Contents of the Financial Statements
for the Period Ended 31 August 2024
Balance sheet
As at
31 August 2024
|
Notes
|
2024
|
2023
|
|
|
£
|
£
|
Fixed assets |
Investments: |
3 |
303,184
|
303,184
|
Total fixed assets: |
|
303,184
|
303,184
|
Current assets |
Debtors: |
4 |
85,405
|
85,405
|
Total current assets: |
|
85,405
|
85,405
|
Net current assets (liabilities): |
|
85,405
|
85,405
|
Total assets less current liabilities: |
|
388,589
|
388,589
|
Total net assets (liabilities): |
|
388,589
|
388,589
|
Capital and reserves |
Called up share capital: |
|
293,318
|
293,318
|
Share premium account: |
|
39,596
|
39,596
|
Other reserves: |
|
55,675
|
55,675
|
Shareholders funds: |
|
388,589
|
388,589
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 August 2024 the company was entitled to exemption 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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
17 December 2024
and signed on behalf of the board by:
Name:
Eric Knight
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 August 2024
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
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 sale of goods and
from the rendering of services. Turnover from the sale of goods is recognised when the
significant risks and rewards of ownership of the goods have transferred to the buyer. 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.Tangible fixed assets and depreciation policy
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 over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 yearsIntangible fixed assets and amortisation policy
Intangible fixed assets are measured at cost less accumulative amortisation and any
accumulative impairment losses.Other accounting policies
Investments in subsidiaries, associates and joint ventures are measured at cost less any
accumulated impairment losses. Listed investments are measured at fair value. Unlisted
investments are measured at fair value unless the value cannot be measured reliably, in which
case they are measured at cost less any accumulated impairment losses. Changes in fair value
are included in the profit and loss account.
Stocks are measured at the lower of cost and estimated selling price less costs to complete and
sell. Cost is determined using the first in first out method. The carrying amount of stock sold is
recognised as an expense in the period in which the related revenue is recognised.
Short term debtors are measured at transaction price (which is usually the invoice 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.
Short term creditors are measured at transaction price (which is usually the invoice 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.
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 (ie liabilities of uncertain timing or amount) 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.
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.
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.
Contributions to defined contribution plans are expensed in the period to which they relate.
Notes to the Financial Statements
for the Period Ended 31 August 2024
2. Employees
|
2024 |
2023 |
Average number of employees during the period |
1
|
1
|
Notes to the Financial Statements
for the Period Ended 31 August 2024
3. Fixed investments
Notes to the Financial Statements
for the Period Ended 31 August 2024
4. Debtors
| 2024 |
2023 |
| £ | £ |
Debtors due after more than one year: |
85,405
|
85,405
|