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COMPANY REGISTRATION NUMBER: 13708889
Style and Finch Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
Style and Finch Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
7,339
7,369
Current assets
Debtors
6
48,900
42,929
Cash at bank and in hand
17,336
61,334
--------
---------
66,236
104,263
Creditors: amounts falling due within one year
7
29,151
65,599
--------
---------
Net current assets
37,085
38,664
--------
--------
Total assets less current liabilities
44,424
46,033
Provisions
1,836
1,621
--------
--------
Net assets
42,588
44,412
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
42,587
44,411
--------
--------
Shareholders funds
42,588
44,412
--------
--------
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 profit and loss has not been delivered.
For the year ending 31 October 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Style and Finch Limited
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mr M G Clarke
Director
Company registration number: 13708889
Style and Finch Limited
Notes to the Financial Statements
Year ended 31 October 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 The Old Coach House, Robin Hoods Well, Skelbrooke, Doncaster, DN6 8LS, 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 are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements have been rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revenue recognition
Turnover comprises the sales value net of attributable VAT of work done in the period under contracts to supply goods and services to third parties.
Income tax
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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet 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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2022
2,609
5,599
8,208
Additions
834
1,448
2,282
-------
-------
--------
At 31 October 2023
3,443
7,047
10,490
-------
-------
--------
Depreciation
At 1 November 2022
273
566
839
Charge for the year
756
1,556
2,312
-------
-------
--------
At 31 October 2023
1,029
2,122
3,151
-------
-------
--------
Carrying amount
At 31 October 2023
2,414
4,925
7,339
-------
-------
--------
At 31 October 2022
2,336
5,033
7,369
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
40,861
40,838
Other debtors
8,039
2,091
--------
--------
48,900
42,929
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
35
Trade creditors
162
162
Corporation tax
10,933
18,369
Social security and other taxes
450
4,286
Other creditors
17,571
42,782
--------
--------
29,151
65,599
--------
--------
Included in 'Other creditors' is a balance of £15,725 (2022: £41,182) owing to the director. The amount is unsecured, interest free and repayable on demand.
8. Director's advances, credits and guarantees
There are no transactions with the director that require disclosure under section 413 of the Companies Act 2006.