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Registered Number: 03551252
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 December 2022

for

IN SPITALFIELDS LIMITED

 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 3 16,794    20,994 
16,794    20,994 
Current assets      
Stocks 15,800    13,080 
Cash at bank and in hand 168,032    222,292 
183,832    235,372 
Creditors: amount falling due within one year (70,334)   (57,875)
Net current assets 113,498    177,497 
 
Total assets less current liabilities 130,292    198,491 
Creditors: amount falling due after more than one year (60,000)   (96,853)
Net assets 70,292    101,638 
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 70,290    101,636 
Shareholder's funds 70,292    101,638 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 27 September 2023 and were signed by:


-------------------------------
Fiona Hannafin
Director
1
General Information
IN SPITALFIELDS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03551252, registration address 22 OSBORN STREET, C/O JAHAN & CO, LONDON, E1 6TD. The trading address of the company is 13A LAMB ST, LONDON, E1 6EA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 19 (2021 : 19).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 January 2022 12,934    91,020    103,954 
Additions    
Disposals    
At 31 December 2022 12,934    91,020    103,954 
Depreciation
At 01 January 2022 11,813    71,147    82,960 
Charge for year 225    3,975    4,200 
On disposals    
At 31 December 2022 12,038    75,122    87,160 
Net book values
Closing balance as at 31 December 2022 896    15,898    16,794 
Opening balance as at 01 January 2022 1,121    19,873    20,994 


4.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
2 Class A shares of £1.00 each  
 

2