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Registration number: 06900256

1 IN 6 LIMITED

trading as Cash Generator

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

1 IN 6 LIMITED

trading as Cash Generator

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

1 IN 6 LIMITED

trading as Cash Generator

Company Information

Director

Mr Adam Harrison

Registered office

58 High Street West
Sunderland
SR1 3DP

Accountants

Smart Accountants (Small Business Centre) Limited
113-115 Belvoir Road
Coalville
Leicestershire
LE67 3PH

 

1 IN 6 LIMITED

trading as Cash Generator

(Registration number: 06900256)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,344

5,792

Current assets

 

Stocks

6

215,477

177,632

Debtors

7

71,905

108,835

Cash at bank and in hand

 

5,881

52,429

 

293,263

338,896

Creditors: Amounts falling due within one year

8

(95,247)

(113,061)

Net current assets

 

198,016

225,835

Total assets less current liabilities

 

202,360

231,627

Creditors: Amounts falling due after more than one year

8

(10,000)

(20,000)

Net assets

 

192,360

211,627

Capital and reserves

 

Called up share capital

9

65,401

65,401

Capital redemption reserve

78,360

78,360

Retained earnings

48,599

67,866

Shareholders' funds

 

192,360

211,627

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

1 IN 6 LIMITED

trading as Cash Generator

(Registration number: 06900256)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 26 July 2024
 

.........................................
Mr Adam Harrison
Director

 

1 IN 6 LIMITED

trading as Cash Generator

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
58 High Street West
Sunderland
SR1 3DP

These financial statements were authorised for issue by the director on 26 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

1 IN 6 LIMITED

trading as Cash Generator

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Plant and Machinery

Asset class

Depreciation method and rate

Plant and Machinery

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

1 IN 6 LIMITED

trading as Cash Generator

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

1 IN 6 LIMITED

trading as Cash Generator

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 8).

 

1 IN 6 LIMITED

trading as Cash Generator

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

19,950

19,950

At 31 May 2024

19,950

19,950

Amortisation

At 1 June 2023

19,950

19,950

At 31 May 2024

19,950

19,950

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

72,605

4,000

76,605

At 31 May 2024

72,605

4,000

76,605

Depreciation

At 1 June 2023

70,646

167

70,813

Charge for the year

490

958

1,448

At 31 May 2024

71,136

1,125

72,261

Carrying amount

At 31 May 2024

1,469

2,875

4,344

At 31 May 2023

1,959

3,833

5,792

6

Stocks

2024
£

2023
£

Other inventories

215,477

177,632

 

1 IN 6 LIMITED

trading as Cash Generator

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Debtors

Current

2024
£

2023
£

Prepayments

6,426

9,494

Other debtors

65,479

99,341

 

71,905

108,835

 

1 IN 6 LIMITED

trading as Cash Generator

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

15,234

10,000

Trade creditors

 

15,103

8,119

Taxation and social security

 

44,788

55,137

Accruals and deferred income

 

3,450

3,450

Other creditors

 

16,672

36,355

 

95,247

113,061

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

10,000

20,000

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

65,400

65,400

65,400

65,400

Ordinary B of £1 each

1

1

1

1

 

65,401

65,401

65,401

65,401

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,000

20,000

 

1 IN 6 LIMITED

trading as Cash Generator

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

5,234

-

15,234

10,000