Registered number
08352917
Studybugs Limited
Filleted Accounts
31 December 2023
Studybugs Limited
Registered number: 08352917
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 223 8
Current assets
Debtors 5 169,953 114,610
Cash at bank and in hand 288,652 185,653
458,605 300,263
Creditors: amounts falling due within one year 6 (175,861) (122,122)
Net current assets 282,744 178,141
Total assets less current liabilities 282,967 178,149
Creditors: amounts falling due after more than one year 7 (41,082) (46,600)
Net assets 241,885 131,549
Capital and reserves
Called up share capital 154 154
Share premium 59,946 59,946
Profit and loss account 181,785 71,449
Shareholders' funds 241,885 131,549
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
JM Mabbitt
Director
Approved by the board on 5 August 2024
Studybugs Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 50% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 1,003
At 31 December 2023 1,003
Amortisation
At 1 January 2023 1,003
At 31 December 2023 1,003
Net book value
At 31 December 2023 -
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 105
Additions 333
At 31 December 2023 438
Depreciation
At 1 January 2023 97
Charge for the year 118
At 31 December 2023 215
Net book value
At 31 December 2023 223
At 31 December 2022 8
5 Debtors 2023 2022
£ £
Trade debtors 169,953 114,610
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,057 1,564
Trade creditors 397 -
Deferred income 77,375 51,177
Taxation and social security costs 95,168 68,329
Other creditors 864 1,052
175,861 122,122
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 41,082 46,600
8 Other information
Studybugs Limited is a private company limited by shares and incorporated in England. Its registered office is:
5a Park Avenue
Bedford
MK40 2JY
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