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COMPANY REGISTRATION NUMBER: 06380675
Faulkners Accountants Limited
Filleted Unaudited Financial Statements
31 December 2023
Faulkners Accountants Limited
Financial Statements
Year Ended 31 December 2023
Contents
Pages
Statement of Financial Position
1 to 2
Notes to the Financial Statements
3 to 5
Faulkners Accountants Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed Assets
Tangible assets
5
16,274
3,947
Current Assets
Debtors
6
53,985
46,906
Cash at bank and in hand
7,622
3,272
--------
--------
61,607
50,178
Creditors: amounts falling due within one year
7
54,424
35,771
--------
--------
Net Current Assets
7,183
14,407
--------
--------
Total Assets Less Current Liabilities
23,457
18,354
Provisions
Taxation including deferred tax
3,019
664
--------
--------
Net Assets
20,438
17,690
--------
--------
Faulkners Accountants Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
£
Capital and Reserves
Called up share capital
8
100
100
Profit and loss account
20,338
17,590
--------
--------
Shareholders Funds
20,438
17,690
--------
--------
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.
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 .
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
Mr S M Faulkner
Director
Company registration number: 06380675
Faulkners Accountants 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. The address of the registered office is 8 Bentley Lane, Willenhall, West Midlands, WV12 4AA.
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
1 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.
2 Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
3 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.
4 Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
5 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:
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
12.5% / 25% straight line
6 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.
7 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 3 (2022: 3 ).
5. Tangible Assets
Fixtures and Fittings
Computer Equipment
Total
£
£
£
Cost
At 1 January 2023
14,675
18,803
33,478
Additions
15,653
15,653
Disposals
( 131)
( 9,427)
( 9,558)
--------
--------
--------
At 31 December 2023
14,544
25,029
39,573
--------
--------
--------
Depreciation
At 1 January 2023
11,486
18,045
29,531
Charge for the year
476
2,834
3,310
Disposals
( 115)
( 9,427)
( 9,542)
--------
--------
--------
At 31 December 2023
11,847
11,452
23,299
--------
--------
--------
Carrying amount
At 31 December 2023
2,697
13,577
16,274
--------
--------
--------
At 31 December 2022
3,189
758
3,947
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
44,767
36,614
Other debtors
9,218
10,292
--------
--------
53,985
46,906
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,079
6,650
Social security and other taxes
15,587
19,012
Other creditors
15,758
10,109
--------
--------
54,424
35,771
--------
--------
8. Called Up Share Capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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