2 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 9,331 1,045 10,376 5,279 1,275 6,554 3,822 4,052 xbrli:pure xbrli:shares iso4217:GBP 10620250 2022-03-01 2023-02-28 10620250 2023-02-28 10620250 2022-02-28 10620250 2021-03-01 2022-02-28 10620250 2022-02-28 10620250 core:FurnitureFittings 2022-03-01 2023-02-28 10620250 bus:Director1 2022-03-01 2023-02-28 10620250 bus:Director2 2022-03-01 2023-02-28 10620250 core:FurnitureFittings 2022-02-28 10620250 core:FurnitureFittings 2023-02-28 10620250 core:WithinOneYear 2023-02-28 10620250 core:WithinOneYear 2022-02-28 10620250 core:AfterOneYear 2023-02-28 10620250 core:AfterOneYear 2022-02-28 10620250 core:ShareCapital 2023-02-28 10620250 core:ShareCapital 2022-02-28 10620250 core:RetainedEarningsAccumulatedLosses 2023-02-28 10620250 core:RetainedEarningsAccumulatedLosses 2022-02-28 10620250 core:FurnitureFittings 2022-02-28 10620250 bus:SmallEntities 2022-03-01 2023-02-28 10620250 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10620250 bus:FullAccounts 2022-03-01 2023-02-28 10620250 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10620250 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 10620250
ETHOS LETTINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
ETHOS LETTINGS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
3,822
4,052
Current assets
Debtors
6
65,306
71,565
Cash at bank and in hand
20,215
22,397
---------
---------
85,521
93,962
Creditors: amounts falling due within one year
7
38,987
33,806
---------
---------
Net current assets
46,534
60,156
---------
---------
Total assets less current liabilities
50,356
64,208
Creditors: amounts falling due after more than one year
8
23,699
31,625
Provisions
726
770
---------
---------
Net assets
25,931
31,813
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
25,930
31,812
---------
---------
Shareholders funds
25,931
31,813
---------
---------
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 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ETHOS LETTINGS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr C P Demetriou
Mr C J Hickey
Director
Director
Company registration number: 10620250
ETHOS LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 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 8a Ship Street, Brighton, East Sussex, BN1 1AD.
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. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue recognition
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
Income tax
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:
Fixtures and fittings
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 March 2022
9,331
Additions
1,045
---------
At 28 February 2023
10,376
---------
Depreciation
At 1 March 2022
5,279
Charge for the year
1,275
---------
At 28 February 2023
6,554
---------
Carrying amount
At 28 February 2023
3,822
---------
At 28 February 2022
4,052
---------
6. Debtors
2023
2022
£
£
Trade debtors
22,419
20,615
Amounts owed by group undertakings and undertakings in which the company has a participating interest
40,000
50,000
Other debtors
2,887
950
---------
---------
65,306
71,565
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,250
8,250
Trade creditors
3,288
2,902
Corporation tax
13,134
12,150
Social security and other taxes
10,840
8,726
Other creditors
3,475
1,778
---------
---------
38,987
33,806
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,699
31,625
---------
---------
9. Controlling party
The parent company is Ethos Property Limited, a company incorporated in the United Kingdom.