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COMPANY REGISTRATION NUMBER: 11183114
The London Brokerage Ltd
Filleted Unaudited Financial Statements
29 February 2024
The London Brokerage Ltd
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The London Brokerage Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
900
Current assets
Debtors
6
17,105
104,295
Cash at bank and in hand
98,917
19,331
---------
---------
116,022
123,626
Creditors: amounts falling due within one year
7
113
58,951
---------
---------
Net current assets
115,909
64,675
---------
--------
Total assets less current liabilities
115,909
65,575
Provisions
3,607
---------
--------
Net assets
115,909
61,968
---------
--------
Capital and reserves
Called up share capital
1,118
1,118
Share premium account
63,048
63,048
Profit and loss account
51,743
( 2,198)
---------
--------
Shareholders funds
115,909
61,968
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The London Brokerage Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr R Collingwood
Director
Company registration number: 11183114
The London Brokerage Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Development costs
£
Cost
At 1 March 2023 and 29 February 2024
3,606
-------
Amortisation
At 1 March 2023
2,706
Charge for the year
900
-------
At 29 February 2024
3,606
-------
Carrying amount
At 29 February 2024
-------
At 28 February 2023
900
-------
6. Debtors
2024
2023
£
£
Trade debtors
15,719
21,778
Other debtors
1,386
82,517
--------
---------
17,105
104,295
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
8,461
Social security and other taxes
36,960
Other creditors
( 8,348)
21,991
-------
--------
113
58,951
-------
--------
8. Director's advances, credits and guarantees
During the year no advances of were made to the director and repayments of £1,261 were made by the director. No interest was charged on the loan.
9. Related party transactions
At the year end the director owed the company £nil (2023: The director owed the company £1,261).