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REGISTERED NUMBER: 07623363 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

THOUGHTSHIFT LIMITED

THOUGHTSHIFT LIMITED (REGISTERED NUMBER: 07623363)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THOUGHTSHIFT LIMITED

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTORS: H C Trendell
A J Coutts





REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB





REGISTERED NUMBER: 07623363 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

THOUGHTSHIFT LIMITED (REGISTERED NUMBER: 07623363)

BALANCE SHEET
31 May 2023

31.5.23 31.5.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,274 2,480

CURRENT ASSETS
Debtors 5 44,972 69,723
Cash at bank and in hand 185,411 177,002
230,383 246,725
CREDITORS
Amounts falling due within one year 6 (91,615 ) (132,397 )
NET CURRENT ASSETS 138,768 114,328
TOTAL ASSETS LESS CURRENT
LIABILITIES

140,042

116,808

PROVISIONS FOR LIABILITIES 7 (306 ) (471 )
NET ASSETS 139,736 116,337

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 139,734 116,335
SHAREHOLDERS' FUNDS 139,736 116,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 2 October 2023 and were signed on its behalf by:



H C Trendell - Director


THOUGHTSHIFT LIMITED (REGISTERED NUMBER: 07623363)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023

1. STATUTORY INFORMATION

ThoughtShift Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the Company Information page.

The presentational currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of search engine optimisation services is recognised periodically during the term of the customer contract.

Tangible fixed assets
Tangible fixed assets held for the Company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Costs includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property-straight line over 5 years
Office equipment -25% on reducing balance
Computer equipment -straight line over 3 years

Impairment review

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.


THOUGHTSHIFT LIMITED (REGISTERED NUMBER: 07623363)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Computer
property equipment Totals
£    £    £   
COST
At 1 June 2022 3,291 50,024 53,315
Additions - 1,030 1,030
At 31 May 2023 3,291 51,054 54,345
DEPRECIATION
At 1 June 2022 3,291 47,544 50,835
Charge for year - 2,236 2,236
At 31 May 2023 3,291 49,780 53,071
NET BOOK VALUE
At 31 May 2023 - 1,274 1,274
At 31 May 2022 - 2,480 2,480

THOUGHTSHIFT LIMITED (REGISTERED NUMBER: 07623363)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 43,260 67,740
Other debtors 1,712 1,983
44,972 69,723

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 2,772 1,961
Taxation and social security 79,049 87,622
Other creditors 9,794 42,814
91,615 132,397

7. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax 306 471

Deferred
tax
£   
Balance at 1 June 2022 471
Accelerated capital allowances (165 )
Balance at 31 May 2023 306

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
2 Ordinary £1 2 2