2023-02-272023-11-302023-11-30false14689848MYFOLKS 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MYFOLKS LTD

Registered Number
14689848
(England and Wales)

Unaudited Financial Statements for the Period ended
30 November 2023

MYFOLKS LTD
Company Information
for the period from 27 February 2023 to 30 November 2023

Directors

TAYLOR, Paul
THOMPSON, Louise

Registered Address

8 Segedunum Business Centre
Station Road
Wallsend
NE28 6HQ

Registered Number

14689848 (England and Wales)
MYFOLKS LTD
Balance Sheet as at
30 November 2023

Notes

2023

£

£

Fixed assets
Tangible assets3875
875
Current assets
Debtors11,192
Cash at bank and on hand13,568
24,760
Creditors amounts falling due within one year4(65,849)
Net current assets (liabilities)(41,089)
Total assets less current liabilities(40,214)
Net assets(40,214)
Capital and reserves
Profit and loss account(40,214)
Shareholders' funds(40,214)
The financial statements were approved and authorised for issue by the Board of Directors on 8 April 2024, and are signed on its behalf by:
THOMPSON, Louise
Director
Registered Company No. 14689848
MYFOLKS LTD
Notes to the Financial Statements
for the period ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment25
2.Average number of employees

2023
Average number of employees during the year0
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions875875
At 30 November 23875875
Net book value
At 30 November 23875875
At 26 February 23--
4.Creditors: amounts due within one year

2023

£
Trade creditors / trade payables28,563
Bank borrowings and overdrafts36,901
Taxation and social security230
Other creditors155
Total65,849