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Company No: 06141604 (England and Wales)

BAREFOOT THINKING COMPANY LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BAREFOOT THINKING COMPANY LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BAREFOOT THINKING COMPANY LTD

BALANCE SHEET

As at 31 March 2024
BAREFOOT THINKING COMPANY LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 0 36
0 36
Current assets
Debtors 5 11,799 14,345
Cash at bank and in hand 27,233 41,604
39,032 55,949
Creditors: amounts falling due within one year 6 ( 28,951) ( 29,671)
Net current assets 10,081 26,278
Total assets less current liabilities 10,081 26,314
Net assets 10,081 26,314
Capital and reserves
Called-up share capital 7 7 7
Profit and loss account 10,074 26,307
Total shareholders' funds 10,081 26,314

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Barefoot Thinking Company Ltd (registered number: 06141604) were approved and authorised for issue by the Board of Directors on 26 November 2024. They were signed on its behalf by:

Dr M J Bloxham
Director
Mr P A Redstone
Director
BAREFOOT THINKING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BAREFOOT THINKING COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Barefoot Thinking Company Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Cowshed, Stokeinteignhead, Newton Abbot, TQ12 4QL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company’s activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 4 years straight line
Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Website costs Total
£ £
Cost
At 01 April 2023 1,225 1,225
At 31 March 2024 1,225 1,225
Accumulated amortisation
At 01 April 2023 1,225 1,225
At 31 March 2024 1,225 1,225
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2023 3,479 3,479
At 31 March 2024 3,479 3,479
Accumulated depreciation
At 01 April 2023 3,443 3,443
Charge for the financial year 36 36
At 31 March 2024 3,479 3,479
Net book value
At 31 March 2024 0 0
At 31 March 2023 36 36

5. Debtors

2024 2023
£ £
Trade debtors 9,180 12,001
Amounts owed by directors 419 0
Prepayments 2,200 2,344
11,799 14,345

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,275 2,854
Taxation and social security 10,760 16,799
Other creditors 14,916 10,018
28,951 29,671

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4
1 A Ordinary share of £ 1.00 1 1
1 B Ordinary share of £ 1.00 1 1
1 C Ordinary share of £ 1.00 1 1
7 7

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Brought forward balance 27 (1,160)
Advances to director 1,215 1,187
Repayments by director (823) 0
Carried forward balance 419 27