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Ghenemo Model Management Ltd
Financial Statements
For The Year Ended 28 February 2024
Atiene Aghegho & Co
18 Beatrice Road
Finsbury Park
London
N4 4PD
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 13169879
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,585 1,981
1,585 1,981
CURRENT ASSETS
Debtors 5 4,290 8,570
Cash at bank and in hand 16,637 4,408
20,927 12,978
Creditors: Amounts Falling Due Within One Year 6 (15,889 ) (13,175 )
NET CURRENT ASSETS (LIABILITIES) 5,038 (197 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,623 1,784
NET ASSETS 6,623 1,784
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 6,621 1,782
SHAREHOLDERS' FUNDS 6,623 1,784
For the year ending 28 February 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 Oghenetega Aghegho
Director
25/11/2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Ghenemo Model Management Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13169879 . The registered office is 18 Beatrice Road, London, N4 4PD.
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:
Computer Equipment 20% Reducing Balance
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 3,096
As at 28 February 2024 3,096
Depreciation
As at 1 March 2023 1,115
Provided during the period 396
As at 28 February 2024 1,511
...CONTINUED
Page 2
Page 3
Net Book Value
As at 28 February 2024 1,585
As at 1 March 2023 1,981
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,290 8,570
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,228 5,535
Corporation tax 1,159 153
Other creditors 1,750 -
Accruals - 275
Directors' loan accounts 9,752 7,212
15,889 13,175
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 3