5
false
false
false
false
false
false
false
false
false
false
true
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false
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
300
30
30
60
240
270
12,431
2,804
15,235
5,568
3,756
9,324
5,911
6,863
xbrli:pure
xbrli:shares
iso4217:GBP
11507425
2023-01-01
2023-12-31
11507425
2023-12-31
11507425
2022-12-31
11507425
2022-01-01
2022-12-31
11507425
2022-12-31
11507425
2021-12-31
11507425
core:PatentsTrademarksLicencesConcessionsSimilar
2023-01-01
2023-12-31
11507425
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
11507425
bus:Director1
2023-01-01
2023-12-31
11507425
core:PatentsTrademarksLicencesConcessionsSimilar
2022-12-31
11507425
core:PatentsTrademarksLicencesConcessionsSimilar
2023-12-31
11507425
core:WithinOneYear
2023-12-31
11507425
core:WithinOneYear
2022-12-31
11507425
core:AfterOneYear
2023-12-31
11507425
core:AfterOneYear
2022-12-31
11507425
core:ShareCapital
2023-12-31
11507425
core:ShareCapital
2022-12-31
11507425
core:RetainedEarningsAccumulatedLosses
2023-12-31
11507425
core:RetainedEarningsAccumulatedLosses
2022-12-31
11507425
core:PatentsTrademarksLicencesConcessionsSimilar
2022-12-31
11507425
bus:SmallEntities
2023-01-01
2023-12-31
11507425
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
11507425
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
11507425
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
11507425
bus:FullAccounts
2023-01-01
2023-12-31
11507425
bus:OrdinaryShareClass1
2023-12-31
11507425
bus:OrdinaryShareClass1
2022-12-31
11507425
core:ComputerEquipment
2023-01-01
2023-12-31
11507425
core:ComputerEquipment
2022-12-31
11507425
core:ComputerEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
11507425
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible assets |
5 |
|
240 |
270 |
Tangible assets |
6 |
|
5,911 |
6,863 |
|
|
------- |
------- |
|
|
6,151 |
7,133 |
|
|
|
|
|
Current assets
Debtors |
7 |
155,705 |
|
99,120 |
Cash at bank and in hand |
833,815 |
|
113,293 |
|
--------- |
|
--------- |
|
989,520 |
|
212,413 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
411,329 |
|
54,596 |
|
--------- |
|
--------- |
Net current assets |
|
578,191 |
157,817 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
584,342 |
164,950 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
17,500 |
102,848 |
|
|
|
|
|
Provisions |
|
1,362 |
– |
|
|
--------- |
--------- |
Net assets |
|
565,480 |
62,102 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
10 |
|
200,000 |
200,000 |
Profit and loss account |
|
365,480 |
(
137,898) |
|
|
--------- |
--------- |
Shareholder funds |
|
565,480 |
62,102 |
|
|
--------- |
--------- |
|
|
|
|
|
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 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has 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
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
14 October 2024
, and are signed on behalf of the board by:
Company registration number:
11507425
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Farm Street, London, W1J 5RL.
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 costs basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The director have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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. Turnover is derived from consultancy services and is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
|
Patents, trademarks and licences |
- |
10% straight line |
|
|
|
|
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 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.
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:
|
Equipment |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other debtors, amounts due from group undertakings, and cash and bank balances, 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 receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors, bank loans and overdrafts, and other creditors, 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 receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2022:
4
).
5.
Intangible assets
|
Patents, trademarks and licences |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
300 |
|
---- |
Amortisation |
|
At 1 January 2023 |
30 |
Charge for the year |
30 |
|
---- |
At 31 December 2023 |
60 |
|
---- |
Carrying amount |
|
At 31 December 2023 |
240 |
|
---- |
At 31 December 2022 |
270 |
|
---- |
|
|
6.
Tangible assets
|
Computer equipment |
|
£ |
Cost |
|
At 1 January 2023 |
12,431 |
Additions |
2,804 |
|
-------- |
At 31 December 2023 |
15,235 |
|
-------- |
Depreciation |
|
At 1 January 2023 |
5,568 |
Charge for the year |
3,756 |
|
-------- |
At 31 December 2023 |
9,324 |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
5,911 |
|
-------- |
At 31 December 2022 |
6,863 |
|
-------- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
44,355 |
74,618 |
Other debtors |
111,350 |
24,502 |
|
--------- |
-------- |
|
155,705 |
99,120 |
|
--------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
14,620 |
13,232 |
Corporation tax |
174,876 |
– |
Social security and other taxes |
183,576 |
21,524 |
Other creditors |
28,257 |
9,840 |
|
--------- |
-------- |
|
411,329 |
54,596 |
|
--------- |
-------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
17,500 |
102,848 |
|
-------- |
--------- |
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
200,000 |
200,000 |
200,000 |
200,000 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
11.
Events after the end of the reporting period
By special resolution on 26 September 2024 the issued ordinary share capital of the company was reduced from £200,000 to £20,000.
12.
Director's advances, credits and guarantees
Included in other debtors is an outstanding loan due by the director to the company of £88,324 (2022: £11,064). During the year interest was charged on the overdrawn loan balance of £984 (2022: £128). The loan has no fixed repayment date.