Registered number
06741148
The Blind Rack Limited
Filleted Accounts
31 December 2023
The Blind Rack Limited
Registered number: 06741148
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 286,823 331,444
Cash at bank and in hand 290,168 356,746
576,991 688,190
Creditors: amounts falling due within one year 4 (84,468) (167,605)
Net current assets 492,523 520,585
Total assets less current liabilities 492,523 520,585
Creditors: amounts falling due after more than one year 5 (31,720) (83,376)
Net assets 460,803 437,209
Capital and reserves
Called up share capital 100 100
Profit and loss account 460,703 437,109
Shareholders' funds 460,803 437,209
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.
J M Smith
Director
Approved by the board on 21 March 2024
The Blind Rack Limited
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.
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 0 0
3 Debtors 2023 2022
£ £
Trade debtors 199,001 195,886
Other debtors 87,822 135,558
286,823 331,444
Amounts due after more than one year included above 30,221 83,376
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,600 49,200
Trade creditors 18,818 95,742
Taxation and social security costs 7,850 19,063
Other creditors 7,200 3,600
84,468 167,605
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 31,720 83,376
31,720 83,376
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 82,320 132,576
7 Related party transactions
During the period, various transactions took place with Concept Blind Systems Limited, a company in which J M Smith is a director. At the end of the period, £18,205 was owed to Concept Blind Systems Limited and is included in trade creditors (2022: £95,724).
During the year, payments were made to Concept Blind Systems Ltd in relation to the intercompany loan. The balance at the year end is £87,822 and is included in debtors (2022: £135,558).
8 Other information
The Blind Rack Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o SRL Accountancy & Payroll Services Ltd
The Old Rectory, Main Street
Glenfield
Leicestershire
LE3 8DG
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