5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 204,242 188,337 13,171 201,508 2,734 15,905 10,445 5,054 5,391 xbrli:pure xbrli:shares iso4217:GBP 05523089 2023-01-01 2023-12-31 05523089 2023-12-31 05523089 2022-12-31 05523089 2022-01-01 2022-12-31 05523089 2022-12-31 05523089 2021-12-31 05523089 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 05523089 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 05523089 core:FurnitureFittings 2023-01-01 2023-12-31 05523089 bus:Director2 2023-01-01 2023-12-31 05523089 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 05523089 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05523089 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 05523089 core:FurnitureFittings 2022-12-31 05523089 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 05523089 core:FurnitureFittings 2023-12-31 05523089 core:DeferredTaxation 2023-01-01 2023-12-31 05523089 core:WithinOneYear 2023-12-31 05523089 core:WithinOneYear 2022-12-31 05523089 core:AfterOneYear 2023-12-31 05523089 core:AfterOneYear 2022-12-31 05523089 core:ShareCapital 2023-12-31 05523089 core:ShareCapital 2022-12-31 05523089 core:RetainedEarningsAccumulatedLosses 2023-12-31 05523089 core:RetainedEarningsAccumulatedLosses 2022-12-31 05523089 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 05523089 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05523089 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05523089 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 05523089 core:FurnitureFittings 2022-12-31 05523089 core:DeferredTaxation 2022-12-31 05523089 core:DeferredTaxation 2023-12-31 05523089 bus:SmallEntities 2023-01-01 2023-12-31 05523089 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05523089 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05523089 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05523089 bus:FullAccounts 2023-01-01 2023-12-31 05523089 core:OfficeEquipment 2023-01-01 2023-12-31 05523089 core:OfficeEquipment 2022-12-31 05523089 core:OfficeEquipment 2023-12-31 05523089 bus:Director1 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 05523089
Look to Buy Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Look to Buy Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Look to Buy Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
2,734
15,905
Tangible assets
6
40,898
53,963
--------
--------
43,632
69,868
Current assets
Debtors
7
88,911
86,405
Cash at bank and in hand
301,523
353,789
---------
---------
390,434
440,194
Creditors: amounts falling due within one year
8
117,898
117,904
---------
---------
Net current assets
272,536
322,290
---------
---------
Total assets less current liabilities
316,168
392,158
Creditors: amounts falling due after more than one year
9
14,789
24,930
Provisions
Taxation including deferred tax
10
5,391
10,445
---------
---------
Net assets
295,988
356,783
---------
---------
Capital and reserves
Called up share capital
125
125
Profit and loss account
295,863
356,658
---------
---------
Shareholders funds
295,988
356,783
---------
---------
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 December 2023 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 .
Look to Buy Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
J Brammar
Director
Company registration number: 05523089
Look to Buy Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents services supplied during the period and, in respect of long-term contracts and contracts for ongoing services, the value of work done in the period. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion. Turnover is shown net of trade discounts and VAT.
Taxation
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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Website development costs are capitalised, classified as an asset on the statement of financial position and amortised over their estimated useful life where it is expected future economic benefits attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably. The assets are reviewed for impairment as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.
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:
Website development
-
33% straight line
A full year's amortisation is included on asset additions in the year.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Improvements to short leasehold property
-
15% straight line
Fixtures and fittings
-
25% reducing balance
Office equipment
-
33% straight line
A full year's depreciation is included on asset additions in the year.
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 becomes receivable.
Defined contribution pension plans
The company makes contributions to a defined contribution plan for employees. These are recognised as an expense in the period in which the related service is provided. The company also makes contributions to a director's personal pension scheme. The annual contributions payable are included in the statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Website development costs
£
Cost
At 1 January 2023 and 31 December 2023
204,242
---------
Amortisation
At 1 January 2023
188,337
Charge for the year
13,171
---------
At 31 December 2023
201,508
---------
Carrying amount
At 31 December 2023
2,734
---------
At 31 December 2022
15,905
---------
6. Tangible assets
Improvements to short leasehold property
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
67,796
872
15,077
83,745
Additions
2,160
624
2,784
Disposals
( 822)
( 822)
--------
----
--------
--------
At 31 December 2023
69,956
872
14,879
85,707
--------
----
--------
--------
Depreciation
At 1 January 2023
20,339
382
9,061
29,782
Charge for the year
10,493
122
5,234
15,849
Disposals
( 822)
( 822)
--------
----
--------
--------
At 31 December 2023
30,832
504
13,473
44,809
--------
----
--------
--------
Carrying amount
At 31 December 2023
39,124
368
1,406
40,898
--------
----
--------
--------
At 31 December 2022
47,457
490
6,016
53,963
--------
----
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
57,372
48,886
Other debtors
31,539
37,519
--------
--------
88,911
86,405
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,141
9,891
Trade creditors
41,108
55,940
Social security and other taxes
62,036
42,758
Other creditors
4,613
9,315
---------
---------
117,898
117,904
---------
---------
Included above is a bank loan secured under the business bounce bank loan scheme.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,789
24,930
--------
--------
Included above is a bank loan secured under the business bounce bank loan scheme.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
10,445
Movement in year
( 5,054)
--------
At 31 December 2023
5,391
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
5,391
10,445
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
5,391
10,445
-------
--------
12. Directors' advances, credits and guarantees
The director J Brammar and his wife maintain a loan account with the company. At the beginning of the year the company owed the couple £1,785 (2022 due to company £7,215). During the year there were advances to the director and his wife of £86,634 (2022 £71,694) and repayments of £81,280 (2022 £80,694). At the reporting date £3,569 was due to the company (2022 owed to the couple £1,785). During the year interest of £96 (2022 £114) was charged on amounts due to the company and no amounts were written off. The director Mrs J Brammar and her husband maintain a loan account with the company. At the beginning of the year the couple owed the company £14,397 (2022 £17,323). During the year there were advances to the director and her husband of £72,952 (2022 £84,136) and repayments of £72,253 (2022 £87,062). At the reporting date the couple owed the company £15,096 (2022 £14,397). During the year interest of £468 (2022 £438) was charged on amounts due to the company and no amounts were written off.