Company Registration No. 12395435 (England and Wales)
SEVENTY FOUR AGENCY LTD
ABRIDGED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2024
SEVENTY FOUR AGENCY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
SEVENTY FOUR AGENCY LTD
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,841
3,816
Current assets
Debtors
5
56,996
61,771
Cash at bank and in hand
2,407
880
59,403
62,651
Creditors: amounts falling due within one year
6
(28,556)
(24,742)
Net current assets
30,847
37,909
Total assets less current liabilities
32,688
41,725
Creditors: amounts falling due after more than one year
7
(50,578)
(50,682)
Net liabilities
(17,890)
(8,957)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(17,891)
(8,958)
Total equity
(17,890)
(8,957)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 October 2024
RT Noble
Director
Company Registration No. 12395435
SEVENTY FOUR AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Seventy Four Agency Ltd is a private company limited by shares incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis which is dependent on the continued financial support from the company's directors and other creditors and on the ability of the company to continue trading. Should the directors and other creditors withdraw their support and the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and re-classify fixed assets as current assets.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
2
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,975
2,879
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
SEVENTY FOUR AGENCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
4
Tangible fixed assets
Equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
4,028
1,088
6,183
11,299
Depreciation and impairment
At 1 February 2023
2,032
629
4,822
7,483
Depreciation charged in the year
499
115
1,361
1,975
At 31 January 2024
2,531
744
6,183
9,458
Carrying amount
At 31 January 2024
1,497
344
1,841
At 31 January 2023
1,996
459
1,361
3,816
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
13,966
15,171
Directors' current accounts
43,030
46,600
56,996
61,771
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
13,816
15,171
Other taxation and social security
8,617
5,877
Directors' current accounts
4,844
Accruals
6,123
2,230
28,556
28,122
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
50,578
50,682