Registered number
09084537
Secret Spot Ltd
Filleted Accounts
30 April 2024
Secret Spot Ltd
Registered number: 09084537
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 58,879 57,871
Current assets
Stocks 220,000 350,000
Debtors 5 1,047 23,403
Cash at bank and in hand 63,013 28,554
284,060 401,957
Creditors: amounts falling due within one year 6 (200,526) (282,883)
Net current assets 83,534 119,074
Total assets less current liabilities 142,413 176,945
Creditors: amounts falling due after more than one year 7 (11,000) (11,000)
Net assets 131,413 165,945
Capital and reserves
Called up share capital 2 2
Profit and loss account 131,411 165,943
Shareholder's funds 131,413 165,945
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 and delivered 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.
Mr P S Tomlinson
Director
Approved by the board on 12 November 2024
Secret Spot Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 20% reducing balance
Improvements to property 4% Straight Line
Stocks
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.
Debtors
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.
Creditors
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.
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 (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.
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
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 280,000
At 30 April 2024 280,000
Amortisation
At 1 May 2023 280,000
At 30 April 2024 280,000
Net book value
At 30 April 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 17,083 86,611 103,694
Additions - 12,132 12,132
At 30 April 2024 17,083 98,743 115,826
Depreciation
At 1 May 2023 1,200 44,623 45,823
Charge for the year 300 10,824 11,124
At 30 April 2024 1,500 55,447 56,947
Net book value
At 30 April 2024 15,583 43,296 58,879
At 30 April 2023 15,883 41,988 57,871
5 Debtors 2024 2023
£ £
Trade debtors 420 1,582
Other debtors 627 21,821
1,047 23,403
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 668 12,115
Trade creditors 175,900 219,379
Suspense - 650
Credit card 6,455 5,559
Taxation and social security costs 11,140 18,338
Other creditors 6,363 26,842
200,526 282,883
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,000 11,000
8 Other information
Secret Spot Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8 Farfield
Main Road
Wykeham
Scarborough
YO13 9QB
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