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Registered number: 05519838
Accurate Developments Limited
Financial Statements
For The Year Ended 30 November 2023
Fairman Harris
1 Landor Road
London
SW9 9RX
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05519838
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,634 4,845
3,634 4,845
CURRENT ASSETS
Stocks 5 1,000 -
Debtors 6 3,000 46,749
Cash at bank and in hand 53,870 135,471
57,870 182,220
Creditors: Amounts Falling Due Within One Year 7 (27,345 ) (26,749 )
NET CURRENT ASSETS (LIABILITIES) 30,525 155,471
TOTAL ASSETS LESS CURRENT LIABILITIES 34,159 160,316
NET ASSETS 34,159 160,316
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 34,059 160,216
SHAREHOLDERS' FUNDS 34,159 160,316
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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 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 N O Hara
Director
20 August 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
Accurate Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05519838 . The registered office is Fairman Harris, 1 Landor Road, London, SW9 9RX.
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% Reducing Balance
Motor Vehicles 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 5)
4 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 December 2022 31,894 19,536 51,430
As at 30 November 2023 31,894 19,536 51,430
Depreciation
As at 1 December 2022 29,961 16,624 46,585
Provided during the period 483 728 1,211
As at 30 November 2023 30,444 17,352 47,796
...CONTINUED
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Net Book Value
As at 30 November 2023 1,450 2,184 3,634
As at 1 December 2022 1,933 2,912 4,845
5. Stocks
2023 2022
£ £
Stock 1,000 -
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 5,073
Prepayments and accrued income 3,000 19,189
Other taxes and social security - 6,579
Net wages - 15,908
3,000 46,749
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,185 6,268
Other taxes and social security 2,271 -
VAT 2,428 5,857
Accruals and deferred income 5,694 6,044
Directors' loan accounts 12,767 8,580
27,345 26,749
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Ultimate Controlling Party
The company does not have an ultimate controlling party due to the 2 shareholders holding equal shares in the company.
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