Registered number
04453840
Accounts 2U Ltd
Filleted Accounts
30 June 2023
Accounts 2U Ltd
Registered number: 04453840
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 671 895
Current assets
Work in progress 620 352
Debtors 4 1,021 759
Cash at bank and in hand 2,795 1,894
4,436 3,005
Creditors: amounts falling due within one year 5 (2,685) (2,232)
Net current assets 1,751 773
Net assets 2,422 1,668
Capital and reserves
Called up share capital 1 1
Profit and loss account 2,421 1,667
Shareholder's funds 2,422 1,668
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr H Turner
Director
Approved by the board on 3 November 2023
Accounts 2U Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Work in progress
Work in progress is valued at time on clients' affairs not yet billed, multiplied by the standard chargeout rate, less specific provisions for time costs considered irrecoverable, in accordance with UITF40.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 1,193
At 30 June 2023 1,193
Depreciation
At 1 July 2022 298
Charge for the year 224
At 30 June 2023 522
Net book value
At 30 June 2023 671
At 30 June 2022 895
4 Debtors 2023 2022
£ £
Trade debtors 1,021 759
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 159 150
Taxation and social security costs 2,252 1,773
Director's loan account 274 309
2,685 2,232
During the year, the company made advances to the director totalling £12,070 (2022 £14,993). These advances were fully paid off before the respective year ends. The advances were charged to interest at HM Revenue & Customs' official rate, and were repayable on demand.
6 Controlling party
The company is controlled by Mr H Turner, who holds one £1 ordinary share in the company.
7 Other information
Accounts 2U Ltd is a private company limited by shares and incorporated in Cardiff. Its registered office is:
13 Edward Street
Northwich
CW9 7DQ
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