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COMPANY REGISTRATION NUMBER: 09720749
Ken Rushton Associates Limited
Filleted Unaudited Financial Statements
31 August 2024
Ken Rushton Associates Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
689
3,233
Current assets
Debtors
5
7,453
15,000
Cash at bank and in hand
691,379
553,036
---------
---------
698,832
568,036
Creditors: amounts falling due within one year
6
66,870
80,877
---------
---------
Net current assets
631,962
487,159
---------
---------
Total assets less current liabilities
632,651
490,392
---------
---------
Net assets
632,651
490,392
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
632,650
490,391
---------
---------
Shareholders funds
632,651
490,392
---------
---------
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 August 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 .
Ken Rushton Associates Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
K Rushton
Director
Company registration number: 09720749
Ken Rushton Associates Limited
Notes to the Financial Statements
Year ended 31 August 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 Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN.
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.
Going concern
As noted in the Directors' Report, the accounts have been prepared on the basis other than going concern. The Director will continue to provide the necessary level of support to enable the Company to meet its liabilities. The Director intends to liquidate the company in due course, once all remaining balances have been settled. The assets and liabilities have written down to their recoverable amounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
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.
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:
Computer equipment
-
33 % straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 September 2023 and 31 August 2024
4,676
4,676
-------
-------
Depreciation
At 1 September 2023
1,443
1,443
Charge for the year
1,289
1,289
Impairment losses
1,255
1,255
-------
-------
At 31 August 2024
3,987
3,987
-------
-------
Carrying amount
At 31 August 2024
689
689
-------
-------
At 31 August 2023
3,233
3,233
-------
-------
5. Debtors
2024
2023
£
£
Trade debtors
7,453
15,000
-------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,041
Corporation tax
48,778
46,994
Social security and other taxes
3,074
12,691
Other creditors
9,977
21,192
--------
--------
66,870
80,877
--------
--------
7. Director's advances, credits and guarantees
At the balance sheet date, the company owed the director £6,814 (2023: £18,242). The loan is interest free and repayable on demand.
8. Controlling party
The company was under the control of K Rushton throughout the current period. K Rushton is the sole director and shareholder.