(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is The Brentano Suite, Solar House, 915 High Road, North Finchley, London, N12 8QJ. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 15% reducing balance | Equipment | 33% straight line | Motor Cars | |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement 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 current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Debtors
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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. |
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Creditors
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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. |
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(4) Employees
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During the year, the average number of employees including director was 2 (2023 : 2). |
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(5) Debtors
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Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | Trade debtors | 11,193 | | - | Other debtors | - | | - | Prepayments and accrued income | - | | 11,333 | | 11,193 | | 11,333 |
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(6) Creditors: Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | Trade creditors | 209 | | 195 | | | | | | | | | Other taxes and social security | 418 | | 53 | Other creditors | 82 | | 1,235 | Accruals and deferred income | 1,834 | | - | | 2,543 | | 1,483 |
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(7) Directors advances, credit and guarantees
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As at the year end, the company owed the director £82 (2023: £1,235). |
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(8) Fixed assets
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| Tangible £ | Cost | | As at 01 April 2023 | 2,714 | Additions | 949 | As at 31 March 2024 | 3,663 | Depreciation/Amortisation | | As at 01 April 2023 | 1,871 | For the year | 985 | As at 31 March 2024 | 2,856 | Net book value | | As at 31 March 2024 | 807 | As at 31 March 2023 | 843 |
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