2023-01-012023-12-312023-12-31false08807981LATE NATION 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LATE NATION LTD

Registered Number
08807981
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

LATE NATION LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

R Emery
R B Pink

Registered Address

22 Woodland Road
Dunton Green
Sevenoaks
TN14 5GD

Registered Number

08807981 (England and Wales)
LATE NATION LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets32,2402,534
2,2402,534
Current assets
Debtors443,6335,108
Cash at bank and on hand81,95553,480
125,58858,588
Creditors amounts falling due within one year5(30,851)(26,884)
Net current assets (liabilities)94,73731,704
Total assets less current liabilities96,97734,238
Creditors amounts falling due after one year6(6,572)(9,987)
Net assets90,40524,251
Capital and reserves
Called up share capital103103
Profit and loss account90,30224,148
Shareholders' funds90,40524,251
The financial statements were approved and authorised for issue by the Board of Directors on 4 September 2024, and are signed on its behalf by:
R B Pink
Director
Registered Company No. 08807981
LATE NATION LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery33
Trade and other 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.
Trade and other 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.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 236,5886,588
Additions565565
At 31 December 237,1537,153
Depreciation and impairment
At 01 January 234,0544,054
Charge for year859859
At 31 December 234,9134,913
Net book value
At 31 December 232,2402,240
At 31 December 222,5342,534
4.Debtors: amounts due within one year

2023

2022

££
Other debtors1745,108
Prepayments and accrued income43,459-
Total43,6335,108
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables3,025633
Bank borrowings and overdrafts4,0484,259
Taxation and social security19,17420,435
Other creditors1211,557
Accrued liabilities and deferred income4,483-
Total30,85126,884
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts6,5729,987
Total6,5729,987