3
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
142,939
142,939
xbrli:pure
xbrli:shares
iso4217:GBP
05104173
2023-06-01
2024-05-31
05104173
2024-05-31
05104173
2023-05-31
05104173
2022-06-01
2023-05-31
05104173
2023-05-31
05104173
2022-05-31
05104173
core:FurnitureFittings
2023-06-01
2024-05-31
05104173
bus:Director1
2023-06-01
2024-05-31
05104173
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-05-31
05104173
core:FurnitureFittings
2023-05-31
05104173
core:FurnitureFittings
2024-05-31
05104173
core:WithinOneYear
2024-05-31
05104173
core:WithinOneYear
2023-05-31
05104173
core:AfterOneYear
2023-05-31
05104173
core:ShareCapital
2024-05-31
05104173
core:ShareCapital
2023-05-31
05104173
core:RetainedEarningsAccumulatedLosses
2024-05-31
05104173
core:RetainedEarningsAccumulatedLosses
2023-05-31
05104173
core:FurnitureFittings
2023-05-31
05104173
bus:SmallEntities
2023-06-01
2024-05-31
05104173
bus:AuditExempt-NoAccountantsReport
2023-06-01
2024-05-31
05104173
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
05104173
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
05104173
bus:FullAccounts
2023-06-01
2024-05-31
05104173
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
05104173
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
6 |
|
14,958 |
12,544 |
|
|
|
|
|
Current assets
Debtors |
7 |
46,563 |
|
38,313 |
Cash at bank and in hand |
109,098 |
|
259,256 |
|
--------- |
|
--------- |
|
155,661 |
|
297,569 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
51,339 |
|
111,264 |
|
--------- |
|
--------- |
Net current assets |
|
104,322 |
186,305 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
119,280 |
198,849 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
– |
31,109 |
|
|
|
|
|
Provisions |
|
2,842 |
2,383 |
|
|
--------- |
--------- |
Net assets |
|
116,438 |
165,357 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1,000 |
1,000 |
Profit and loss account |
|
115,438 |
164,357 |
|
|
--------- |
--------- |
Shareholders funds |
|
116,438 |
165,357 |
|
|
--------- |
--------- |
|
|
|
|
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 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her 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 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
23 October 2024
, and are signed on behalf of the board by:
Company registration number:
05104173
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, in respect of interior design services rendered.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
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:
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Fixtures and fittings |
- |
15% reducing balance |
|
Equipment |
- |
|
|
|
|
|
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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. 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 as a finance cost in profit or loss in the period in which it arises.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
5.
Intangible assets
|
Software Development costs |
|
£ |
Cost |
|
At 1 June 2023 and 31 May 2024 |
142,939 |
|
--------- |
Amortisation |
|
At 1 June 2023 and 31 May 2024 |
142,939 |
|
--------- |
Carrying amount |
|
At 31 May 2024 |
– |
|
--------- |
At 31 May 2023 |
– |
|
--------- |
|
|
6.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 June 2023 |
22,816 |
|
59,381 |
Additions |
– |
|
6,145 |
|
-------- |
-------- |
-------- |
At 31 May 2024 |
22,816 |
|
65,526 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 June 2023 |
13,402 |
|
46,837 |
Charge for the year |
1,412 |
|
3,731 |
|
-------- |
-------- |
-------- |
At 31 May 2024 |
14,814 |
|
50,568 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 May 2024 |
8,002 |
|
14,958 |
|
-------- |
-------- |
-------- |
At 31 May 2023 |
9,414 |
|
12,544 |
|
-------- |
-------- |
-------- |
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
46,563 |
38,313 |
|
-------- |
-------- |
|
|
|
Other debtors include accrued income of £21,000 (2023: £12,750)
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
18,056 |
16,667 |
Social security and other taxes |
15,577 |
75,569 |
Other creditors |
17,706 |
19,028 |
|
-------- |
--------- |
|
51,339 |
111,264 |
|
-------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
– |
18,056 |
Other creditors |
– |
13,053 |
|
---- |
-------- |
|
– |
31,109 |
|
---- |
-------- |
|
|
|
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
Included in debtors (note 9) £25,563 (2023: £25,563)
Included in provisions (£1,925) (2023:(2,383))
No further provision has been made for deferred tax on losses in 2024.