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Registered number: 03854567
Actualfact Limited
Financial Statements
For The Year Ended 31 May 2024
Expertax Limited
Chartered Certified Accountants
42-44 Clarendon Road
Watford
Hertfordshire
WD17 1JJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03854567
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 5 891,500 891,500
891,500 891,500
CURRENT ASSETS
Debtors 6 140,641 129,070
Cash at bank and in hand 542 1,401
141,183 130,471
Creditors: Amounts Falling Due Within One Year 7 (49,710 ) (8,771 )
NET CURRENT ASSETS (LIABILITIES) 91,473 121,700
TOTAL ASSETS LESS CURRENT LIABILITIES 982,973 1,013,200
Creditors: Amounts Falling Due After More Than One Year 8 (375,417 ) (429,870 )
NET ASSETS 607,556 583,330
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 12 366,334 366,334
Profit and Loss Account 241,122 216,896
SHAREHOLDERS' FUNDS 607,556 583,330
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
On behalf of the board
Mr A Moore
Director
11/11/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Actualfact Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03854567 . The registered office is C/o Expertax Limited, 42-44 Clarendon Road, Watford, Hertfordshire, WD17 1JJ.
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 and includes income from rent, service charges, insurance recharges and reimbursements of expenses.
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:
Fixtures & Fittings 25% Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 June 2023 2,843
Disposals (2,843 )
As at 31 May 2024 -
Depreciation
As at 1 June 2023 2,843
Disposals (2,843 )
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Investment Property
2024
£
Fair Value
As at 1 June 2023 and 31 May 2024 891,500
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 525,166 525,166
Investment property is accounted for using the fair value method. Valuations are based on market value and are updated periodically. The directors have assessed the fair value against the estimated market value at the balance sheet date and have concluded that no adjustment is required this year.
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 140,641 129,070
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 17,413 3,784
Other creditors 28,903 4,987
Taxation and social security 3,394 -
49,710 8,771
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 375,417 429,870
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 330,930 -
9. Secured Creditors
Of the creditors the following amounts are secured with charges over the investment property of the Company.
2024 2023
£ £
Bank loans and overdrafts 392,830 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Michael Lee 52,500 - 3,000 - 49,500
Mr Aaron Moore 23,797 - 5,368 - 18,429
The above loan is unsecured, interest free and repayable on demand.
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12. Reserves
Revaluation Reserve
£
As at 1 June 2023 366,334
As at 31 May 2024 366,334
Page 6