11
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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
467,077
257,148
724,225
108,744
206,561
315,305
408,920
358,333
1,375
1,375
325
325
1,050
xbrli:pure
xbrli:shares
iso4217:GBP
11365902
2023-06-01
2024-05-31
11365902
2024-05-31
11365902
2023-05-31
11365902
2022-06-01
2023-05-31
11365902
2023-05-31
11365902
2022-05-31
11365902
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-06-01
2024-05-31
11365902
bus:Director2
2023-06-01
2024-05-31
11365902
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-05-31
11365902
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-05-31
11365902
core:WithinOneYear
2024-05-31
11365902
core:WithinOneYear
2023-05-31
11365902
core:ShareCapital
2024-05-31
11365902
core:ShareCapital
2023-05-31
11365902
core:SharePremium
2024-05-31
11365902
core:SharePremium
2023-05-31
11365902
core:RetainedEarningsAccumulatedLosses
2024-05-31
11365902
core:RetainedEarningsAccumulatedLosses
2023-05-31
11365902
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-05-31
11365902
bus:SmallEntities
2023-06-01
2024-05-31
11365902
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
11365902
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
11365902
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
11365902
bus:FullAccounts
2023-06-01
2024-05-31
11365902
core:OfficeEquipment
2023-06-01
2024-05-31
11365902
core:OfficeEquipment
2024-05-31
COMPANY REGISTRATION NUMBER:
11365902
Filleted Unaudited Financial Statements |
|
Year ended 31 May 2024
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 May 2024
Fixed assets
Intangible assets |
5 |
408,920 |
358,333 |
Tangible assets |
6 |
1,050 |
– |
|
--------- |
--------- |
|
409,970 |
358,333 |
|
|
|
|
Current assets
Debtors |
7 |
66,183 |
38,284 |
Cash at bank and in hand |
12,044 |
101,773 |
|
-------- |
--------- |
|
78,227 |
140,057 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
621,580 |
585,351 |
|
--------- |
--------- |
Net current liabilities |
543,353 |
445,294 |
|
--------- |
--------- |
Total assets less current liabilities |
(
133,383) |
(
86,961) |
|
--------- |
-------- |
Net liabilities |
(
133,383) |
(
86,961) |
|
--------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
148 |
148 |
Share premium account |
315,152 |
315,152 |
Profit and loss account |
(
448,683) |
(
402,261) |
|
--------- |
--------- |
Shareholders deficit |
(
133,383) |
(
86,961) |
|
--------- |
--------- |
|
|
|
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 31 May 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Company registration number:
11365902
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Fernwood Avenue, Streatham, London, SW16 1RD, United Kingdom.
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.
Going concern
The directors will continue to support the company and believe that the company will generate a profit in future periods therefore the accounts have been prepared on a going concern basis.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
33% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2023:
5
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
At 1 June 2023 |
467,077 |
Additions |
257,148 |
|
--------- |
At 31 May 2024 |
724,225 |
|
--------- |
Amortisation |
|
At 1 June 2023 |
108,744 |
Charge for the year |
206,561 |
|
--------- |
At 31 May 2024 |
315,305 |
|
--------- |
Carrying amount |
|
At 31 May 2024 |
408,920 |
|
--------- |
At 31 May 2023 |
358,333 |
|
--------- |
|
|
6.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 June 2023 |
– |
Additions |
1,375 |
|
------- |
At 31 May 2024 |
1,375 |
|
------- |
Depreciation |
|
At 1 June 2023 |
– |
Charge for the year |
325 |
|
------- |
At 31 May 2024 |
325 |
|
------- |
Carrying amount |
|
At 31 May 2024 |
1,050 |
|
------- |
At 31 May 2023 |
– |
|
------- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
34,675 |
23,877 |
Other debtors |
31,508 |
14,407 |
|
-------- |
-------- |
|
66,183 |
38,284 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
7,725 |
5,118 |
Social security and other taxes |
52,685 |
45,423 |
Other creditors |
561,170 |
534,810 |
|
--------- |
--------- |
|
621,580 |
585,351 |
|
--------- |
--------- |
|
|
|
9.
Related party transactions
At the year end the company owed £261,318 (2023: £233,344) to the directors.