REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th September 2023 |
for |
Need Enterprises Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th September 2023 |
for |
Need Enterprises Limited |
Need Enterprises Limited (Registered number: 01370596) |
Contents of the Financial Statements |
for the Year Ended 30th September 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Need Enterprises Limited |
Company Information |
for the Year Ended 30th September 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Need Enterprises Limited (Registered number: 01370596) |
Abridged Balance Sheet |
30th September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Investment property |
revaluation reserve | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Need Enterprises Limited (Registered number: 01370596) |
Notes to the Financial Statements |
for the Year Ended 30th September 2023 |
1. | STATUTORY INFORMATION |
Need Enterprises Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services and rental income, excluding value added tax. |
Tangible fixed assets |
Fixtures and equipment | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. |
In accordance with the provisions of the Financial Reporting Standard for Smaller Entities, investment properties are not depreciated. This treatment has been adopted in the interest of giving a true and fair view which overrides the otherwise specific requirement of the Companies Act to provide depreciation. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Need Enterprises Limited (Registered number: 01370596) |
Notes to the Financial Statements - continued |
for the Year Ended 30th September 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st October 2022 |
and 30th September 2023 |
DEPRECIATION |
At 1st October 2022 |
Charge for year |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st October 2022 |
and 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
Investment properties, all of which are held freehold, have been valued by the director on the basis of professional advice at an open market value, which is considered to represent fair value, of £780,000 on 30th September 2023. |
Fair value at 30th September 2023 is represented by: |
£ |
Valuation in 2008 | 166,652 |
Valuation in 2017 | 98,800 |
Valuation in 2018 | 30,000 |
Cost | 484,548 |
780,000 |
6. | RESERVES |
Investment |
property |
revaluation |
reserve |
£ |
At 1st October 2022 |
and 30th September 2023 |
7. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £6,000 (2022 - £2,000) were paid to the director . |