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Registered number: 07064647
Your Accounts Team Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Your Accounts Team Ltd
10 Sudeley Place
Brighton
BN2 1HF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07064647
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,750 6,697
4,750 6,697
CURRENT ASSETS
Debtors 5 40,831 39,138
Cash at bank and in hand 3,255 9,633
44,086 48,771
Creditors: Amounts Falling Due Within One Year 6 (45,603 ) (46,447 )
NET CURRENT ASSETS (LIABILITIES) (1,517 ) 2,324
TOTAL ASSETS LESS CURRENT LIABILITIES 3,233 9,021
NET ASSETS 3,233 9,021
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 3,133 8,921
SHAREHOLDERS' FUNDS 3,233 9,021
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alexander Clark
Director
24 July 2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Your Accounts Team Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07064647 . The registered office is 10 Sudeley Place, Brighton, East Sussex, BN2 1HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Computer Equipment 25%
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 12,190 13,027 25,217
Additions - 750 750
As at 30 November 2023 12,190 13,777 25,967
Depreciation
As at 1 December 2022 7,842 10,678 18,520
Provided during the period 1,304 1,393 2,697
As at 30 November 2023 9,146 12,071 21,217
Net Book Value
As at 30 November 2023 3,044 1,706 4,750
As at 1 December 2022 4,348 2,349 6,697
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 64,831 67,570
Prepayments and accrued income (24,000 ) (28,000 )
Pension scheme prepayments - (432 )
40,831 39,138
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,250 73
Other loans (1,000 ) -
Corporation tax 13,605 14,068
Other taxes and social security 2,968 1,997
VAT 23,037 21,063
Other creditors 5,648 761
Directors' loan accounts 95 8,485
45,603 46,447
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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