COMPANY REGISTRATION NUMBER:
12681130
Filleted Unaudited Financial Statements |
|
Year ended 31 August 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 August 2023
Fixed assets
Tangible assets |
5 |
|
145 |
270 |
|
|
|
|
|
Current assets
Debtors |
6 |
6,161 |
|
17,035 |
Cash at bank and in hand |
36,227 |
|
37,059 |
|
-------- |
|
-------- |
|
42,388 |
|
54,094 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
10,007 |
|
18,178 |
|
-------- |
|
-------- |
Net current assets |
|
32,381 |
35,916 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
32,526 |
36,186 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
30,244 |
34,859 |
|
|
-------- |
-------- |
Net assets |
|
2,282 |
1,327 |
|
|
-------- |
-------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
4 |
4 |
Profit and loss account |
|
2,278 |
1,323 |
|
|
------- |
------- |
Shareholders funds |
|
2,282 |
1,327 |
|
|
------- |
------- |
|
|
|
|
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 has not been delivered.
For the year ending 31 August 2023 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
.
Statement of Financial Position (continued) |
|
31 August 2023
These financial statements were approved by the
board of directors
and authorised for issue on
9 November 2023
, and are signed on behalf of the board by:
Company registration number:
12681130
Notes to the Financial Statements |
|
Year ended 31 August 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Warlies Park House, Horseshoe Hill, Upshire, Essex, EN9 3SL, England.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
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.
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 |
- |
25% 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.
Government grants
Government grants are recognised using the accrual 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 it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2022:
13
).
5.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 September 2022 and 31 August 2023 |
499 |
|
---- |
Depreciation |
|
At 1 September 2022 |
229 |
Charge for the year |
125 |
|
---- |
At 31 August 2023 |
354 |
|
---- |
Carrying amount |
|
At 31 August 2023 |
145 |
|
---- |
At 31 August 2022 |
270 |
|
---- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
6,161 |
17,035 |
|
------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
4,615 |
4,501 |
Corporation tax |
2,368 |
6,450 |
Social security and other taxes |
576 |
189 |
Other creditors |
2,448 |
7,038 |
|
-------- |
-------- |
|
10,007 |
18,178 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
30,244 |
34,859 |
|
-------- |
-------- |
|
|
|
9.
Directors' advances, credits and guarantees
At the year end the directors owed the company £4,635 (2022: £15,661). During the year advances of £nil (2022: £18,000) were made to the directors and repayments £11,026 (2022: £28,794) were made by the directors. There was no interest charged on this loan.