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COMPANY REGISTRATION NUMBER: 05523089
Look to Buy Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Look to Buy Limited
Financial Statements
Year ended 31 December 2021
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Look to Buy Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
20,875
15,968
Tangible assets
6
66,964
41,953
--------
--------
87,839
57,921
Current assets
Debtors
7
116,455
108,413
Cash at bank and in hand
477,024
437,991
---------
---------
593,479
546,404
Creditors: amounts falling due within one year
8
207,914
244,157
---------
---------
Net current assets
385,565
302,247
---------
---------
Total assets less current liabilities
473,404
360,168
Creditors: amounts falling due after more than one year
9
34,823
44,487
Provisions
Taxation including deferred tax
10
13,432
6,878
---------
---------
Net assets
425,149
308,803
---------
---------
Capital and reserves
Called up share capital
125
125
Profit and loss account
425,024
308,678
---------
---------
Shareholders funds
425,149
308,803
---------
---------
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 December 2021 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 .
Look to Buy Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 14 September 2022 , and are signed on behalf of the board by:
J Brammar
Director
Company registration number: 05523089
Look to Buy Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents services supplied during the period and, in respect of long-term contracts and contracts for ongoing services, the value of work done in the period. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion. Turnover is shown net of trade discounts and VAT.
Taxation
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. 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.
Intangible assets
Website development costs are capitalised, classified as an asset on the statement of financial position and amortised over their estimated useful life where it is expected future economic benefits attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably. The assets are reviewed for impairment as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.
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:
Website development
-
33% straight line
A full year's amortisation is included on asset additions in the year.
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 subsequently stated at cost less any accumulated depreciation and 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:
Short leasehold property
-
15% straight line
Fixtures and fittings
-
25% reducing balance
Office equipment
-
33% straight line
A full year's depreciation is included on asset additions in the year.
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 becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Defined contribution pension plans
The company makes contributions to a defined contribution plan for employees. These are recognised as an expense in the period in which the related service is provided. The company also makes contributions to a director's personal pension scheme. The annual contributions payable are included in the statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2020: 5 ).
5. Intangible assets
Website development costs
£
Cost
At 1 January 2021
179,728
Additions
16,312
---------
At 31 December 2021
196,040
---------
Amortisation
At 1 January 2021
163,760
Charge for the year
11,405
---------
At 31 December 2021
175,165
---------
Carrying amount
At 31 December 2021
20,875
---------
At 31 December 2020
15,968
---------
Capital commitments
2021
2020
£
£
Contracted for but not provided for in the financial statements
15,000
----
--------
6. Tangible assets
Short leasehold property
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 January 2021
40,364
14,724
55,088
Additions
27,432
872
12,107
40,411
--------
----
--------
--------
At 31 December 2021
67,796
872
26,831
95,499
--------
----
--------
--------
Depreciation
At 1 January 2021
13,135
13,135
Charge for the year
10,169
218
5,013
15,400
--------
----
--------
--------
At 31 December 2021
10,169
218
18,148
28,535
--------
----
--------
--------
Carrying amount
At 31 December 2021
57,627
654
8,683
66,964
--------
----
--------
--------
At 31 December 2020
40,364
1,589
41,953
--------
----
--------
--------
7. Debtors
2021
2020
£
£
Trade debtors
69,398
59,078
Other debtors
47,057
49,335
---------
---------
116,455
108,413
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
9,647
5,513
Trade creditors
56,412
61,819
Social security and other taxes
132,043
166,516
Other creditors
9,812
10,309
---------
---------
207,914
244,157
---------
---------
Included above is a bank loan secured under the business bounce bank loan scheme.
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
34,823
44,487
--------
--------
Included above is a bank loan secured under the business bounce bank loan scheme.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2020: £4,413) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2021
6,878
Additions
6,554
--------
At 31 December 2021
13,432
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021
2020
£
£
Included in provisions (note 10)
13,432
6,878
--------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2021
2020
£
£
Accelerated capital allowances
13,432
6,878
--------
-------
12. Directors' advances, credits and guarantees
The director J Brammar and his wife maintain a loan account with the company. At the beginning of the year the couple owed the company £ 10,882 (2020 £9,097). During the year there were advances to the director and his wife of £ 135,937 (2020 £ 103,106 ) and repayments of £ 139,604 (2020 £ 101,321 ). At the reporting date the couple owed the company £ 7,215 (2020 £ 10,882 ). During the year interest of £297 (2020 £318) was charged on amounts due to the company and no amounts were written off. The director Mrs J Brammar and her husband maintain a loan account with the company. At the beginning of the year the couple owed the company £ 17,185 (2020 £19,468). During the year there were advances to the director and her husband of £ 137,735 (2020 £ 178,428 ) and repayments of £ 137,597 (2020 £ 180,711 ). At the reporting date the couple owed the company £ 17,323 (2022 £ 17,185 ). During the year interest of £689 (2020 £1,006) was charged on amounts due to the company and no amounts were written off.