Registered number
13376670
Limitless Research Ltd
Filleted Accounts
31 May 2023
Limitless Research Ltd
Registered number: 13376670
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,675 2,242
Current assets
Debtors 4 1,312 2,876
Cash at bank and in hand - 2,784
1,312 5,660
Creditors: amounts falling due within one year 5 (3,309) (3,637)
Net current (liabilities)/assets (1,997) 2,023
Net (liabilities)/assets (322) 4,265
Capital and reserves
Called up share capital 1 1
Profit and loss account (323) 4,264
Shareholders' funds (322) 4,265
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Sitira Williams
Director
Approved by the board on 12 February 2024
Limitless Research Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
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.
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 over 4 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 2,706
Disposals (8)
At 31 May 2023 2,698
Depreciation
At 1 June 2022 464
Charge for the year 559
At 31 May 2023 1,023
Net book value
At 31 May 2023 1,675
At 31 May 2022 2,242
4 Debtors 2023 2022
£ £
Other debtors 1,312 2,876
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 2,889 2,899
Accruals 420 738
3,309 3,637
6 Controlling party
The company is controlled by its director Miss Sitira Williams who has full influence and control.
7 Other information
Limitless Research Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Smart7 Business Hub
19 Park Lane Business Centre
Park Lane
Nottingham
NG6 0DW
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