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COMPANY REGISTRATION NUMBER: 07079645
Impeccable Taste Limited
Filleted Unaudited Financial Statements
31 May 2023
Impeccable Taste Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Impeccable Taste Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Current assets
Debtors
6
60
Cash at bank and in hand
3,074
2,847
-------
-------
3,134
2,847
Creditors: amounts falling due within one year
7
8,527
10,872
-------
--------
Net current liabilities
5,393
8,025
-------
-------
Total assets less current liabilities
( 5,393)
( 8,025)
-------
-------
Net liabilities
( 5,393)
( 8,025)
-------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 5,394)
( 8,026)
-------
-------
Shareholders deficit
( 5,393)
( 8,025)
-------
-------
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 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Mr J A Claxton
Director
Company registration number: 07079645
Impeccable Taste Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 Russell Square Mansions, 122 Southampton Row, London, WC1B 5AE.
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. Going concern The financial statements have been prepared on a going concern basis due to the ongoing support of the director. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. 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:
Plant and Machinery - 25% straight line
Equipment - 25% straight line
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 at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Plant and Machinery
Equipment
Total
£
£
£
Cost
At 1 June 2022 and 31 May 2023
964
366
1,330
----
----
-------
Depreciation
At 1 June 2022 and 31 May 2023
964
366
1,330
----
----
-------
Carrying amount
At 31 May 2023
----
----
-------
At 31 May 2022
----
----
-------
6. Debtors
2023
2022
£
£
Trade debtors
60
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
20
Other creditors
8,527
10,852
-------
--------
8,527
10,872
-------
--------
8. Related party transactions
At the balance sheet date, the company owed the Director £7,977 (2022: £10,302).