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Logo On Report
Registered Number: 11492312
England and Wales

 

 

 

ALGORHYTHM LONDON LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2022

End date: 31 July 2023
Directors Justin Thorne
Paul Court
Ruslana Thorne
Registered Number 11492312
Registered Office Studio G01
the Foundry 156 Blackfriars Road
London
SE1 8EN
Accountants Ward Williams Creatives Limited
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 July 2023
Principal activities
Principal activity of the company during the financial year was of advertising agencies.
Directors
The directors who served the company throughout the year were as follows:
Justin Thorne
Paul Court
Ruslana Thorne
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Ruslana Thorne
Director

Date approved: 27 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 12,508    10,641 
12,508    10,641 
Current assets      
Debtors 4 200,603    60,512 
Cash at bank and in hand 82,772    97,573 
283,375    158,085 
Creditors: amount falling due within one year 5 (191,894)   (99,061)
Net current assets 91,481    59,024 
 
Total assets less current liabilities 103,989    69,665 
Creditors: amount falling due after more than one year 6 (19,167)   (29,167)
Net assets 84,822    40,498 
 

Capital and reserves
     
Called up share capital 111    100 
Profit and loss account 84,711    40,398 
Shareholder's funds 84,822    40,498 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 February 2024 and were signed on its behalf by:


-------------------------------
Ruslana Thorne
Director
3
General Information
Algorhythm London Limited is a private company, limited by shares, registered in England and Wales, registration number 11492312, registration address Studio G01, the Foundry 156 Blackfriars Road , London, SE1 8EN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 August 2022 9,684    9,751    19,435 
Additions 5,931      5,931 
Disposals    
At 31 July 2023 15,615    9,751    25,366 
Depreciation
At 01 August 2022 3,163    5,631    8,794 
Charge for year 3,034    1,030    4,064 
On disposals    
At 31 July 2023 6,197    6,661    12,858 
Net book values
Closing balance as at 31 July 2023 9,418    3,090    12,508 
Opening balance as at 01 August 2022 6,521    4,120    10,641 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 195,713    56,570 
Prepayments & Accrued Income 948   
Deposits paid 3,942    3,942 
200,603    60,512 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 10,812    5,381 
Bank Loans & Overdrafts (Secured) 10,000    10,000 
Corporation Tax 104,239    55,839 
PAYE & Social Security 757    2,178 
Deferred Income 29,920   
Other Creditors   55 
Pension Control Account 139    138 
Directors' Current Accounts 162    312 
Directors Loan Account 2 162    312 
Directors Loan Account 3 151    312 
VAT 35,552    24,534 
191,894    99,061 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 19,167    29,167 
19,167    29,167 

4