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Registered number: 08696176
Shining Futures Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Bradleys Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08696176
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 46,617 30,599
46,617 30,599
CURRENT ASSETS
Debtors 5 168,593 78,159
Cash at bank and in hand 3,507 18,414
172,100 96,573
Creditors: Amounts Falling Due Within One Year 6 (68,403 ) (90,084 )
NET CURRENT ASSETS (LIABILITIES) 103,697 6,489
TOTAL ASSETS LESS CURRENT LIABILITIES 150,314 37,088
Creditors: Amounts Falling Due After More Than One Year 7 (146,300 ) -
NET ASSETS 4,014 37,088
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 3,914 36,988
SHAREHOLDERS' FUNDS 4,014 37,088
Page 1
Page 2
For the 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.
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
Miss Esin Aydemir
Director
27/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shining Futures Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08696176 . The registered office is 1 Ada Place, London, Bethnal Green, E2 9BA.
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. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. 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.
2.4. 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:
Freehold 4% STRAIGHT LINE METHOD
Leasehold 4% STRAIGHT LINE METHOD
Motor Vehicles 40% REDUCING BALANCE METHOD
Fixtures & Fittings 10% STRAIGHT LINE METHOD
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.
Page 3
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 26)
32 26
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 23,570 9,240 20,249 53,059
Additions - - 20,411 20,411
As at 31 March 2024 23,570 9,240 40,660 73,470
Depreciation
As at 1 April 2023 2,657 8,964 10,839 22,460
Provided during the period 943 110 3,340 4,393
As at 31 March 2024 3,600 9,074 14,179 26,853
Net Book Value
As at 31 March 2024 19,970 166 26,481 46,617
As at 1 April 2023 20,913 276 9,410 30,599
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 64,108 334
Other debtors 49,873 49,873
Directors' loan accounts 54,612 27,952
168,593 78,159
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - (1 )
Bank loans and overdrafts 46,348 55,457
Corporation tax 1,587 20,990
Other taxes and social security 8,307 5,344
Net wages 8,467 -
Other creditors (1) 1,378 1,271
Accruals and deferred income 2,316 7,023
68,403 90,084
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 146,300 -
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Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5