Registered number
08312799
Act Developments London Limited
Unaudited Filleted Accounts
For the Year Ended
31 March 2023
Act Developments London Limited
Registered number: 08312799
Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 609,404 610,064
Current assets
Debtors 4 1,008,779 684,797
Cash at bank and in hand 3,288,696 3,691,958
4,297,475 4,376,755
Creditors: amounts falling due within one year 5 (2,744,982) (1,830,840)
Net current assets 1,552,493 2,545,915
Total assets less current liabilities 2,161,897 3,155,979
Creditors: amounts falling due after more than one year 6 (329,089) (594,990)
Net assets 1,832,808 2,560,989
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,832,708 2,560,889
Shareholders' funds 1,832,808 2,560,989
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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. A. De-Wys
Director
Approved by the board on 2 November 2023
Act Developments London Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Accounting convention
These accounts 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 accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these accounts are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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:
Fixtures, fittings and equipment 20% reducing balance
Motor vehicles 20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 20
3 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 575,031 26,345 48,174 649,550
Additions - 9,233 - 9,233
Disposals - - (1,300) (1,300)
At 31 March 2023 575,031 35,578 46,874 657,483
Depreciation
At 1 April 2022 - 14,547 24,939 39,486
Charge for the year - 4,206 4,387 8,593
At 31 March 2023 - 18,753 29,326 48,079
Net book value
At 31 March 2023 575,031 16,825 17,548 609,404
At 31 March 2022 575,031 11,798 23,235 610,064
4 Debtors 2023 2022
£ £
Trade debtors 966,247 655,654
Other debtors 42,532 29,143
1,008,779 684,797
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,636,883 1,105,388
Taxation and social security costs 1,005,459 461,139
Other creditors 102,640 264,313
2,744,982 1,830,840
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 329,089 343,450
Other creditors - 251,540
329,089 594,990
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