Fireoak Ltd
Unaudited accounts
Contents
Fireoak Ltd
Statement of financial position
as at 31 March 2023
Tangible assets
70,058
84,158
Cash at bank and in hand
85,875
54,533
Creditors: amounts falling due within one year
(43,707)
(14,771)
Net current assets
75,775
72,828
Total assets less current liabilities
145,833
156,986
Provisions for liabilities
Deferred tax
(13,312)
(15,991)
Net assets
132,521
140,995
Called up share capital
100
100
Profit and loss account
132,421
140,895
Shareholders' funds
132,521
140,995
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2023 and were signed on its behalf by
E Barriball
Director
Company Registration No. 09563525
Fireoak Ltd
Notes to the Accounts
for the year ended 31 March 2023
Fireoak Ltd is a private company, limited by shares, registered in England and Wales, registration number 09563525. The registered office is 1 The Vinery Tanners Lane, East Wellow, Romsey, SO51 6DP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
2 years
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Investments in shares are included at fair value.
Fireoak Ltd
Notes to the Accounts
for the year ended 31 March 2023
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Tangible fixed assets
Total
Charge for the year
21,305
5
Deferred taxation
2023
2022
Accelerated capital allowances
13,312
15,991
Provision at start of year
15,991
7,804
(Credited)/charged to the profit and loss account
(2,679)
8,187
Provision at end of year
13,312
15,991
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Transactions with related parties
The director charged the company rent of £312 (2022: £312).
The director also made an interest free loan to the company of £312 (2022: £312). The director reserves the right to charge the company interest at any stage.
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Average number of employees
During the year the average number of employees was 2 (2022: 2).