Last Exit to Nowhere Limited 06481947 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Internet sales of t-shirts. Digita Accounts Production Advanced 6.30.9574.0 true true 06481947 2023-04-01 2024-03-31 06481947 2024-03-31 06481947 bus:OrdinaryShareClass1 2024-03-31 06481947 bus:OtherShareClass1 2024-03-31 06481947 bus:OtherShareClass2 2024-03-31 06481947 bus:OtherShareClass3 2024-03-31 06481947 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 06481947 core:CurrentFinancialInstruments 2024-03-31 06481947 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06481947 core:FurnitureFittings 2024-03-31 06481947 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 06481947 core:MotorVehicles 2024-03-31 06481947 core:OfficeEquipment 2024-03-31 06481947 core:PlantMachinery 2024-03-31 06481947 bus:SmallEntities 2023-04-01 2024-03-31 06481947 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06481947 bus:FilletedAccounts 2023-04-01 2024-03-31 06481947 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06481947 bus:RegisteredOffice 2023-04-01 2024-03-31 06481947 bus:Director1 2023-04-01 2024-03-31 06481947 bus:Director2 2023-04-01 2024-03-31 06481947 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06481947 bus:OtherShareClass1 2023-04-01 2024-03-31 06481947 bus:OtherShareClass2 2023-04-01 2024-03-31 06481947 bus:OtherShareClass3 2023-04-01 2024-03-31 06481947 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06481947 core:CommunicationNetworkEquipment 2023-04-01 2024-03-31 06481947 core:ComputerEquipment 2023-04-01 2024-03-31 06481947 core:FurnitureFittings 2023-04-01 2024-03-31 06481947 core:LandBuildings 2023-04-01 2024-03-31 06481947 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06481947 core:MotorVehicles 2023-04-01 2024-03-31 06481947 core:OfficeEquipment 2023-04-01 2024-03-31 06481947 core:PlantMachinery 2023-04-01 2024-03-31 06481947 core:Vehicles 2023-04-01 2024-03-31 06481947 countries:England 2023-04-01 2024-03-31 06481947 2023-03-31 06481947 core:FurnitureFittings 2023-03-31 06481947 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 06481947 core:MotorVehicles 2023-03-31 06481947 core:OfficeEquipment 2023-03-31 06481947 core:PlantMachinery 2023-03-31 06481947 2022-04-01 2023-03-31 06481947 2023-03-31 06481947 bus:OrdinaryShareClass1 2023-03-31 06481947 bus:OtherShareClass1 2023-03-31 06481947 bus:OtherShareClass2 2023-03-31 06481947 bus:OtherShareClass3 2023-03-31 06481947 core:CurrentFinancialInstruments 2023-03-31 06481947 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06481947 core:FurnitureFittings 2023-03-31 06481947 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 06481947 core:MotorVehicles 2023-03-31 06481947 core:OfficeEquipment 2023-03-31 06481947 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06481947

Last Exit to Nowhere Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Last Exit to Nowhere Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Last Exit to Nowhere Limited

Company Information

Directors

Mr Michael Ford

Mrs Charlotte Louise Ford

Registered office

Unit 31 Criftin Enterprise Centre
Oxton Road
Epperstone
Nottingham
Nottinghamshire
NG14 6AT

Accountants

Atkinson Evans Limited
Chartered Certified Accountants
The Old Drill Hall
10 Arnot Hill Road
Arnold
Nottingham
Nottinghamshire
NG5 6LJ

 

Last Exit to Nowhere Limited

(Registration number: 06481947)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,058

2,315

Tangible assets

5

65,200

76,303

Other financial assets

6

151,952

152,973

 

219,210

231,591

Current assets

 

Stocks

7

111,001

133,840

Debtors

1,357

1

Cash at bank and in hand

 

292,656

307,906

 

405,014

441,747

Prepayments and accrued income

 

8,874

8,371

Creditors: Amounts falling due within one year

(36,167)

(21,585)

Net current assets

 

377,721

428,533

Total assets less current liabilities

 

596,931

660,124

Provisions for liabilities

(15,764)

(18,362)

Accruals and deferred income

 

(6,192)

(7,038)

Net assets

 

574,975

634,724

Capital and reserves

 

Called up share capital

8

103

103

Retained earnings

574,872

634,621

Shareholders' funds

 

574,975

634,724

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.

Directors' 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 directors acknowledge their 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.

 

Last Exit to Nowhere Limited

(Registration number: 06481947)
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 

.........................................
Mrs Charlotte Louise Ford
Director

 

Last Exit to Nowhere 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.

The address of its registered office is:
Unit 31 Criftin Enterprise Centre
Oxton Road
Epperstone
Nottingham
Nottinghamshire
NG14 6AT

These financial statements were authorised for issue by the Board on 12 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

Last Exit to Nowhere Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Leasehold improvements

10% straight line

Website

25% straight line

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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:

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.

 

Last Exit to Nowhere Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Last Exit to Nowhere Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

2,572

At 31 March 2024

2,572

Amortisation

At 1 April 2023

257

Amortisation charge

257

At 31 March 2024

514

Carrying amount

At 31 March 2024

2,058

At 31 March 2023

2,315

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

27,861

49,683

79,134

44,660

Additions

-

7,344

-

3,431

At 31 March 2024

27,861

57,027

79,134

48,091

Depreciation

At 1 April 2023

25,004

40,840

73,177

40,511

Charge for the year

714

3,624

2,211

1,704

At 31 March 2024

25,718

44,464

75,388

42,215

Carrying amount

At 31 March 2024

2,143

12,563

3,746

5,876

At 31 March 2023

2,857

8,843

5,957

4,149

 

Last Exit to Nowhere Limited

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

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

68,545

269,883

Additions

-

10,775

At 31 March 2024

68,545

280,658

Depreciation

At 1 April 2023

14,048

193,580

Charge for the year

13,625

21,878

At 31 March 2024

27,673

215,458

Carrying amount

At 31 March 2024

40,872

65,200

At 31 March 2023

54,497

76,303

Included within the net book value of land and buildings above is £2,143 (2023 - £2,857) in respect of freehold land and buildings.
 

 

Last Exit to Nowhere Limited

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

152,973

152,973

Fair value adjustments

(1,021)

(1,021)

At 31 March 2024

151,952

151,952

Impairment

Carrying amount

At 31 March 2024

151,952

151,952

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

111,001

133,840

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

B Dividend shares of £1 each

1

1

1

1

C Dividend shares of £1 each

1

1

1

1

D Dividend shares of £1 each

1

1

1

1

103

103

103

103