Registered number
08352917
Studybugs Limited
Filleted Accounts
31 December 2021
Studybugs Limited
Registered number: 08352917
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 4 46 -
Current assets
Debtors 5 60,179 35,540
Cash at bank and in hand 93,221 155,959
153,400 191,499
Creditors: amounts falling due within one year 6 (72,793) (74,802)
Net current assets 80,607 116,697
Total assets less current liabilities 80,653 116,697
Creditors: amounts falling due after more than one year 7 (50,326) (50,000)
Net assets 30,327 66,697
Capital and reserves
Called up share capital 154 154
Share premium 59,946 59,946
Profit and loss account (29,773) 6,597
Shareholders' funds 30,327 66,697
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Mabbitt
Director
Approved by the board on 27 June 2022
Studybugs Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2021 1,003
At 31 December 2021 1,003
Amortisation
At 1 January 2021 1,003
At 31 December 2021 1,003
Net book value
At 31 December 2021 -
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 91
At 31 December 2021 91
Depreciation
Charge for the year 45
At 31 December 2021 45
Net book value
At 31 December 2021 46
5 Debtors 2021 2020
£ £
Trade debtors 60,179 35,540
6 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 850 850
Trade creditors 25,609 32,155
Taxation and social security costs 44,096 37,947
Other creditors 2,238 3,850
72,793 74,802
7 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 50,326 50,000
8 Other information
Studybugs Limited is a private company limited by shares and incorporated in England. Its registered office is:
5a Park Avenue
Bedford
MK40 2JY
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