COMPANY REGISTRATION NUMBER:
14847823
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
Current assets
Cash at bank and in hand |
2,539 |
|
|
Creditors: amounts falling due within one year |
6 |
14,580 |
|
-------- |
Net current liabilities |
12,041 |
|
-------- |
Total assets less current liabilities |
1,293 |
|
|
|
Provisions |
1,195 |
|
------- |
Net assets |
98 |
|
------- |
|
|
Capital and reserves
Called up share capital |
2 |
Profit and loss account |
96 |
|
---- |
Shareholders funds |
98 |
|
---- |
|
|
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.
For the period ending 30 April 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 period 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
.
Statement of Financial Position (continued) |
|
30 April 2024
These financial statements were approved by the
board of directors
and authorised for issue on
31 August 2024
, and are signed on behalf of the board by:
Company registration number:
14847823
Notes to the Financial Statements |
|
Period from 4 May 2023 to 30 April 2024
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 1 Picton Lane, Swansea, SA1 4AF, Wales.
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, 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.
Revenue recognition
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 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. 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:
|
Motor vehicles |
- |
20% straight line |
|
|
|
|
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.
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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
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.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
.
5.
Tangible assets
|
Motor vehicles |
|
£ |
Cost |
|
At 4 May 2023 |
– |
Additions |
16,667 |
|
-------- |
At 30 April 2024 |
16,667 |
|
-------- |
Depreciation |
|
At 4 May 2023 |
– |
Charge for the period |
3,333 |
|
-------- |
At 30 April 2024 |
3,333 |
|
-------- |
Carrying amount |
|
At 30 April 2024 |
13,334 |
|
-------- |
|
|
6.
Creditors:
amounts falling due within one year
|
30 Apr 24 |
|
£ |
Trade creditors |
811 |
Social security and other taxes |
1,612 |
Other creditors |
12,157 |
|
-------- |
|
14,580 |
|
-------- |
|
|
7.
Related party transactions
Steddy Limited, a company under key management control
, was issued consultancy fees of £89,503 for the period. At the 30 April 2024 no amount was owed by Steddy Limited. During the period goods and services of £16,839 were invoiced by Steddy Limited to the Company. No amount was outstanding to Steddy Limited at 30 April 2024.