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Company registration number: 04759388
8 Till Late Limited
Unaudited filleted financial statements
30 June 2024
8 Till Late Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
8 Till Late Limited
Directors and other information
Directors Mr B Karavadra
Mr L Karavadra
Company number 04759388
Registered office Edgware
Middlesex
HA8 5NN
Accountants Hindocha Pandit & Co Limited
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
8 Till Late Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of 8 Till Late Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 8 Till Late Limited for the year ended 30 June 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of 8 Till Late Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of 8 Till Late Limited and state those matters that we have agreed to state to the board of directors of 8 Till Late Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 8 Till Late Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that 8 Till Late Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 8 Till Late Limited. You consider that 8 Till Late Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of 8 Till Late Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hindocha Pandit & Co Limited
Chartered Certified Accountants
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
6 August 2024
8 Till Late Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 280,000 315,000
Tangible assets 6 35,693 39,742
_______ _______
315,693 354,742
Current assets
Stocks 45,000 45,000
Debtors 7 129,466 134,037
Cash at bank and in hand 36,310 21,980
_______ _______
210,776 201,017
Creditors: amounts falling due
within one year 8 ( 291,732) ( 394,467)
_______ _______
Net current liabilities ( 80,956) ( 193,450)
_______ _______
Total assets less current liabilities 234,737 161,292
_______ _______
Net assets 234,737 161,292
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 234,637 161,192
_______ _______
Shareholders funds 234,737 161,292
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 August 2024 , and are signed on behalf of the board by:
Mr B Karavadra Mr L Karavadra
Director Director
Company registration number: 04759388
8 Till Late Limited
Statement of changes in equity
Year ended 30 June 2024
Called up share capital Profit and loss account Total
£ £ £
At 31 May 2022 100 110,290 110,390
Profit for the year 50,902 50,902
_______ _______ _______
Total comprehensive income for the year - 50,902 50,902
_______ _______ _______
At 30 June 2023 and 31 May 2023 100 161,191 161,291
Profit for the year 73,446 73,446
_______ _______ _______
Total comprehensive income for the year - 73,446 73,446
_______ _______ _______
At 30 June 2024 100 234,637 234,737
_______ _______ _______
8 Till Late Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 34 Queensbury Station Parade, Edgware, Middlesex, HA8 5NN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 83,135 67,034
Other pension costs - 364
_______ _______
83,135 67,398
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 31 May 2023 and 30 June 2024 350,000 350,000
_______ _______
Amortisation
At 31 May 2023 35,000 35,000
Charge for the year 35,000 35,000
_______ _______
At 30 June 2024 70,000 70,000
_______ _______
Carrying amount
At 30 June 2024 280,000 280,000
_______ _______
At 30 June 2023 315,000 315,000
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 31 May 2023 and 30 June 2024 24,249 3,131 75,639 103,019
_______ _______ _______ _______
Depreciation
At 31 May 2023 3,032 2,642 57,606 63,280
Charge for the year 1,010 106 2,930 4,046
_______ _______ _______ _______
At 30 June 2024 4,042 2,748 60,536 67,326
_______ _______ _______ _______
Carrying amount
At 30 June 2024 20,207 383 15,103 35,693
_______ _______ _______ _______
At 30 June 2023 21,217 489 18,033 39,739
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 128,037 134,037
Other debtors 1,429 -
_______ _______
129,466 134,037
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 21,798 8,471
Corporation tax 35,024 24,369
Social security and other taxes 4,615 5,164
Other creditors 230,295 356,463
_______ _______
291,732 394,467
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr B Karavadra ( 172,911) 51,898 ( 121,013)
Mr L Karavadra ( 172,911) 73,914 ( 98,997)
_______ _______ _______
( 345,822) 125,812 ( 220,010)
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr B Karavadra ( 172,911) - ( 172,911)
Mr L Karavadra ( 172,911) - ( 172,911)
_______ _______ _______
( 345,822) - ( 345,822)
_______ _______ _______
10. Controlling party
During the year the company was under the control of Mr B and Mr V Karavadra the directors and shareholders of the company.