Registered number
07187346
FT Solutions.TV Limited
Filleted Accounts
31 March 2023
FT Solutions.TV Limited
Registered number: 07187346
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 4,800 5,200
Tangible assets 4 32,316 36,010
37,116 41,210
Current assets
Stocks 10,275 12,007
Debtors 5 4,485 9,449
Cash at bank and in hand 101,821 101,315
116,581 122,771
Creditors: amounts falling due within one year 6 (12,026) (29,331)
Net current liabilities 104,555 93,440
Total assets less current liabilities 141,671 134,650
Provisions for liabilities (1,982) (2,418)
Net assets 139,689 132,232
Capital and reserves
Called up share capital 100 100
Profit and loss account 139,589 132,132
Shareholders' funds 139,689 132,232
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 members have 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 A Warner
Director
Approved by the board on 15 November 2023
FT Solutions.TV Limited
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Office equipment 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 10,000
At 31 March 2023 10,000
Amortisation
At 1 April 2022 4,800
Provided during the year 400
At 31 March 2023 5,200
Net book value
At 31 March 2023 4,800
At 31 March 2022 5,200
Goodwill is being written off at the rate of 4% using a straight line basis
4 Tangible fixed assets
Office equipment Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 20,921 31,710 46,219 98,850
Additions 5,084 1,994 - 7,078
At 31 March 2023 26,005 33,704 46,219 105,928
Depreciation
At 1 April 2022 15,428 23,604 23,808 62,840
Charge for the year 2,644 2,525 5,603 10,772
At 31 March 2023 18,072 26,129 29,411 73,612
Net book value
At 31 March 2023 7,933 7,575 16,808 32,316
At 31 March 2022 5,493 8,106 22,411 36,010
5 Debtors 2023 2022
£ £
Trade debtors 1,919 7,387
Other debtors 2,566 2,062
4,485 9,449
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,600 1,500
Corporation tax 2,625 12,752
Other taxes and social security costs 4,383 10,261
Other creditors 3,418 4,818
12,026 29,331
7 Other information
FT Solutions.TV Limited is a private company limited by shares and incorporated in England. Its registered office is:
Church Lane Nursery
Church Lane
Yapton
West Sussex
BN18 0EH
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