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COMPANY REGISTRATION NUMBER: 07336649
CORBY COMPUTER CLINIC LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
CORBY COMPUTER CLINIC LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
8,581
11,572
CURRENT ASSETS
Stocks
1,500
1,700
Debtors
6
3,318
758
Cash at bank and in hand
4,775
4,676
-------
-------
9,593
7,134
CREDITORS: amounts falling due within one year
7
10,247
14,252
--------
--------
NET CURRENT LIABILITIES
654
7,118
-------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,927
4,454
CREDITORS: amounts falling due after more than one year
8
7,897
8,875
-------
-------
NET ASSETS/(LIABILITIES)
30
( 4,421)
-------
-------
CAPITAL AND RESERVES
Called up share capital fully paid
1
1
Profit and loss account
29
( 4,422)
----
-------
SHAREHOLDERS FUNDS/(DEFICIT)
30
( 4,421)
----
-------
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 March 2024 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 .
CORBY COMPUTER CLINIC LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr N Lauder
Director
Company registration number: 07336649
CORBY COMPUTER CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 17 Wheatley Avenue, Corby, Northamptonshire, NN17 1TE.
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 and are prepared in sterling, which is the functional currency of the entity.
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.
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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
5,060
11,750
860
17,670
-------
--------
----
--------
Depreciation
At 1 April 2023
3,900
1,469
729
6,098
Charge for the year
290
2,570
131
2,991
-------
--------
----
--------
At 31 March 2024
4,190
4,039
860
9,089
-------
--------
----
--------
Carrying amount
At 31 March 2024
870
7,711
8,581
-------
--------
----
--------
At 31 March 2023
1,160
10,281
131
11,572
-------
--------
----
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
854
758
Other debtors
2,464
-------
----
3,318
758
-------
----
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,364
3,481
Trade creditors
77
Social security and other taxes
305
1,495
Other creditors
7,501
9,276
--------
--------
10,247
14,252
--------
--------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,897
8,875
-------
-------