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COMPANY REGISTRATION NUMBER: 12478100
Seen On TV Limited
Filleted Unaudited Financial Statements
28 February 2023
Seen On TV Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
97,388
816
Current assets
Stocks
195,551
68,171
Debtors
6
109,313
101,227
Cash at bank and in hand
59,042
513
---------
---------
363,906
169,911
Creditors: amounts falling due within one year
7
269,052
53,074
---------
---------
Net current assets
94,854
116,837
---------
---------
Total assets less current liabilities
192,242
117,653
Creditors: amounts falling due after more than one year
8
94,434
117,644
---------
---------
Net assets
97,808
9
---------
---------
Capital and reserves
Called up share capital
2
1
Profit and loss account
97,806
8
--------
----
Shareholder funds
97,808
9
--------
----
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 income statement 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.
Director's responsibilities:
- The member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Seen On TV Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr S Iles
Director
Company registration number: 12478100
Seen On TV 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 The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
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, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
20% straight line
Equipment
-
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: Nil).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
1,145
1,145
Additions
64,216
15,125
20,000
99,341
--------
--------
--------
-------
---------
At 28 February 2023
64,216
15,125
20,000
1,145
100,486
--------
--------
--------
-------
---------
Depreciation
At 1 March 2022
329
329
Charge for the year
1,605
293
667
204
2,769
--------
--------
--------
-------
---------
At 28 February 2023
1,605
293
667
533
3,098
--------
--------
--------
-------
---------
Carrying amount
At 28 February 2023
62,611
14,832
19,333
612
97,388
--------
--------
--------
-------
---------
At 28 February 2022
816
816
--------
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
66,157
54,653
Other debtors
43,156
46,574
---------
---------
109,313
101,227
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,790
Trade creditors
128,997
21,331
Corporation tax
19,254
22,153
Social security and other taxes
117,901
Other creditors
2,900
2,800
---------
--------
269,052
53,074
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
49,220
42,430
Social security and other taxes
45,214
75,214
--------
---------
94,434
117,644
--------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Iles
46,032
121,718
( 126,451)
41,299
--------
---------
---------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Iles
8,128
139,151
( 101,247)
46,032
-------
---------
---------
--------