REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
BOOM-TIME LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
BOOM-TIME LTD |
BOOM-TIME LTD (REGISTERED NUMBER: 12104668) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Balance Sheet | 1 |
BOOM-TIME LTD (REGISTERED NUMBER: 12104668) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
as restated |
£ | £ |
FIXED ASSETS |
CURRENT ASSETS |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
NOTES TO THE FINANCIAL STATEMENTS |
1. | STATUTORY INFORMATION |
Boom-Time Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
BOOM-TIME LTD (REGISTERED NUMBER: 12104668) |
BALANCE SHEET - continued |
31 JULY 2024 |
NOTES TO THE FINANCIAL STATEMENTS |
2. | GRANT INCOME |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received using the performance model. |
The grant will therefore be recognised in other income when the grant proceeds are received or receivable provided the terms of the grant do not impose future performance related conditions. |
If the terms of the grant do impose future performance related conditions, the grant is only recognised in income when the performance related conditions are met. |
Any grants that are received before the recognition criteria is met are recognised in the entity's financial statements as a liability. |
DEVELOPMENT COSTS |
Development costs are capitalised when they are internally funded and are expected to generate future economic benefits to the company. |
These capitalised costs are amortised over the estimated useful life of the intellectual property. Amortisation is not recognised in periods where the research and development project remains incomplete. |
PRIOR YEAR ADJUSTMENT |
The prior year has been restated to capitalise internally funded research and development costs. This has resulted in the profit and loss reserve increasing by £76,714. Development assets have increased by the corresponding amount. |
3. | AVERAGE NUMBER OF EMPLOYEES |
The average number of employees during the year was NIL (2023 - NIL). |
4. | RELATED PARTY BALANCES |
At the balance sheet date the company owed the directors £48,943 (2023: £26,375). The amount bears no interest, is repayable on demand and included within creditors due in less than one year. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BOOM-TIME LTD (REGISTERED NUMBER: 12104668) |
BALANCE SHEET - continued |
31 JULY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |