Company registration number 10183730 (England and Wales)
INK AND FRAME LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
INK AND FRAME LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
INK AND FRAME LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,716
3,110
Current assets
Debtors
4
17,167
27,811
Cash at bank and in hand
9,354
8,409
26,521
36,220
Creditors: amounts falling due within one year
5
(31,328)
(38,961)
Net current liabilities
(4,807)
(2,741)
Total assets less current liabilities
2,909
369
Provisions for liabilities
(1,726)
(591)
Net assets/(liabilities)
1,183
(222)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,181
(224)
Total equity
1,183
(222)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2023 and are signed on its behalf by:
Mr M C Athanasiou
Mrs T Athanasiou
Director
Director
Company Registration No. 10183730
INK AND FRAME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Ink and Frame Limited is a private company limited by shares incorporated in England and Wales. The registered office is 37 Field End Road, Eastcote, Pinner, Middx, HA5 2QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
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.
1.5
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, 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.
INK AND FRAME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Computers
£
Cost
At 1 June 2022
9,440
Additions
8,238
At 31 May 2023
17,678
Depreciation and impairment
At 1 June 2022
6,330
Depreciation charged in the year
3,632
At 31 May 2023
9,962
Carrying amount
At 31 May 2023
7,716
At 31 May 2022
3,110
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,709
8,800
Other debtors
8,458
19,011
17,167
27,811
INK AND FRAME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
29,265
37,048
Other creditors
2,063
1,913
31,328
38,961
6
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan to director
2.00
19,011
106,468
1,182
(118,203)
8,458
19,011
106,468
1,182
(118,203)
8,458