Registered number
08763627
Letsafe NE Ltd
Filleted Accounts
30 November 2023
Letsafe NE Ltd
Registered number: 08763627
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 4,578 1,288
Tangible assets 4 39,479 55,203
44,057 56,491
Current assets
Debtors 5 99,705 55,605
Cash at bank and in hand 152,117 125,231
251,822 180,836
Creditors: amounts falling due within one year 6 (61,376) (81,114)
Net current assets 190,446 99,722
Total assets less current liabilities 234,503 156,213
Creditors: amounts falling due after more than one year 7 (7,140) (17,862)
Net assets 227,363 138,351
Capital and reserves
Called up share capital 1 1
Profit and loss account 227,362 138,350
Shareholder's funds 227,363 138,351
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.
Raymond J Blake
Director
Approved by the board on 31 July 2024
Letsafe NE Ltd
Notes to the Accounts
for the year ended 30 November 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 - office equipment over 3 years
- furniture and fixtures 20% reducing balance
Motor vehicles 25% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 11,288
Additions 3,290
At 30 November 2023 14,578
Amortisation
At 1 December 2022 10,000
At 30 November 2023 10,000
Net book value
At 30 November 2023 4,578
At 30 November 2022 1,288
Goodwill is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 45,309 71,758 117,067
Additions 3,191 - 3,191
Disposals - (20,895) (20,895)
At 30 November 2023 48,500 50,863 99,363
Depreciation
At 1 December 2022 31,623 30,241 61,864
Charge for the year 4,817 9,140 13,957
On disposals - (15,937) (15,937)
At 30 November 2023 36,440 23,444 59,884
Net book value
At 30 November 2023 12,060 27,419 39,479
At 30 November 2022 13,686 41,517 55,203
5 Debtors 2023 2022
£ £
Trade debtors - 2,040
Other debtors 99,705 53,565
99,705 55,605
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 10,719 10,719
Trade creditors 3,416 19,915
Taxation and social security costs 44,948 46,279
Other creditors 2,293 4,201
61,376 81,114
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 7,140 17,862
8 Other information
Letsafe NE Ltd is a private company limited by shares and incorporated in England. Its registered office is:
57 Park View
Whitley Bay
Tyne & Wear
NE26 3RL
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