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COMPANY REGISTRATION NUMBER: 7293559
Seven Questions Consulting Limited
Filleted Unaudited Financial Statements
31 December 2023
Seven Questions Consulting Limited
Financial Statements
Year Ended 31st December 2023
Contents
Pages
Officers and Professional Advisers
1
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
2
Statement of Financial Position
3 to 4
Notes to the Financial Statements
5 to 7
Seven Questions Consulting Limited
Officers and Professional Advisers
Director
P. W. Hannah
Registered Office
22 Wenlock Road
London
N1 7GU
Accountants
Peyton Tyler Mears
Chartered accountants
Middleborough House
16 Middleborough
Colchester
Essex
CO1 1QT
Seven Questions Consulting Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Seven Questions Consulting Limited
Year Ended 31st December 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Peyton Tyler Mears Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
25 September 2024
Seven Questions Consulting Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
3,743
3,412
Current Assets
Debtors
6
60,077
96,004
Cash at bank and in hand
49,682
23,569
---------
---------
109,759
119,573
Creditors: amounts falling due within one year
7
61,642
79,660
---------
---------
Net Current Assets
48,117
39,913
--------
--------
Total Assets Less Current Liabilities
51,860
43,325
Creditors: amounts falling due after more than one year
8
33,583
39,540
--------
--------
Net Assets
18,277
3,785
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
18,177
3,685
--------
-------
Shareholders Funds
18,277
3,785
--------
-------
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 31st December 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 .
Seven Questions Consulting Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
P. W. Hannah
Director
Company registration number: 7293559
Seven Questions Consulting Limited
Notes to the Financial Statements
Year Ended 31st 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 22 Wenlock Road, London, N1 7GU.
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.
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.
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. 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
-
Computer at 33.33% Straight Line CCTV at 50% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible Assets
Equipment
Total
£
£
Cost
At 1st January 2023
11,984
11,984
Additions
2,317
2,317
Disposals
( 5,322)
( 5,322)
--------
--------
At 31st December 2023
8,979
8,979
--------
--------
Depreciation
At 1st January 2023
8,572
8,572
Charge for the year
1,986
1,986
Disposals
( 5,322)
( 5,322)
--------
--------
At 31st December 2023
5,236
5,236
--------
--------
Carrying amount
At 31st December 2023
3,743
3,743
--------
--------
At 31st December 2022
3,412
3,412
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
52,178
96,004
Other debtors
7,899
--------
--------
60,077
96,004
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,167
22,998
Corporation tax
28,690
37,257
Social security and other taxes
30,355
12,069
Other creditors
1,430
7,336
--------
--------
61,642
79,660
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
33,583
39,540
--------
--------
9. 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
£
£
£
£
P. W. Hannah
( 3,101)
11,000
7,899
-------
--------
----
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
P. W. Hannah
( 2,245)
344
( 1,200)
( 3,101)
-------
----
-------
-------