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Registered number: 11035142
Big Old House Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11035142
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,720 5,900
Tangible Assets 5 2,469 3,141
7,189 9,041
CURRENT ASSETS
Debtors 6 18,956 34,582
Cash at bank and in hand 31,991 77,178
50,947 111,760
Creditors: Amounts Falling Due Within One Year 7 (28,746 ) (52,376 )
NET CURRENT ASSETS (LIABILITIES) 22,201 59,384
TOTAL ASSETS LESS CURRENT LIABILITIES 29,390 68,425
PROVISIONS FOR LIABILITIES
Deferred Taxation (15 ) (93 )
NET ASSETS 29,375 68,332
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 29,374 68,331
SHAREHOLDERS' FUNDS 29,375 68,332
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss R L Van Oudheusden
Director
16 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Big Old House Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11035142 . The registered office is 81 Loscoe Road, Nottingham, NG5 2AP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Computer Equipment 25% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 11,800
As at 31 March 2024 11,800
Amortisation
As at 1 April 2023 5,900
Provided during the period 1,180
As at 31 March 2024 7,080
Net Book Value
As at 31 March 2024 4,720
As at 1 April 2023 5,900
5. Tangible Assets
Land & Property
Leasehold Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 2,260 4,482 6,742
As at 31 March 2024 2,260 4,482 6,742
Depreciation
As at 1 April 2023 904 2,697 3,601
Provided during the period 226 446 672
As at 31 March 2024 1,130 3,143 4,273
Net Book Value
As at 31 March 2024 1,130 1,339 2,469
As at 1 April 2023 1,356 1,785 3,141
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 18,125 34,582
Other debtors 831 -
18,956 34,582
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax - 17,782
Other taxes and social security 479 -
VAT 8,180 14,210
Accruals and deferred income 425 425
Director's loan account 19,662 19,959
28,746 52,376
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Related Party Transactions
At the balance sheet date, the company owed the Director Miss. R L Van Oudheusden £19,662 (2023: £19,959). The amount is unsecured, interest-free, with no fixed repayment date.
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