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COMPANY REGISTRATION NUMBER: 11674987
FERGIE TIME LTD
Filleted Unaudited Financial Statements
30 November 2023
FERGIE TIME LTD
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
172,990
173,069
Current assets
Cash at bank and in hand
422
429
Creditors: amounts falling due within one year
5
56,596
57,420
--------
--------
Net current liabilities
56,174
56,991
---------
---------
Total assets less current liabilities
116,816
116,078
Creditors: amounts falling due after more than one year
6
124,324
124,336
---------
---------
Net liabilities
( 7,508)
( 8,258)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 7,509)
( 8,259)
-------
-------
Shareholders deficit
( 7,508)
( 8,258)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FERGIE TIME LTD
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr L King
Director
Company registration number: 11674987
FERGIE TIME LTD
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Penman Close, St Albans, AL2 3DJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As disclosed in the Statement of Financial Position on page 3, the company has a deficit of net assets. Of the creditors, £56,236 is owed to the director who has confirmed that no repayment would be demanded at least for the next twelve months. The director has considered the trading requirements of the company for the period exceeding twelve months from the date of this report. Having regard to the above therefore, it is the opinion of the director that the accounts be prepared on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
4. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
172,674
910
173,584
---------
----
---------
Depreciation
At 1 December 2022
515
515
Charge for the year
79
79
---------
----
---------
At 30 November 2023
594
594
---------
----
---------
Carrying amount
At 30 November 2023
172,674
316
172,990
---------
----
---------
At 30 November 2022
172,674
395
173,069
---------
----
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
56,596
57,420
--------
--------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
124,324
124,336
---------
---------
The bank loan of £124,324 (2022 - £124,336) is secured by a legal mortgage over the company's property and negative pledge.