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COMPANY REGISTRATION NUMBER: 06966181
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FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
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FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
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OFFICERS AND PROFESSIONAL ADVISERS
Director
G S Drake
Registered office
71-75 Shelton Street
Covent Garden
London
England
WC2H 9JQ
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
Bankers
Santander UK Plc
21 Prescot Street
London
E1 8AD
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STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
500
500
Tangible assets
6
338
854
Investments
7
120,059
120,059
----------
----------
120,897
121,413
Current assets
Debtors
8
61,166
49,539
Cash at bank and in hand
242,692
295,710
----------
----------
303,858
345,249
Creditors: amounts falling due within one year
9
188,211
241,513
----------
----------
Net current assets
115,647
103,736
----------
----------
Total assets less current liabilities
236,544
225,149
Provisions
Taxation including deferred tax
80
162
----------
----------
Net assets
236,464
224,987
----------
----------
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STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
200
200
Profit and loss account
236,264
224,787
----------
----------
Shareholder funds
236,464
224,987
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
G S Drake
Director
Company registration number: 06966181
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NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and 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. Deferred tax is recognised in respect of all material 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website and software
-
25% straight line
No amortisation is charged on trademarks.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
IT and office equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Intangible assets
Website and software
Trademark
Total
£
£
£
Cost
At 1 January 2023
117,718
500
118,218
Additions
Disposals of previously acquired businesses
( 117,718)
( 117,718)
----------
----
----------
At 31 December 2023
500
500
----------
----
----------
Amortisation
At 1 January 2023
117,718
117,718
Charge for the year
Disposals
( 117,718)
( 117,718)
----------
----
----------
At 31 December 2023
----------
----
----------
Carrying amount
At 31 December 2023
500
500
----------
----
----------
At 31 December 2022
500
500
----------
----
----------
6. Tangible assets
IT and office equipment
Total
£
£
Cost
At 1 January 2023
18,361
18,361
Disposals
( 15,352)
( 15,352)
---------
---------
At 31 December 2023
3,009
3,009
---------
---------
Depreciation
At 1 January 2023
17,507
17,507
Charge for the year
516
516
Disposals
( 15,352)
( 15,352)
---------
---------
At 31 December 2023
2,671
2,671
---------
---------
Carrying amount
At 31 December 2023
338
338
---------
---------
At 31 December 2022
854
854
---------
---------
7. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
20,059
100,000
120,059
---------
----------
----------
Impairment
At 1 January 2023 and 31 December 2023
---------
----------
----------
Carrying amount
At 31 December 2023
20,059
100,000
120,059
---------
----------
----------
At 31 December 2022
20,059
100,000
120,059
---------
----------
----------
8. Debtors
2023
2022
£
£
Trade debtors
54,497
41,193
Other debtors
6,669
8,346
---------
---------
61,166
49,539
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,658
39,927
Corporation tax
87,735
55,955
Social security and other taxes
6,391
12,457
Other creditors
63,427
133,174
----------
----------
188,211
241,513
----------
----------
10. Related party transactions
The company was under the control of G Drake throughout the current and previous period. Mr Drake is the managing director and sole shareholder. During the period staff costs and other operational costs were recharged from a Spanish company that is also controlled by Mr Drake. All transactions were undertaken on an arms length basis and no amounts were due to or from related parties at the year end. No other transactions with related parties subsisted during the year, such as are required to be disclosed under FRS102.
11. Controlling party
The company was under the control of its director for the current and previous financial year.