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COMPANY REGISTRATION NUMBER: 10273512
Sugar and Spice Designs Limited
Filleted Unaudited Financial Statements
31 July 2023
Sugar and Spice Designs Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
£
Current assets
Debtors
6
4,889
4,899
Cash at bank and in hand
310
475
-------
-------
5,199
5,374
Creditors: amounts falling due within one year
7
6,931
3,081
-------
-------
Net current (liabilities)/assets
( 1,732)
2,293
-------
-------
Total assets less current liabilities
( 1,732)
2,293
-------
-------
Net (liabilities)/assets
( 1,732)
2,293
-------
-------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
( 1,733)
2,292
-------
-------
Shareholders (deficit)/funds
( 1,732)
2,293
-------
-------
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 July 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 members have 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 her 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 12 March 2024 , and are signed on behalf of the board by:
Ms R P Maclure
Director
Company registration number: 10273512
Sugar and Spice Designs Limited
Notes to the Financial Statements
Year ended 31 July 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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 going concern basis. The director of the company continues to provide financial support and on this basis the company believes that the going concern basis is appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Fixtures and fittings
-
20% straight line
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 cash-generating 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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 August 2022 and 31 July 2023
568
----
Depreciation
At 1 August 2022 and 31 July 2023
568
----
Carrying amount
At 31 July 2023
----
At 31 July 2022
----
6. Debtors
2023
2022
£
£
Trade debtors
15
Corporation tax repayable
305
305
Other debtors
4,584
4,579
-------
-------
4,889
4,899
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
50
20
Accruals and deferred income
1,450
1,380
Director loan accounts
5,431
1,681
-------
-------
6,931
3,081
-------
-------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Related party transactions
At the year end the company owed the director £5,431 (2022: £1,681) by way of a directors loan account which is shown amongst creditors. At the year end the company was owed £4,500 (2022: £4,500) by a related party, a company in which the director has an interest.