83,260 55,821
Cash at bank and in hand 45,412 73,385
_______ _______
140,461 132,476
Creditors: amounts falling due
within one year 8 ( 54,992) ( 40,412)
_______ _______
Net current assets 85,469 92,064
_______ _______
Total assets less current liabilities 298,644 283,955
Creditors: amounts falling due
after more than one year 9 ( 61,279) ( 34,352)
Provisions for liabilities ( 21,894) ( 12,967)
_______ _______
Net assets 215,471 236,636
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 215,469 236,634
_______ _______
Shareholder funds 215,471 236,636
_______ _______
For the year ending 30 April 2023 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 July 2023 , and are signed on behalf of the board by:
Samantha Sole
Director
Company registration number: 08925709
A. L. Sole & Son Limited
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Bidston Close, Over Norton, Chipping Norton, OX7 5PP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
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 in finance costs 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.
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 or 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 in finance costs 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 13 (2022: 12 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2022 and 30 April 2023 240,000 240,000
_______ _______
Amortisation
At 1 May 2022 192,000 192,000
Charge for the year 24,000 24,000
_______ _______
At 30 April 2023 216,000 216,000
_______ _______
Carrying amount
At 30 April 2023 24,000 24,000
_______ _______
At 30 April 2022 48,000 48,000
_______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 54,701 25,077 185,890 265,668
Additions - - 62,950 62,950
_______ _______ _______ _______
At 30 April 2023 54,701 25,077 248,840 328,618
_______ _______ _______ _______
Depreciation
At 1 May 2022 - 12,607 109,170 121,777
Charge for the year - 3,118 14,548 17,666
_______ _______ _______ _______
At 30 April 2023 - 15,725 123,718 139,443
_______ _______ _______ _______
Carrying amount
At 30 April 2023 54,701 9,352 125,122 189,175
_______ _______ _______ _______
At 30 April 2022 54,701 12,470 76,720 143,891
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 82,192 36,335
Other debtors 1,068 19,486
_______ _______
83,260 55,821
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors 5,882 2,038
Social security and other taxes 15,961 15,965
Other creditors 22,501 11,761
_______ _______
54,992 40,412
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 24,718 34,352
Other creditors 36,561 -
_______ _______
61,279 34,352
_______ _______
10. Related party transactions
Included within creditors are amounts owed to the director totalling £108 (£108 2022). The loan is interest free and repayable on demand.