REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
298 LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
298 LIMITED |
298 LIMITED (REGISTERED NUMBER: 04727387) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
298 LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
29 Gildredge Road |
Eastbourne |
East Sussex |
BN21 4RU |
298 LIMITED (REGISTERED NUMBER: 04727387) |
BALANCE SHEET |
31 MARCH 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
298 LIMITED (REGISTERED NUMBER: 04727387) |
BALANCE SHEET - continued |
31 MARCH 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
298 LIMITED (REGISTERED NUMBER: 04727387) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
298 Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, was being amortised evenly over its estimated useful life of 20 years until 30 April 2014. With effect from 1 May 2014, this accounting estimate has been reviewed and reduced to 14 years from acquisition, in accordance with financial reporting standard 102. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Furniture,fittings & equipment | - |
Motor vehicles | - |
Government grants |
Grants are accounted for under the accruals method. Grants of a revenue nature are recognised in "other income" within the profit or loss in the same period as the related expenditure. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
298 LIMITED (REGISTERED NUMBER: 04727387) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill | Website | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
and 31 March 2022 |
AMORTISATION |
At 1 April 2021 |
Amortisation for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
5. | TANGIBLE FIXED ASSETS |
Furniture,fittings | Motor |
& equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
and 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
298 LIMITED (REGISTERED NUMBER: 04727387) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2021 |
Revaluations | 9,579 |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
The investment property was valued by Menorcasa Properties S.L. on an open market basis in March 2022. No further revaluations are required in 2022. |
Fair value at 31 March 2022 is represented by: |
£ |
Valuation in 2022 | 9,579 |
Cost | 468,401 |
477,980 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
PAYE |
VAT | 2,879 | 3,054 |
Directors' current accounts | 12,937 | 4,957 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Bank loans more 5 yr by instal |
298 LIMITED (REGISTERED NUMBER: 04727387) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 11,834 | 15,569 |
11. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Investment property fair value | 1,820 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 31 March 2022 |
12. | RESERVES |
Non-distributable |
reserve |
£ |
Reserve transfer | 7,759 |
At 31 March 2022 |