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Company No: 08248364 (England and Wales)

OFFICELABS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

OFFICELABS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

OFFICELABS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
OFFICELABS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 30.06.2024 30.06.2023
£ £
Fixed assets
Tangible assets 3 8,252 9,766
8,252 9,766
Current assets
Debtors 4 88,034 117,314
Cash at bank and in hand 132,740 310,123
220,774 427,437
Creditors: amounts falling due within one year 5 ( 94,087) ( 132,092)
Net current assets 126,687 295,345
Total assets less current liabilities 134,939 305,111
Creditors: amounts falling due after more than one year 6 ( 11,555) ( 21,507)
Net assets 123,384 283,604
Capital and reserves
Called-up share capital 7 8 8
Profit and loss account 123,376 283,596
Total shareholder's funds 123,384 283,604

For the financial year ending 30 June 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 financial statements of Officelabs Limited (registered number: 08248364) were approved and authorised for issue by the Director on 03 December 2024. They were signed on its behalf by:

Mr Graham Bidwell
Director
OFFICELABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
OFFICELABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Officelabs Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Queensgate House, 48 Queen Street, Exeter, EX4 3SR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
30.06.2024
Period from
01.06.2022 to
30.06.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 10

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 July 2023 759 30,061 30,820
Additions 0 5,341 5,341
At 30 June 2024 759 35,402 36,161
Accumulated depreciation
At 01 July 2023 438 20,616 21,054
Charge for the financial year 48 6,807 6,855
0 0 0
At 30 June 2024 486 27,423 27,909
Net book value
At 30 June 2024 273 7,979 8,252
At 30 June 2023 321 9,445 9,766

4. Debtors

30.06.2024 30.06.2023
£ £
Trade debtors 73,246 92,821
Amounts owed by director 14,465 2,353
Prepayments 323 3,709
Other debtors 0 18,431
88,034 117,314

5. Creditors: amounts falling due within one year

30.06.2024 30.06.2023
£ £
Bank loans 10,111 10,158
Trade creditors 7,616 43,616
Accruals and deferred income 38,200 39,450
Other taxation and social security 36,129 37,095
Other creditors 2,031 1,773
94,087 132,092

6. Creditors: amounts falling due after more than one year

30.06.2024 30.06.2023
£ £
Bank loans 11,555 21,507

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

30.06.2024 30.06.2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 2.00 each 8 8

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

30.06.2024 30.06.2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,031 1,773

9. Related party transactions

At the year end the director owed the company £14,465 (2023: £2,353). Interest is charged at 2.25%, and the balance was repaid shortly after the year end