Company Registration No. 10273672 (England and Wales)
Independence16 Limited
Unaudited accounts
for the year ended 31 July 2024
Independence16 Limited
Unaudited accounts
Contents
Independence16 Limited
Company Information
for the year ended 31 July 2024
Directors
M Keddie
B Keddie
G Keddie
Company Number
10273672 (England and Wales)
Registered Office
Building 23
West Raynham Business Park
West Raynham
Norfolk
NR21 7PL
Accountants
Mrs A C Howell
13 Ipswich Grove
Norwich
Norfolk
NR2 2LU
Independence16 Limited
Statement of financial position
as at 31 July 2024
Tangible assets
6,693
5,775
Cash at bank and in hand
19,959
13,364
Creditors: amounts falling due within one year
(21,190)
(7,034)
Net current assets
1,771
10,630
Total assets less current liabilities
8,464
16,405
Creditors: amounts falling due after more than one year
(2,118)
(5,344)
Provisions for liabilities
Deferred tax
(1,272)
(1,097)
Called up share capital
100
100
Profit and loss account
4,974
9,864
Shareholders' funds
5,074
9,964
For the year ending 31 July 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by
M Keddie
Director
Company Registration No. 10273672
Independence16 Limited
Notes to the Accounts
for the year ended 31 July 2024
Independence16 Limited is a private company, limited by shares, registered in England and Wales, registration number 10273672. The registered office is Building 23, West Raynham Business Park, West Raynham, Norfolk, NR21 7PL.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Computer equipment
15% reducing balance
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Independence16 Limited
Notes to the Accounts
for the year ended 31 July 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 August 2023
8,663
3,360
12,023
At 31 July 2024
11,601
3,360
14,961
At 1 August 2023
4,472
1,776
6,248
Charge for the year
1,783
237
2,020
At 31 July 2024
6,255
2,013
8,268
At 31 July 2024
5,346
1,347
6,693
At 31 July 2023
4,191
1,584
5,775
Amounts falling due within one year
Accrued income and prepayments
213
4,249
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
2,211
2,211
Obligations under finance leases and hire purchase contracts
1,220
1,220
Loans from directors
17,188
3,505
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Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
305
1,525
Independence16 Limited
Notes to the Accounts
for the year ended 31 July 2024
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Transactions with related parties
The directors provided the company with an unsecured interest free loan on balances outstanding at the year end. At the year end this amounted to £17,188 (2023: £3,505).
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Average number of employees
During the year the average number of employees was 2 (2023: 2).