All7 Ltd
Registered number: 03335273
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 598,427 642,142
Current assets
Debtors 5 1,405,280 1,406,763
Cash at bank and in hand 88,710 96,872
1,493,990 1,503,635
Creditors: amounts falling due within one year 6 (238,230) (289,086)
Net current assets 1,255,760 1,214,549
Total assets less current liabilities 1,854,187 1,856,691
Creditors: amounts falling due after more than one year 7 (103,495) (187,497)
Provisions for liabilities (34,331) (34,398)
Net assets 1,716,361 1,634,796
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,716,261 1,634,696
Shareholder's funds 1,716,361 1,634,796
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Phillip Spokes
Director
Approved by the board on 2 December 2024
All7 Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is made up of revenue earned from the rendering of services. Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No depreciation charged
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction 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.
Creditors
Short term creditors are measured at transaction 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 31 35
3 Government grants
During the prior year, the company received a business interruption payment relating to interest payable on a bounce back loan taken out in the period. The grant is shown in the profit and loss in the period in which the related interest was incurred.
2024 2023
£ £
Business interruption payments - 833
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 461,102 79,406 234,616 775,124
Additions - 2,165 - 2,165
Disposals - (250) - (250)
At 31 March 2024 461,102 81,321 234,616 777,039
Depreciation
At 1 April 2023 - 44,371 88,611 132,982
Charge for the year - 9,274 36,501 45,775
On disposals - (145) - (145)
At 31 March 2024 - 53,500 125,112 178,612
Net book value
At 31 March 2024 461,102 27,821 109,504 598,427
At 31 March 2023 461,102 35,035 146,005 642,142
5 Debtors 2024 2023
£ £
Trade debtors 9,529 32,408
Prepayments 9,299 5,044
Accrued income 91,534 92,589
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,125,600 1,139,006
Other debtors 169,318 137,716
1,405,280 1,406,763
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,000 61,995
Obligations under finance lease and hire purchase contracts 36,550 36,549
Trade creditors 10,292 13,319
Accruals 2,145 6,682
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 18,822
Corporation tax 103,401 79,497
Other taxes and social security costs 63,519 67,713
Other creditors 2,323 4,509
238,230 289,086
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 46,667 94,119
Obligations under finance lease and hire purchase contracts 56,828 93,378
103,495 187,497
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Phillip Spokes
Repayable on demand 2,221 25,087 - 27,308
2,221 25,087 - 27,308
9 Other information
All7 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Index House
St Georges Lane
Ascot
Berkshire
SL5 7ET
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