Company Registration No. 13858934 (England and Wales)
181ST STREET LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
181ST STREET LTD
COMPANY INFORMATION
Directors
Mrs S E Conway-Wood
(Appointed 19 January 2022)
Mr A G Groom
(Appointed 19 January 2022)
Company number
13858934
Registered office
Suite G04 1 Quality Court
Chancery Lane
London
WC2A 1HR
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Starling Bank Limited
5th Floor
London Fruit and Wool Exchange
1 Duval Square
London
E1 6PW
181ST STREET LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3
Notes to the financial statements
4 - 6
Detailed trading and profit and loss account
181ST STREET LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2023
- 1 -
The directors present their annual report and financial statements for the period ended 31 January 2023.
Incorporation
The company was incorporated on 19 January 2022 and commenced trading on 31 January 2022.
Principal activity
The principal activity of the company in the period under review was that of advertising agencies.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mrs S E Conway-Wood
(Appointed 19 January 2022)
Mr A G Groom
(Appointed 19 January 2022)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs S E Conway-Wood
Mr A G Groom
Director
Director
16 October 2023
16 October 2023
181ST STREET LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 181ST STREET LTD FOR THE PERIOD ENDED 31 JANUARY 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 181st Street Ltd for the period ended 31 January 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of 181st Street Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 181st Street Ltd and state those matters that we have agreed to state to the Board of Directors of 181st Street Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 181st Street Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that 181st Street Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 181st Street Ltd. You consider that 181st Street Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of 181st Street Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
16 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
181ST STREET LTD
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 3 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
125
Current assets
Debtors
4
8,687
Cash at bank and in hand
134
8,821
Creditors: amounts falling due within one year
5
(8,800)
Net current assets
21
Total assets less current liabilities
146
Provisions for liabilities
6
(24)
Net assets
122
Capital and reserves
Called up share capital
7
2
Profit and loss reserves
120
Total equity
122
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 October 2023 and are signed on its behalf by:
Mrs S E Conway-Wood
Mr A G Groom
Director
Director
Company Registration No. 13858934
181ST STREET LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information
181st Street Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite G04 1 Quality Court, Chancery Lane, London, WC2A 1HR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
181ST STREET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2.
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 19 January 2022
Additions
156
At 31 January 2023
156
Depreciation and impairment
At 19 January 2022
Depreciation charged in the period
31
At 31 January 2023
31
Carrying amount
At 31 January 2023
125
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
8,687
181ST STREET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
1,108
Taxation and social security
6,636
Other creditors
1,056
8,800
6
Provisions for liabilities
2023
£
Deferred tax liabilities
24
7
Called up share capital
2023
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2 Ordinary shares of £2 were allotted and fully paid for cash at par during the period.
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan account
-
-
8,687
8,687
-
8,687
8,687
The director's loan account was repaid within nine months of the year end.
9
Ultimate controlling party
There is no ultimate controlling party.
10
Comparatives
This is the company's first period of trading, therefore there are no comparatives.