Registered number |
11516552 |
50TO500 LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
PAGES FOR FILING WITH REGISTRAR |
50TO500 LTD | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 | ||
Notes to the financial statements | 2 - 6 | ||
Balance Sheet | |||||||
as at |
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Company Registration No. | 11516552 | ||||||
Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current (liabilities)/assets | ( |
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Total assets less current liabilities | ( |
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Creditors: amounts falling due after more than one year | 6 | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholder's funds | ( |
( |
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………………………………….. | |||||||
Paul Ashley Fifield | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 31 AUGUST 2023 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
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Going concern | ||||||||
The validity of this assumption depends on the company being able to trade profitably in the future, notwithstanding any effect on the company from the COVID-19 pandemic, and the continued support of the company's director who is also a shareholder. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholder and director has expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis. |
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Turnover | ||||||||
Tangible fixed assets | ||||||||
Fixtures, fittings and equipment | 20% straight line | |||||||
Financial instruments | ||||||||
Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets | ||||||||
Derecognition of financial assets | ||||||||
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. | ||||||||
Basic financial liabilities | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
Cash and cash equivalents | ||||||||
Taxation | ||||||||
Current tax | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
2 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 September 2022 | ||||||||
Additions | ||||||||
At 31 August 2023 | ||||||||
Depreciation | ||||||||
At 1 September 2022 | ||||||||
Charge for the year | ||||||||
At 31 August 2023 | ||||||||
Net book value | ||||||||
At 31 August 2023 | ||||||||
At 31 August 2022 | ||||||||
4 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | - | |||||||
Director's current account | - | |||||||
Corporation tax recoverable | ||||||||
Other taxes and social security costs | 158 | |||||||
The directors' current account represents amounts due from Paul Fifield, director of the company. The maximum amount outstanding during the year was £5,421 and this amount was repaid. | ||||||||
5 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans | ||||||||
Director's current account | - | |||||||
Other taxes and social security costs | - | |||||||
Other creditors | ||||||||
6 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans | ||||||||
The long-term bank loans are secured by Guarantee from the UK Government under Bounce Back Loan Scheme (BBLS). | ||||||||
7 | Other information | |||||||
50to500 Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |