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COMPANY REGISTRATION NUMBER: 07054289
BELIEVES BOOKS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
BELIEVES BOOKS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
BELIEVES BOOKS LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
177,071
195,380
Current assets
Stocks
7
8,508
49,235
Cash at bank and in hand
1,161
1,310
------------
------------
9,669
50,545
Creditors: amounts falling due within one year
8
( 261,354)
( 248,400)
------------
------------
Net current liabilities
( 251,685)
( 197,855)
------------
------------
Total assets less current liabilities
( 74,614)
( 2,475)
------------
------------
Net liabilities
( 74,614)
( 2,475)
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 74,714)
( 2,575)
------------
------------
Shareholders deficit
( 74,614)
( 2,475)
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 January 2024 , and are signed on behalf of the board by:
S Gambill
Director
Company registration number: 07054289
BELIEVES BOOKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 35 Westgate, Huddersfield, HD1 1PA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors are providing working capital facilities to the company and the accounts have therefore been prepared on a going concern basis.
Turnover
Turnover represents the value of goods sold and services provided net of value added tax.
Taxation
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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Property
-
2.5% pa straight line
Motor vehicles
-
20% straight line
Office equipment
-
25% pa straight line
Foreign currencies
Transactions in foreign currencies are translated into sterling using appropriate exchange rates.
Stocks
Stock is valued at the lower of cost and net realisable value.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Turnover
The turnover is derived principally within the USA.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
6. Tangible assets
Property
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
187,634
53,030
31,391
272,055
------------
------------
------------
------------
Depreciation
At 1 January 2023
14,765
33,531
28,379
76,675
Charge for the year
4,691
10,606
3,012
18,309
------------
------------
------------
------------
At 31 December 2023
19,456
44,137
31,391
94,984
------------
------------
------------
------------
Carrying amount
At 31 December 2023
168,178
8,893
177,071
------------
------------
------------
------------
At 31 December 2022
172,869
19,499
3,012
195,380
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Raw materials and consumables
8,508
49,235
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,500
Social security and other taxes
2,648
Director's loan account
168,634
175,705
Other creditors
91,220
70,047
------------
------------
261,354
248,400
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
The issued share capital compromises of 50 ordinary £1 shares and 50 ordinary A £1 shares. The different classes of share generally rank pari passu.
10. Related party transactions
The director's loan at note 9 above is unsecured, repayable on demand and currently interest-free. There is no one controlling party of the company.