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Registered number: 07931527
SPARE CHANGE FILMS LTD
Unaudited Financial Statements
For The Year Ended 31 January 2024
MY TAX MATE LTD
Chartered Certified Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07931527
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 625 834
625 834
CURRENT ASSETS
Debtors 5 - 1,015
Cash at bank and in hand 771 1,074
771 2,089
Creditors: Amounts Falling Due Within One Year 6 (77,806 ) (62,379 )
NET CURRENT ASSETS (LIABILITIES) (77,035 ) (60,290 )
TOTAL ASSETS LESS CURRENT LIABILITIES (76,410 ) (59,456 )
Creditors: Amounts Falling Due After More Than One Year 7 (8,995 ) (11,988 )
NET LIABILITIES (85,405 ) (71,444 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (85,505 ) (71,544 )
SHAREHOLDERS' FUNDS (85,405) (71,444)
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 31 October 2024 and were signed on its behalf by:
Miss Lisa Downs
Director
31st October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SPARE CHANGE FILMS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 07931527 . The registered office is 226 Havant Road, Hayling Island, Hampshire, PO11 0LN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 February 2023 2,310
As at 31 January 2024 2,310
Depreciation
As at 1 February 2023 1,476
Provided during the period 209
As at 31 January 2024 1,685
Net Book Value
As at 31 January 2024 625
As at 1 February 2023 834
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
VAT - 1,015
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6 6
VAT 260 -
Personal loan C 20,000 20,000
Personal loan B 12,114 14,114
Loan creditors C 2,000 -
Accruals and deferred income 960 960
Director's loan account 48,297 27,454
Amounts owed to other participating interests (5,831 ) (155 )
77,806 62,379
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,995 11,988
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4