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Registered number: 08287560
Respect Our Elders Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08287560
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 12,600 16,800
Tangible Assets 5 15,864 19,195
28,464 35,995
CURRENT ASSETS
Debtors 6 115,721 103,548
Cash at bank and in hand 86,596 113,246
202,317 216,794
Creditors: Amounts Falling Due Within One Year 7 (172,551 ) (117,619 )
NET CURRENT ASSETS (LIABILITIES) 29,766 99,175
TOTAL ASSETS LESS CURRENT LIABILITIES 58,230 135,170
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,014 ) (3,646 )
NET ASSETS 55,216 131,524
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 55,215 131,523
SHAREHOLDERS' FUNDS 55,216 131,524
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Rachael Griffiths
Director
13/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Respect Our Elders Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08287560 . The registered office is 8-9 Leaton Forest Offices, Leaton Knolls, Berwick, Shropshire, SY4 3HX.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are a Franchise Fee. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 20% Straight Line
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 67 (2022: 60)
67 60
4. Intangible Assets
Other
£
Cost
As at 1 December 2022 42,000
As at 30 November 2023 42,000
Amortisation
As at 1 December 2022 25,200
Provided during the period 4,200
As at 30 November 2023 29,400
Net Book Value
As at 30 November 2023 12,600
As at 1 December 2022 16,800
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 20,241 - 14,029 34,270
Additions 179 1,526 722 2,427
As at 30 November 2023 20,420 1,526 14,751 36,697
Depreciation
As at 1 December 2022 9,375 - 5,700 15,075
Provided during the period 2,757 159 2,842 5,758
As at 30 November 2023 12,132 159 8,542 20,833
Net Book Value
As at 30 November 2023 8,288 1,367 6,209 15,864
As at 1 December 2022 10,866 - 8,329 19,195
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 96,469 16,964
Prepayments and accrued income 17,002 83,034
Other debtors 2,250 3,550
115,721 103,548
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 10,688 13,873
Bank loans and overdrafts - 1,749
Other taxes and social security 28,714 25,441
Net wages 84,933 71,606
Other creditors 31,456 2,262
Accruals and deferred income 16,699 2,153
Director's loan account 61 535
172,551 117,619
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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