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Registration number: 09843301

38C limited

Unaudited Filleted Financial Statements

for the Year Ended 26 January 2023

 

38C limited
(formerly Firebird Renovation & Development Limited)

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

38C limited
(formerly Firebird Renovation & Development Limited)

(Registration number: 09843301)
Statement of Financial Position as at 26 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

749

944

Current assets

 

Debtors

5

-

3,825

Cash at bank and in hand

 

4,692

66,912

 

4,692

70,737

Creditors: Amounts falling due within one year

6

(16,137)

(75,649)

Net current liabilities

 

(11,445)

(4,912)

Total assets less current liabilities

 

(10,696)

(3,968)

Provisions for liabilities

-

(179)

Net liabilities

 

(10,696)

(4,147)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(10,796)

(4,247)

Shareholders' deficit

 

(10,696)

(4,147)

For the financial year ending 26 January 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
Mr Oliver Poole
Director

 

38C limited
(formerly Firebird Renovation & Development Limited)

Notes to the Unaudited Financial Statements for the Year Ended 26 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Firebird Renovation & Development Limited.

The address of its registered office is:
Core House
Burscombe Lane
Sidford
Sidmouth
Devon
EX10 0QA

Principal activity

The principal activity of the company is property development

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

 

38C limited
(formerly Firebird Renovation & Development Limited)

Notes to the Unaudited Financial Statements for the Year Ended 26 January 2023 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

38C limited
(formerly Firebird Renovation & Development Limited)

Notes to the Unaudited Financial Statements for the Year Ended 26 January 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

20% reducing balance

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

38C limited
(formerly Firebird Renovation & Development Limited)

Notes to the Unaudited Financial Statements for the Year Ended 26 January 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

38C limited
(formerly Firebird Renovation & Development Limited)

Notes to the Unaudited Financial Statements for the Year Ended 26 January 2023 (continued)

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 27 January 2022

1,259

5,280

6,539

At 26 January 2023

1,259

5,280

6,539

Depreciation

At 27 January 2022

1,126

4,469

5,595

Charge for the year

33

162

195

At 26 January 2023

1,159

4,631

5,790

Carrying amount

At 26 January 2023

100

649

749

At 26 January 2022

133

811

944

5

Debtors

2023
£

2022
£

Other debtors

-

3,825

-

3,825

Current

2023
£

2022
£

Other debtors

-

3,825

 

-

3,825

 

38C limited
(formerly Firebird Renovation & Development Limited)

Notes to the Unaudited Financial Statements for the Year Ended 26 January 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

62,962

Accruals and deferred income

 

940

940

Other creditors

 

15,197

11,747

 

16,137

75,649

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

62,962