REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Inside Out Office & Warehouse Cleaning |
Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Inside Out Office & Warehouse Cleaning |
Ltd |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Inside Out Office & Warehouse Cleaning |
Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
t/a R J Woods & Co |
Santa Maria |
Anchor Lane, The Heath |
Dedham |
Colchester |
Essex |
CO7 6BX |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Inside Out Office & Warehouse Cleaning Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£). |
Going concern |
The director has considered the company's position at the time of signing the financial statements and for the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements. It is difficult to produce precise forecasts for the remainder of the current financial year and the medium term. Nevertheless, the director has considered the company's financial strength, together with an assessment its operations and its finances. In addition, the director has confirmed that he will continue to financially support the company for the foreseeable future, and there have been no indications from the company's other creditors that they will not continue to support the company for the foreseeable future,. |
Based on all of this, the director has concluded that there is a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Therefore, the company will continue to adopt the going concern basis of accounting in preparing these financial statements. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
The following principal accounting policies have been applied: |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods and services: |
Revenue from the sale of goods and services is recognised when the company has transferred the significant risks and rewards of ownership to the buyer, which is usually on the shipment of the goods, or on the completion of the provision of services. |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, using the straight line method. |
Depreciation is provided on the following bases: |
Plant and machinery etc - 33% on cost and 25% on the reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
Taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current tax charge is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances |
have been met. |
Deferred tax balances are not recognised in respect of permanent timing differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Leasing commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the company's benefit from the use of the leased asset. |
Debtors |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | ACCOUNTING POLICIES - continued |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans,are measured at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
Other creditors |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
Hire purchase contracts |
29.2.24 | 28.2.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts |
Bank loans represents a loan from the company's bankers under the Coronavirus Business Interruption Loan Scheme (CBILS). The CBILS loan is guaranteed by the Government to the extent of 80% of the capital balance outstanding. The loan and other amounts owed to the company's bankers are secured by a debenture which gives fixed and floating charges over the company's assets. |
11. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Inside Out Office & Warehouse Cleaning |
Ltd (Registered number: 07931411) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Accelerated capital allowances | ( |
) |
Balance at 29 February 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | £1 |
13. | RELATED PARTY DISCLOSURES |
At the balance sheet date Other Creditors includes £94 (2023: (£98) representing the balance of loans made to the company by the director to the company for working capital. The loans are unsecured, interest free and repayable on demand. |