Registered number
13052292
Target Business Growth Ltd
Unaudited Filleted Accounts
30 November 2023
Target Business Growth Ltd
Registered number: 13052292
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 20,090 22,960
Tangible assets 5 224 336
20,314 23,296
Current assets
Cash at bank and in hand 10 -
Creditors: amounts falling due within one year 6 (61,126) (32,890)
Net current liabilities (61,116) (32,890)
Total assets less current liabilities (40,802) (9,594)
Creditors: amounts falling due after more than one year 7 (50,313) (42,449)
Net liabilities (91,115) (52,043)
Capital and reserves
Called up share capital 1 1
Profit and loss account (91,116) (52,044)
Shareholder's funds (91,115) (52,043)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Salvatore Molica-Franco
Director
Approved by the board on 29 October 2024
Target Business Growth Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2 Going Concern
At 30th November 2023 the company had net liabilities of £91,115 (2022:£52,043) due to a slow down of trade and continuing to pay the director a market value salary. The company is supported by long term loans from the director and his family which will continue for the forseeable future. The directors believe that profit will be achieveable in future years and there is sufficient liquidity to pay the current debts of the company and therefore the accounts should be prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
4 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 28,700
At 30 November 2023 28,700
Amortisation
At 1 December 2022 5,740
Provided during the year 2,870
At 30 November 2023 8,610
Net book value
At 30 November 2023 20,090
At 30 November 2022 22,960
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 560
At 30 November 2023 560
Depreciation
At 1 December 2022 224
Charge for the year 112
At 30 November 2023 336
Net book value
At 30 November 2023 224
At 30 November 2022 336
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,672 3,959
Trade creditors 4,500 4,500
Taxation and social security costs 14,155 8,332
Other creditors 37,799 16,099
61,126 32,890
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,183 12,449
Other creditors 42,130 30,000
50,313 42,449
8 Other information
Target Business Growth Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bryn Celyn
Nant Mawr Road
Buckley
Flintshire
CH7 2BS
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