Registered number
05226287
Totally Balanced Limited
Filleted Accounts
31 October 2023
Totally Balanced Limited
Registered number: 05226287
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 835 835
Tangible assets 4 1,419 1,969
2,254 2,804
Current assets
Stocks 20,000 20,000
Debtors 5 25,723 18,239
Cash at bank and in hand 224 -
45,947 38,239
Creditors: amounts falling due within one year 6 (40,459) (28,029)
Net current assets 5,488 10,210
Total assets less current liabilities 7,742 13,014
Creditors: amounts falling due after more than one year 7 (6,841) (12,934)
Net assets 901 80
Capital and reserves
Called up share capital 2 2
Profit and loss account 899 78
Shareholder's funds 901 80
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L J Collins
Director
Approved by the board on 31 May 2024
Totally Balanced Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 5,286
At 31 October 2023 5,286
Amortisation
At 1 November 2022 4,451
At 31 October 2023 4,451
Net book value
At 31 October 2023 835
At 31 October 2022 835
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 17,318
At 31 October 2023 17,318
Depreciation
At 1 November 2022 15,349
Charge for the year 550
At 31 October 2023 15,899
Net book value
At 31 October 2023 1,419
At 31 October 2022 1,969
5 Debtors 2023 2022
£ £
Trade debtors 2,798 6,528
Other debtors 22,925 11,711
25,723 18,239
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 3,425
Taxation and social security costs 40,459 24,604
40,459 28,029
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,841 12,934
8 Other information
Totally Balanced Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor
8 Silver Street
Whitwick
Leicestershire
LE67 5AG
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