Company registration number 10790901 (England and Wales)
SIXTEEN88 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SIXTEEN88 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SIXTEEN88 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
53,783
24,583
Tangible assets
4
615,069
342,528
668,852
367,111
Current assets
Stocks
18,354
11,511
Debtors
5
64,007
175,452
Cash at bank and in hand
385,137
209,611
467,498
396,574
Creditors: amounts falling due within one year
6
(538,388)
(519,928)
Net current liabilities
(70,890)
(123,354)
Total assets less current liabilities
597,962
243,757
Creditors: amounts falling due after more than one year
7
(213,791)
(99,302)
Provisions for liabilities
(123,104)
(59,948)
Net assets
261,067
84,507
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
260,967
84,407
Total equity
261,067
84,507

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SIXTEEN88 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
Mr M J W Symons
Director
Company Registration No. 10790901
SIXTEEN88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Sixteen88 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Value House, Clovelly Road, Bideford, Devon, EX39 3HN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
10% per annum straight line basis
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings
period of lease
Plant and equipment
15% per annum reducing balance basis
Fixtures and fittings
15% per annum reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SIXTEEN88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
66
44
SIXTEEN88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023
50,000
Additions
38,000
At 31 December 2023
88,000
Amortisation and impairment
At 1 January 2023
25,417
Amortisation charged for the year
8,800
At 31 December 2023
34,217
Carrying amount
At 31 December 2023
53,783
At 31 December 2022
24,583
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
176,647
463,762
640,409
Additions
186,961
182,757
369,718
At 31 December 2023
363,608
646,519
1,010,127
Depreciation and impairment
At 1 January 2023
70,950
226,931
297,881
Depreciation charged in the year
38,120
59,057
97,177
At 31 December 2023
109,070
285,988
395,058
Carrying amount
At 31 December 2023
254,538
360,531
615,069
At 31 December 2022
105,697
236,831
342,528
SIXTEEN88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
289
856
Other debtors
63,718
174,596
64,007
175,452
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
43,690
42,064
Trade creditors
121,973
264,674
Taxation and social security
72,412
30,892
Other creditors
300,313
182,298
538,388
519,928

Bank loans of £33,654 (2022: £32,276) are secured over the assets of the company.

 

Included in other creditors are hire purchase creditors of £79,378 (2022: £59,807) which are secured over the assets concerned.

 

Bank loans of £33,654 (2022: £32,276) and the hire purchase creditor are guaranteed by related parties.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,738
68,434
Other creditors
189,053
30,868
213,791
99,302

Bank loans of £5,675 (2022: 39,335) are secured over the assets of the company.

 

Included in other creditors are hire purchase creditors of £189,053 (2022: £30,868) which are secured over the assets concerned.

 

Bank loans of £5,675 (2022: £39,335) and the hire purchase creditor are guaranteed by related parties.

SIXTEEN88 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
178,815
53,815
Between two and five years
702,124
215,260
In over five years
1,833,333
40,679
2,714,272
309,754
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.25
-
37,962
59
(27,655)
10,366
-
37,962
59
(27,655)
10,366

The aforementioned advances are unsecured and repayable on demand.

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