Registered number
09912871
Pete Ford Stunts Ltd
Filleted Accounts
31 December 2023
Pete Ford Stunts Ltd
Registered number: 09912871
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 489 559
Tangible assets 4 54,390 44,707
54,879 45,266
Current assets
Debtors 5 50,241 29,983
Cash at bank and in hand 65,628 71,592
115,869 101,575
Creditors: amounts falling due within one year 6 (47,395) (41,080)
Net current assets 68,474 60,495
Total assets less current liabilities 123,353 105,761
Creditors: amounts falling due after more than one year 7 (50,239) (41,424)
Provisions for liabilities (11,449) (6,861)
Net assets 61,665 57,476
Capital and reserves
Called up share capital 100 100
Profit and loss account 61,565 57,376
Shareholder's funds 61,665 57,476
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Pete Ford
Director
Approved by the board on 11 September 2024
Pete Ford Stunts Ltd
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.
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:
Plant and machinery etc. 25% Reducing Balance
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.
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 1 1
3 Intangible fixed assets £
Cost
At 1 January 2023 699
At 31 December 2023 699
Amortisation
At 1 January 2023 140
Provided during the year 70
At 31 December 2023 210
Net book value
At 31 December 2023 489
At 31 December 2022 559
Intangible assets are being amortised in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 8,595 14,044 58,743 81,382
Additions - - 24,948 24,948
At 31 December 2023 8,595 14,044 83,691 106,330
Depreciation
At 1 January 2023 - 10,975 25,700 36,675
Charge for the year - 767 14,498 15,265
At 31 December 2023 - 11,742 40,198 51,940
Net book value
At 31 December 2023 8,595 2,302 43,493 54,390
At 31 December 2022 8,595 3,069 33,043 44,707
5 Debtors 2023 2022
£ £
Trade debtors 8,147 7,070
Other debtors 42,094 22,913
50,241 29,983
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,400 3,400
Obligations under finance lease and hire purchase contracts 10,600 6,378
Trade creditors 17 17
Taxation and social security costs 32,518 30,451
Other creditors 860 834
47,395 41,080
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 5,383 8,783
Obligations under finance lease and hire purchase contracts 44,856 32,641
50,239 41,424
8 Other information
Pete Ford Stunts Ltd is a private company limited by shares and incorporated in England. Its registered office is:
28 Galemoor Avenue
Gosport
Hampshire
PO12 2SJ
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