Company registration number 06349458 (England and Wales)
THE GROUP OF SEVEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE GROUP OF SEVEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE GROUP OF SEVEN LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,232
41,769
Current assets
Debtors
4
131,661
71,031
Cash at bank and in hand
110,534
369,630
242,195
440,661
Creditors: amounts falling due within one year
5
(51,159)
(74,214)
Net current assets
191,036
366,447
Total assets less current liabilities
222,268
408,216
Provisions for liabilities
(5,549)
(10,442)
Net assets
216,719
397,774
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
216,519
397,574
Total equity
216,719
397,774
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 30 September 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.
The financial statements were approved by the board of directors and authorised for issue on 25 February 2024 and are signed on its behalf by:
Mr J Ewing
Mrs R Ewing
Director
Director
Company registration number 06349458 (England and Wales)
THE GROUP OF SEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
The Group of Seven Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Herons Brook, Okehampton, Devon, EX20 1UW.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company ceased to trade on 29 February 2024 following a reduction of turnover during the period to 30 September 2023. As a result, the directors have prepared the financial statements on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to a net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
The company has adequate funds to discharge its liabilities in full and expects to collect its debts in full. The company fixed assets were still held at the period end.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance basis
Motor vehicles
25% reducing balance basis
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE GROUP OF SEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
8
THE GROUP OF SEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
65,106
Disposals
(1,042)
At 30 September 2023
64,064
Depreciation and impairment
At 1 October 2022
23,337
Depreciation charged in the year
10,417
Eliminated in respect of disposals
(922)
At 30 September 2023
32,832
Carrying amount
At 30 September 2023
31,232
At 30 September 2022
41,769
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,064
35,890
Other debtors
109,597
35,141
131,661
71,031
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,321
7,121
Taxation and social security
26,761
53,936
Other creditors
15,077
13,157
51,159
74,214
THE GROUP OF SEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
6
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Between two and five years
46,247
46,247
During the year, the company committed to break its office lease agreement early. The commitment has therefore been removed.
7
Events after the reporting date
As noted in the director's report, the company ceased trading on 29 February 2024.
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two Directors
2.25
28,304
133,000
1,030
(78,094)
84,240
28,304
133,000
1,030
(78,094)
84,240
The advances and credits are unsecured and repayable upon demand.