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Unaudited Accounts | ||
for the year ended | ||
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Balance Sheet as at |
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2023 £ |
2022 £ |
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Fixed assets |
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Creditors: amounts falling due within one year | ( |
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Net current assets / (liabilities) | ( |
( |
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Total assets less current liabilities | ( |
( |
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Total net assets (liabilities) | ( |
( |
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Capital and reserves | ( |
( |
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During the period the average number of employees was |
Forgiveness of Debt During the current financial year, the parent company has agreed to forgive a portion of the outstanding loan and write off $45,000. This follows a prior year’s forgiveness, where an amount of $200,000 was written off. The decision to forgive these debts was made after assessing our financial condition and determining that the likelihood of full repayment was low, thus considering these amounts as bad debts. The forgiven debt from the prior year totaling $200,000 and the current year's amount of $45,000 have both been recognized in our financial statements as other income for the current year. This action has resulted in a direct decrease in our liabilities and a corresponding increase in our income for the year, reflecting an improvement in our net financial position. The income recognized under these adjustments is non-recurring and pertains solely to the financial support provided by our parent company in their capacity as a lender. The recognition of these incomes is in accordance with the accounting principles that require the effects of debt forgiveness to be reflected in the profit and loss statement when it is probable that the debt will not be settled and has effectively been written off as uncollectible by the creditor. |
Signed on behalf of the board of directors
...................................................
Mr V Karatosic
Director
Approved by the board on
Company Number: 11613805 (a Private Company Limited by Shares registered in England and Wales)
Registered Office:
124 City Road