Registered number
10092484
ACUMEN RESOURCE (LONDON) LTD
UNAUDITED FILLETED ACCOUNTS
FOR THE YEAR ENDED
31 March 2023
TEMPLETONS ( UK ) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
ACUMEN RESOURCE (LONDON) LTD
Registered number: 10092484
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 - 255
Current assets
Debtors 6 141,583 148,089
Cash at bank and in hand 3,228 4,968
144,811 153,057
Creditors: amounts falling due within one year 7 (153,283) (153,174)
Net current liabilities (8,472) (117)
Net (liabilities)/assets (8,472) 138
Capital and reserves
Called up share capital 100 100
Profit and loss account (8,572) 38
Shareholder's funds (8,472) 138
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Barry John Catherall
Director
Approved by the board on 29 March 2024
ACUMEN RESOURCE (LONDON) LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Going Concern
Notwithstanding the net assets deficiency, the financial statement have been prepared on a going concern basis as in the opinion of the director, the company has sufficient financial support from its creditors and shareholder to pay its debits as they fall due.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
4 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 121,331
At 31 March 2023 121,331
Amortisation
At 1 April 2022 121,331
At 31 March 2023 121,331
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 1,431
Disposals (1,431)
At 31 March 2023 -
Depreciation
At 1 April 2022 1,176
On disposals (1,176)
At 31 March 2023 -
Net book value
At 31 March 2023 -
At 31 March 2022 255
6 Debtors 2023 2022
£ £
Trade debtors - 15,579
Other debtors 141,583 132,510
141,583 148,089
7 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 153,283 152,768
Other creditors - 406
153,283 153,174
8 Related party transactions
At the year end the balance on the directors loan account was overdrawn by £77,275 and are disclosed under other debtors in note 6 above respectively. Interest has been accounted for on the overdrawn balance.
9 Controlling party
The company was under the control of Mr.Catherall Barry John - a director and shareholder of the of the company.
10 Other information
ACUMEN RESOURCE (LONDON) LTD is a private company limited by shares and incorporated in England. Its registered office is:
309
Hoe Street
Walthamstow
London
E17 9BG
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