Registered number
09357493
Twelve Magpies Limited
Unaudited Filleted Accounts
31 August 2023
Twelve Magpies Limited
Registered number: 09357493
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 4,000
Tangible assets 4 87,170 95,729
87,170 99,729
Current assets
Stocks 7,019 11,661
Debtors 5 1,610 6,936
Cash at bank and in hand 105,745 99,469
114,374 118,066
Creditors: amounts falling due within one year 6 (63,001) (210,727)
Net current assets/(liabilities) 51,373 (92,661)
Total assets less current liabilities 138,543 7,068
Creditors: amounts falling due after more than one year 7 (134,975) -
Net assets 3,568 7,068
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,468 6,968
Shareholders' funds 3,568 7,068
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mrs K A Balanovsky
Director
Approved by the board on 30 August 2024
Twelve Magpies Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Stateent of compliance
Twelve Magpies Limited is a private company limited by shares, incorporated in England and Wales. The address of the principal place of business, is its registered office which is disclosed on the information page.
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).
Going concern
The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In doing this, they have considered the level of reserves held, the results for the period, expectations of future trading as a result of trading relationships with key customers. On the basis of this information the directors are satisfied that the company will continue as a going concern and so the financial statements have been prepared on this basis.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 12,000
At 31 August 2023 12,000
Amortisation
At 1 September 2022 8,000
Provided during the year 4,000
At 31 August 2023 12,000
Net book value
At 31 August 2023 -
At 31 August 2022 4,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2022 56,513 68,426 124,939
Additions - 6,099 6,099
At 31 August 2023 56,513 74,525 131,038
Depreciation
At 1 September 2022 8,476 20,734 29,210
Charge for the year 5,651 9,007 14,658
At 31 August 2023 14,127 29,741 43,868
Net book value
At 31 August 2023 42,386 44,784 87,170
At 31 August 2022 48,037 47,692 95,729
5 Debtors 2023 2022
£ £
Trade debtors 1,610 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 5,000
Other debtors - 1,936
1,610 6,936
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 134,975
Director`s loan account 17,759 47,680
Trade creditors - 6,320
Amounts owed to group undertakings and undertakings in which the company has a participating interest 22,002 -
Taxation and social security costs 17,193 17,683
Other creditors 6,047 4,069
63,001 210,727
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 134,975 -
8 Other information
Twelve Magpies Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Hostelrie At Goodrich
Goodrich
Ross On Wye
England
HR9 6HX
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