Expert Advice Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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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 not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 January 2023 |
10,000 |
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At 31 December 2023 |
10,000 |
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Amortisation |
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At 1 January 2023 |
10,000 |
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At 31 December 2023 |
10,000 |
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Net book value |
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At 31 December 2023 |
- |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
3,840 |
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18,000 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Corporation tax |
(2,783) |
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12,043 |
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Directors' loan account |
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61,354 |
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55,529 |
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Taxation and social security costs |
- |
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- |
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Other creditors |
5,308 |
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5,828 |
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63,879 |
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73,400 |
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6 |
Other information |
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Expert Advice Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Central House |
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124 High Street |
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Hampton Hill |
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Middlesex |
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TW12QD |