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REGISTERED NUMBER: 09052631 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

24/7 BUSINESS SUPPORT LTD

24/7 BUSINESS SUPPORT LTD (REGISTERED NUMBER: 09052631)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


24/7 BUSINESS SUPPORT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mrs J M Towart
B Towart





REGISTERED OFFICE: Planet House
Northumbrian Way
Killingworth
Newcastle upon Tyne
NE12 6EH





REGISTERED NUMBER: 09052631 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

24/7 BUSINESS SUPPORT LTD (REGISTERED NUMBER: 09052631)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 27,173 24,740
27,173 24,740

CURRENT ASSETS
Stocks 6 11,769 13,077
Debtors 7 99,259 40,845
Cash at bank 80,384 136,809
191,412 190,731
CREDITORS
Amounts falling due within one year 8 100,438 90,297
NET CURRENT ASSETS 90,974 100,434
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,147

125,174

CREDITORS
Amounts falling due after more than one
year

9

(26,657

)

(44,292

)

PROVISIONS FOR LIABILITIES (6,793 ) (6,178 )
NET ASSETS 84,697 74,704

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings 84,696 74,703
SHAREHOLDERS' FUNDS 84,697 74,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

24/7 BUSINESS SUPPORT LTD (REGISTERED NUMBER: 09052631)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by:





Mrs J M Towart - Director


24/7 BUSINESS SUPPORT LTD (REGISTERED NUMBER: 09052631)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

24/7 Business Support Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Income is recognised in the period in which the service is provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, has been fully amortised as of the balance sheet date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


24/7 BUSINESS SUPPORT LTD (REGISTERED NUMBER: 09052631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 1,000
AMORTISATION
At 1 July 2022
and 30 June 2023 1,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

24/7 BUSINESS SUPPORT LTD (REGISTERED NUMBER: 09052631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 50,044
Additions 10,739
At 30 June 2023 60,783
DEPRECIATION
At 1 July 2022 25,304
Charge for year 8,306
At 30 June 2023 33,610
NET BOOK VALUE
At 30 June 2023 27,173
At 30 June 2022 24,740

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2022
and 30 June 2023 34,364
DEPRECIATION
At 1 July 2022 13,410
Charge for year 5,239
At 30 June 2023 18,649
NET BOOK VALUE
At 30 June 2023 15,715
At 30 June 2022 20,954

6. STOCKS
2023 2022
£    £   
Stocks 11,769 13,077

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 83,986 34,511
Other debtors 15,273 6,334
99,259 40,845

24/7 BUSINESS SUPPORT LTD (REGISTERED NUMBER: 09052631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 9,120
Hire purchase contracts (see note 10) 5,144 4,331
Trade creditors 11,746 12,284
Taxation and social security 22,746 19,147
Other creditors 50,802 45,415
100,438 90,297

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,167 31,252
Hire purchase contracts (see note 10) 7,490 13,040
26,657 44,292

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 5,144 4,331
Between one and five years 7,490 13,040
12,634 17,371

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 6,829

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 12,634 17,371

The hire purchase contract is secured on the asset to which it relates.

24/7 BUSINESS SUPPORT LTD (REGISTERED NUMBER: 09052631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

13. RELATED PARTY DISCLOSURES

During the year a director maintained an interest free loan to the company. The balance outstanding at 30 June 2023 is £42 (2022: £1,330).