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COMPANY REGISTRATION NUMBER: 12646026
Insidenow Limited
Filleted Unaudited Financial Statements
30 June 2023
Insidenow Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
3,035
3,633
Current assets
Debtors
5
1,600
1,446
Cash at bank and in hand
9,384
14,130
--------
--------
10,984
15,576
Creditors: amounts falling due within one year
6
6,272
4,819
--------
--------
Net current assets
4,712
10,757
-------
--------
Total assets less current liabilities
7,747
14,390
-------
--------
Net assets
7,747
14,390
-------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
7,647
14,290
-------
--------
Shareholders funds
7,747
14,390
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr M Tumalty
Director
Company registration number: 12646026
Insidenow Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
The director considers the residual value of the fixtures and fittings to be equal to the cost and therefore no depreciation has been charged.
4. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 July 2022
716
4,283
4,999
Additions
134
134
----
-------
-------
At 30 June 2023
716
4,417
5,133
----
-------
-------
Depreciation
At 1 July 2022
1,366
1,366
Charge for the year
732
732
----
-------
-------
At 30 June 2023
2,098
2,098
----
-------
-------
Carrying amount
At 30 June 2023
716
2,319
3,035
----
-------
-------
At 30 June 2022
716
2,917
3,633
----
-------
-------
5. Debtors
2023
2022
£
£
Other debtors
1,600
1,446
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
6,272
4,819
-------
-------
7. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Tumalty
( 4,069)
483
( 2,086)
( 5,672)
-------
----
-------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M Tumalty
33,824
13,991
( 51,884)
( 4,069)
--------
--------
--------
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