100% Cotton Limited
Registered number: 07292029
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Current assets
Debtors 6 223,698 233,153
Cash at bank and in hand 69,944 207,364
293,642 440,517
Creditors: amounts falling due within one year 7 (52,429) (170,408)
Net current assets 241,213 270,109
Total assets less current liabilities 242,804 270,109
Creditors: amounts falling due after more than one year 8 - (46,065)
Net assets 242,804 224,044
Capital and reserves
Called up share capital 100 100
Profit and loss account 242,704 223,944
Shareholders' funds 242,804 224,044
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 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.
Ms L Salisbury
Director
Approved by the board on 10 November 2023
100% Cotton 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.
Turnover
Turnover represents the value, net of value added tax, of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates
Office equipment over 3 years
Debtors
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 recognised at transaction price including any transaction costs.
Creditors
Creditors are measured at transaction price (which is usually the invoice price).
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. 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 differences.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Taxation 2023 2022
£ £
Current year corporation tax charge 36,382 26,804
Prior year corporation tax credit - 0
36,382 26,804
The prior year corporation tax credit is a refund of R&D tax credits attributable to 2018
3 Other operating Income
Other operating income is the income received from the sale of intellectual property.
4 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 3
5 Tangible fixed assets
Office equipment
£
Cost
At 1 April 2022 -
Disposals -
At 31 March 2023 2,375
Depreciation
At 1 April 2022 -
On disposals -
At 31 March 2023 784
Net book value
At 31 March 2023 1,591
6 Debtors 2023 2022
£ £
Trade debtors - 71,955
Other debtors 223,698 161,198
223,698 233,153
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,330 5,850
Corporation tax 36,382 60,031
Other taxes and social security costs (3,743) 15,106
Directors' loan accounts 16,460 10,978
Other creditors - 78,443
52,429 170,408
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 46,065
9 Other information
100% Cotton Limited is a private company limited by shares and incorporated in England. Its registered office is:
59 Prior Park Road
Bath
BA2 4NF
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