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COMPANY REGISTRATION NUMBER: 09178861
Ipswich Funeral Directors Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Ipswich Funeral Directors Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
46,357
65,849
Current assets
Stocks
11,193
10,894
Debtors
6
22,091
34,844
Cash at bank and in hand
293
1,955
--------
--------
33,577
47,693
Creditors: amounts falling due within one year
7
99,380
132,445
--------
---------
Net current liabilities
65,803
84,752
--------
--------
Total assets less current liabilities
( 19,446)
( 18,903)
Creditors: amounts falling due after more than one year
8
8,680
13,022
Provisions
2,579
6,375
--------
--------
Net liabilities
( 30,705)
( 38,300)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 30,805)
( 38,400)
--------
--------
Shareholders deficit
( 30,705)
( 38,300)
--------
--------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ipswich Funeral Directors Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
Mr L J Roberts
Director
Company registration number: 09178861
Ipswich Funeral Directors Limited
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 Southgate & Roberts Funeral Directors, 18-20 St. Matthews Street, Ipswich, IP1 3EU.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the year end the statement of financial position showed a net deficit. During the year the directors have taken measures to address this and return the the company to a profit position but acknowledge that the company's balance sheet is still negative however the principal creditors are the directors who are continuing to support the company. The directors are therefore of the opinion that the accounts should be prepared on a going concern basis.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for funerals performed and related services provided during the year, exclusive 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.
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.
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:
Long leasehold property
-
Over period of lease
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
77,945
28,912
80,495
187,352
Additions
60
60
--------
--------
--------
---------
At 31 December 2023
77,945
28,972
80,495
187,412
--------
--------
--------
---------
Depreciation
At 1 January 2023
63,726
17,348
40,429
121,503
Charge for the year
7,794
1,741
10,017
19,552
--------
--------
--------
---------
At 31 December 2023
71,520
19,089
50,446
141,055
--------
--------
--------
---------
Carrying amount
At 31 December 2023
6,425
9,883
30,049
46,357
--------
--------
--------
---------
At 31 December 2022
14,219
11,564
40,066
65,849
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
14,421
21,876
Other debtors
7,670
12,968
--------
--------
22,091
34,844
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,294
Trade creditors
28,784
26,893
Social security and other taxes
9,135
2,828
Other creditors
55,167
102,724
--------
---------
99,380
132,445
--------
---------
Included within the liabilities disclosed above under other creditors is an amount of £4,342 (2022: £4,070) for which security over the assets to which the liability relates has been given.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
8,680
13,022
-------
--------
Included within the liabilities disclosed above under other creditors is an amount of £8,680 (2022: £13,022) for which security over the assets to which the liability relates has been given.
9. Other financial commitments
The total commitments, contingencies and guarantees at the year end was £ 17,000 (2022: £ 28,600 ).