Company Registration No. SC251360 (Scotland)
BUSINESS FIX LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
BUSINESS FIX LTD
BALANCE SHEET
AS AT
27 FEBRUARY 2023
27 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
791
Current assets
Debtors
4
2,942
14,272
Cash at bank and in hand
13,636
17,645
16,578
31,917
Creditors: amounts falling due within one year
5
(14,922)
(15,127)
Net current assets
1,656
16,790
Total assets less current liabilities
1,656
17,581
Creditors: amounts falling due after more than one year
6
(6,575)
Provisions for liabilities
(151)
Net assets
1,656
10,855
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,556
10,755
Total equity
1,656
10,855
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 27 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BUSINESS FIX LTD
BALANCE SHEET (CONTINUED)
AS AT
27 FEBRUARY 2023
27 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 February 2024 and are signed on its behalf by:
Ms K A Jukes
Director
Company Registration No. SC251360
BUSINESS FIX LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Business Fix Ltd is a private company limited by shares incorporated in Scotland. The registered office is 8 Station Road, DOLLAR, FK14 7EJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The company ceased trading on 27 February 2023. The financial statements have therefore been prepared on the discontinuation basis. This basis is abnormal as financial statements are usually prepared on the basis that the company will carry on business as a going concern. Under the discontinuation basis, the financial statements include provisions for post cessation expenditure which will arise as a result of the company ceasing to trade. true
1.3
Turnover
Turnover comprises the invoiced value of management consultancy services provided by the company, net of Value Added Tax and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
BUSINESS FIX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
BUSINESS FIX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 February 2022 and 27 February 2023
5,729
Depreciation and impairment
At 28 February 2022
4,938
Depreciation charged in the year
791
At 27 February 2023
5,729
Carrying amount
At 27 February 2023
At 27 February 2022
791
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
878
14,200
Corporation tax recoverable
2,064
Other debtors
72
2,942
14,272
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,852
2,130
Corporation tax
2,337
Other taxation and social security
3,513
6,472
Other creditors
4,557
4,188
14,922
15,127
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,575
BUSINESS FIX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 6 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100