Registered number
07098675
Your Bespoke Space Ltd
Unaudited Filleted Accounts
31 December 2023
Your Bespoke Space Ltd
Registered number: 07098675
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 5,000 5,000
Tangible assets 4 100,078 108,201
105,078 113,201
Current assets
Stocks 29,000 35,000
Debtors 5 13,646 75,199
Cash at bank and in hand 153,344 151,137
195,990 261,336
Creditors: amounts falling due within one year 6 (29,574) (87,289)
Net current assets 166,416 174,047
Net assets 271,494 287,248
Capital and reserves
Called up share capital 1 1
Profit and loss account 271,493 287,247
Shareholder's funds 271,494 287,248
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 his 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.
J P Gallagher
Director
Approved by the board on 19 August 2024
Your Bespoke Space Ltd
Notes to the Accounts
for the year ended 31 December 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.
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:
Plant and machinery 15% reducing balance
Vehicles 15% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 6 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 5,000
At 31 December 2023 5,000
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 5,000
At 31 December 2022 5,000
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 Motor vehicles Total
£ £ £
Cost
At 1 January 2023 37,433 98,556 135,989
Additions 8,108 - 8,108
At 31 December 2023 45,541 98,556 144,097
Depreciation
At 1 January 2023 17,385 10,403 27,788
Charge for the year 3,008 13,223 16,231
At 31 December 2023 20,393 23,626 44,019
Net book value
At 31 December 2023 25,148 74,930 100,078
At 31 December 2022 20,048 88,153 108,201
5 Debtors 2023 2022
£ £
Trade debtors 5,111 56,938
Other debtors 8,535 18,261
13,646 75,199
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 1,493
Trade creditors 9,785 4,948
Taxation and social security costs 13,191 28,032
Other creditors 6,598 52,816
29,574 87,289
7 Controlling party
The ultimate controlling party was J P Gallagher who was also the shareholder throughout the year.
8 Other information
Your Bespoke Space Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Maypark
Preston
PR5 8JA
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