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Company registration number: 10797969
O'Keeffe London Ltd
Unaudited filleted financial statements
30 June 2023
O'Keeffe London Ltd
Contents
Statement of financial position
Notes to the financial statements
O'Keeffe London Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,798 2,632
_______ _______
1,798 2,632
Current assets
Debtors 7 20,000 -
Cash at bank and in hand 2,961 26,511
_______ _______
22,961 26,511
Creditors: amounts falling due
within one year 8 ( 15,528) ( 27,234)
_______ _______
Net current assets/(liabilities) 7,433 ( 723)
_______ _______
Total assets less current liabilities 9,231 1,909
_______ _______
Net assets 9,231 1,909
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 9,229 1,907
_______ _______
Shareholders funds 9,231 1,909
_______ _______
For the year ending 30 June 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 January 2024 , and are signed on behalf of the board by:
Mr B O'Keeffe
Director
Company registration number: 10797969
O'Keeffe London Ltd
Notes to the financial statements
Year ended 30 June 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 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 30 June 2023 the company had excess liabilities over assets totalling £9,231. The company is dependent upon the continued financial support of the director and on the basis that this support is forthcoming, the director considers it appropriate for the financial statements to be prepared on thegoing concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and 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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2022 and 30 June 2023 37,339 37,339
_______ _______
Amortisation
At 1 July 2022 and 30 June 2023 37,339 37,339
_______ _______
Carrying amount
At 30 June 2023 - -
_______ _______
At 30 June 2022 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2022 and 30 June 2023 2,344 1,820 4,164
_______ _______ _______
Depreciation
At 1 July 2022 804 728 1,532
Charge for the year 470 364 834
_______ _______ _______
At 30 June 2023 1,274 1,092 2,366
_______ _______ _______
Carrying amount
At 30 June 2023 1,070 728 1,798
_______ _______ _______
At 30 June 2022 1,540 1,092 2,632
_______ _______ _______
7. Debtors
2023 2022
£ £
Other debtors 20,000 -
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Social security and other taxes 1,354 2,080
Other creditors 14,174 25,154
_______ _______
15,528 27,234
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs L O'Keeffe ( 23,754) 11,230 ( 12,524)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mrs L O'Keeffe ( 22,292) ( 1,462) ( 23,754)
_______ _______ _______