BEAN SOLUTIONS LIMITED
Registered number: 07513291
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,675 3,527
Current assets
Debtors 4 40,575 25,029
Cash at bank and in hand 67,590 29,958
108,165 54,987
Creditors: amounts falling due within one year 5 (41,897) (13,795)
Net current assets 66,268 41,192
Total assets less current liabilities 100,943 44,719
Provisions for liabilities (2,546) (670)
Net assets 98,397 44,049
Capital and reserves
Called up share capital 5 5
Profit and loss account 98,392 44,044
Shareholders' funds 98,397 44,049
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Joanna Chapman
Director
Approved by the board on 24 October 2024
BEAN SOLUTIONS LIMITED
Notes to the Accounts
for the year ended 29 February 2024
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.
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.
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:
Office equipmenrt 25% reducing balance
Garden office over 10 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Office equipment Total
£ £ £
Cost
At 1 March 2023 - 12,679 12,679
Additions 23,638 14,342 37,980
At 29 February 2024 23,638 27,021 50,659
Depreciation
At 1 March 2023 - 9,153 9,153
Charge for the year 2,364 4,467 6,831
At 29 February 2024 2,364 13,620 15,984
Net book value
At 29 February 2024 21,274 13,401 34,675
At 28 February 2023 - 3,527 3,527
4 Debtors 2024 2023
£ £
Trade debtors 40,575 25,029
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 296 4
Accruals 1,531 1,096
Corporation tax 19,613 7,477
Other taxes and social security costs 16,281 3,668
Other creditors 4,176 1,550
41,897 13,795
6 Controlling party
Joanna Chapman is the ultimate controlling party as she holds 80% of the company's issued share capital.
7 Other information
BEAN SOLUTIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Bean House
Roke
OXON
OX10 6JD
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