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COMPANY REGISTRATION NUMBER: 12293484
Usherwood Limited
Filleted Unaudited Financial Statements
30 November 2023
Usherwood Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Usherwood Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
£
Current assets
Debtors
4
50,661
39,061
Cash at bank and in hand
9
6
--------
--------
50,670
39,067
Creditors: amounts falling due within one year
5
79,711
55,682
--------
--------
Net current liabilities
29,041
16,615
--------
--------
Total assets less current liabilities
( 29,041)
( 16,615)
Creditors: amounts falling due after more than one year
6
16,667
26,667
--------
--------
Net liabilities
( 45,708)
( 43,282)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 45,710)
( 43,284)
--------
--------
Shareholders deficit
( 45,708)
( 43,282)
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 November 2023 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 .
Usherwood Limited
Statement of Financial Position (continued)
30 November 2023
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 P A Usherwood
Director
Company registration number: 12293484
Usherwood Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Chalfont Avenue, Wembley, England, HA9 6NJ.
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.
Going concern
The going concern basis has been used. The directors expect the major creditors, because of the nature of their relationship with the company, to continue with their support for at least twelve months from the date of approval of the financial statements. If the going concern basis were not appropriate, adjustments would have to be made to reclassify fixed assets as current assets, reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Debtors
2023
2022
£
£
Other debtors
50,661
39,061
--------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
1,702
1,707
Accruals and deferred income
1,440
1,440
Director loan accounts
66,569
42,535
--------
--------
79,711
55,682
--------
--------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,667
26,667
--------
--------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.