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COMPANY REGISTRATION NUMBER: 7725617
Fiona Spencer Ltd
Filleted Unaudited Financial Statements
31 August 2023
Fiona Spencer Ltd
Financial Statements
Year ended 31 August 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Fiona Spencer Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Fiona Spencer Ltd
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fiona Spencer Ltd for the year ended 31 August 2023, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Fiona Spencer Ltd in accordance with the terms of our engagement letter dated 30 September 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Fiona Spencer Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fiona Spencer Ltd and its director for our work or for this report.
It is your duty to ensure that Fiona Spencer 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 Fiona Spencer Ltd. You consider that Fiona Spencer Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Fiona Spencer 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
15 November 2023
Fiona Spencer Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
644
1,342
Current assets
Debtors
6
4,897
6,882
Cash at bank and in hand
27,253
16,810
--------
--------
32,150
23,692
Creditors: amounts falling due within one year
7
4,083
4,130
--------
--------
Net current assets
28,067
19,562
--------
--------
Total assets less current liabilities
28,711
20,904
Provisions
Taxation including deferred tax
122
255
--------
--------
Net assets
28,589
20,649
--------
--------
Fiona Spencer Ltd
Statement of Financial Position (continued)
31 August 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
28,588
20,648
--------
--------
Shareholders funds
28,589
20,649
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 November 2023 , and are signed on behalf of the board by:
Ms F J Spencer
Director
Company registration number: 7725617
Fiona Spencer Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Norwood Street, Cheltenham, Gloucester, GL53 0DT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer & Office Equipment
-
33% straight line
Impairment of fixed assets
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Computer and office equipment
Total
£
£
Cost
At 1 September 2022
7,920
7,920
Disposals
( 5,138)
( 5,138)
-------
-------
At 31 August 2023
2,782
2,782
-------
-------
Depreciation
At 1 September 2022
6,578
6,578
Charge for the year
699
699
Disposals
( 5,139)
( 5,139)
-------
-------
At 31 August 2023
2,138
2,138
-------
-------
Carrying amount
At 31 August 2023
644
644
-------
-------
At 31 August 2022
1,342
1,342
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
4,365
4,824
Other debtors
532
2,058
-------
-------
4,897
6,882
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,996
1,561
Social security and other taxes
1,180
1,252
Other creditors
907
1,317
-------
-------
4,083
4,130
-------
-------