M Y Accountancy (Stamford) Limited 09955210 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of accountancy services. Digita Accounts Production Advanced 6.30.9574.0 true 09955210 2023-04-01 2024-03-31 09955210 2024-03-31 09955210 core:RetainedEarningsAccumulatedLosses 2024-03-31 09955210 core:ShareCapital 2024-03-31 09955210 core:CurrentFinancialInstruments 2024-03-31 09955210 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09955210 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09955210 core:FurnitureFittingsToolsEquipment 2024-03-31 09955210 bus:SmallEntities 2023-04-01 2024-03-31 09955210 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09955210 bus:FilletedAccounts 2023-04-01 2024-03-31 09955210 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09955210 bus:RegisteredOffice 2023-04-01 2024-03-31 09955210 bus:Director1 2023-04-01 2024-03-31 09955210 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09955210 core:Goodwill 2023-04-01 2024-03-31 09955210 core:FurnitureFittings 2023-04-01 2024-03-31 09955210 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09955210 core:OfficeEquipment 2023-04-01 2024-03-31 09955210 countries:EnglandWales 2023-04-01 2024-03-31 09955210 2023-03-31 09955210 core:FurnitureFittingsToolsEquipment 2023-03-31 09955210 2022-04-01 2023-03-31 09955210 2023-03-31 09955210 core:RetainedEarningsAccumulatedLosses 2023-03-31 09955210 core:ShareCapital 2023-03-31 09955210 core:CurrentFinancialInstruments 2023-03-31 09955210 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09955210 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09955210 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09955210

M Y Accountancy (Stamford) Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

M Y Accountancy (Stamford) Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

M Y Accountancy (Stamford) Limited

(Registration number: 09955210)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,800

16,200

Tangible assets

5

299

433

 

11,099

16,633

Current assets

 

Debtors

6

6,700

7,995

Cash at bank and in hand

 

36,450

35,077

 

43,150

43,072

Prepayments and accrued income

 

2,632

981

Creditors: Amounts falling due within one year

(17,832)

(22,405)

Net current assets

 

27,950

21,648

Total assets less current liabilities

 

39,049

38,281

Creditors: Amounts falling due after more than one year

-

(4,500)

Provisions for liabilities

(82)

(82)

Accruals and deferred income

 

(3,124)

(3,591)

Net assets

 

35,843

30,108

Capital and reserves

 

Called up share capital

100

100

Retained earnings

35,743

30,008

Shareholders' funds

 

35,843

30,108

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

M Y Accountancy (Stamford) Limited

(Registration number: 09955210)
Abridged Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 September 2024
 

.........................................

M D Yarham

Director

 

M Y Accountancy (Stamford) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31 York Road
Stamford
Lincolnshire
PE9 1LL

These financial statements were authorised for issue by the director on 6 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover consists of the sales value of work in the period under contracts to supply services to third parties. It includes the relevant proportion of contract value for performance up to the period end.

Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

M Y Accountancy (Stamford) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on reducing balance

Office equipment

33% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

M Y Accountancy (Stamford) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

M Y Accountancy (Stamford) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

54,000

At 31 March 2024

54,000

Amortisation

At 1 April 2023

37,800

Amortisation charge

5,400

At 31 March 2024

43,200

Carrying amount

At 31 March 2024

10,800

At 31 March 2023

16,200

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,484

2,484

At 31 March 2024

2,484

2,484

Depreciation

At 1 April 2023

2,051

2,051

Charge for the year

134

134

At 31 March 2024

2,185

2,185

Carrying amount

At 31 March 2024

299

299

At 31 March 2023

433

433

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.