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Registered number: 06658500
Thirst Link (MGB) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
TAB Accountancy Limited
1 Hardy Close
Felpham
Bognor Regis
West Sussex
PO22 6QX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 06658500
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 688 918
688 918
CURRENT ASSETS
Debtors 5 38,571 305,701
Cash at bank and in hand 201,933 287,382
240,504 593,083
Creditors: Amounts Falling Due Within One Year 6 (136,043 ) (306,779 )
NET CURRENT ASSETS (LIABILITIES) 104,461 286,304
TOTAL ASSETS LESS CURRENT LIABILITIES 105,149 287,222
NET ASSETS 105,149 287,222
CAPITAL AND RESERVES
Called up share capital 7 105 105
Income Statement 105,044 287,117
SHAREHOLDERS' FUNDS 105,149 287,222
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 Income Statement.
On behalf of the board
C Masters
Director
19/06/2024
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
Thirst Link (MGB) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06658500 . The registered office is Hillcroft, Partridge Lane, Newdigate, Surrey, RH5 5BW.
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 company had a large number of bad debts in the year, due to a dispute with a customer. The company is continuing to trade using retained profits.
The director believes that the company will be able to continue as a going concern..
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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:
Plant & Machinery 25% Reducing Balance
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 year 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 asset reflects 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Employees 1 1
Directors 2 2
3 3
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 4,583
As at 31 March 2024 4,583
Depreciation
As at 1 April 2023 3,665
Provided during the period 230
As at 31 March 2024 3,895
Net Book Value
As at 31 March 2024 688
As at 1 April 2023 918
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 305,700
Other debtors 1 1
Corporation tax recoverable assets 19,405 -
VAT 19,165 -
38,571 305,701
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 960 62,326
Corporation tax - 50,694
VAT - 36,178
Other creditors 32,999 82,925
Accruals and deferred income 4,620 4,400
Directors' loan accounts 97,464 70,256
136,043 306,779
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 105 105
Page 5