1 August 2023 false Taxfiler 2024.6 10273672business:PrivateLimitedCompanyLtd2023-08-012024-07-31 102736722023-07-31 102736722023-08-012024-07-31 10273672business:AuditExemptWithAccountantsReport2023-08-012024-07-31 10273672business:FilletedAccounts2023-08-012024-07-31 102736722024-07-31 10273672business:Director12023-08-012024-07-31 10273672business:Director22023-08-012024-07-31 10273672business:Director32023-08-012024-07-31 10273672business:RegisteredOffice2023-08-012024-07-31 102736722023-07-31 10273672core:WithinOneYear2024-07-31 10273672core:WithinOneYear2023-07-31 10273672core:AfterOneYear2024-07-31 10273672core:AfterOneYear2023-07-31 10273672core:ShareCapitalcore:PreviouslyStatedAmount2024-07-31 10273672core:ShareCapitalcore:PreviouslyStatedAmount2023-07-31 10273672core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-07-31 10273672core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-07-31 10273672core:PreviouslyStatedAmount2024-07-31 10273672core:PreviouslyStatedAmount2023-07-31 10273672business:SmallEntities2023-08-012024-07-31 10273672countries:EnglandWales2023-08-012024-07-31 10273672core:PlantMachinery2023-08-012024-07-31 10273672core:ComputerEquipment2023-08-012024-07-31 10273672core:PlantMachinery2023-07-31 10273672core:ComputerEquipment2023-07-31 10273672core:PlantMachinery2024-07-31 10273672core:ComputerEquipment2024-07-31 102736722022-08-012023-07-31 iso4217:GBP xbrli:pure
Company Registration No. 10273672 (England and Wales)
Independence16 Limited Unaudited accounts for the year ended 31 July 2024
Independence16 Limited Unaudited accounts Contents
Page
- 2 -
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
- 3 -
Independence16 Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,693 
5,775 
Current assets
Debtors
3,002 
4,300 
Cash at bank and in hand
19,959 
13,364 
22,961 
17,664 
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)
Net assets
5,074 
9,964 
Capital and reserves
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
- 4 -
Independence16 Limited Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
- 5 -
Independence16 Limited Notes to the Accounts for the year ended 31 July 2024
Leased assets
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.
4
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 
Additions
2,938 
- 
2,938 
At 31 July 2024
11,601 
3,360 
14,961 
Depreciation
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 
Net book value
At 31 July 2024
5,346 
1,347 
6,693 
At 31 July 2023
4,191 
1,584 
5,775 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,639 
51 
Accrued income and prepayments
213 
4,249 
Other debtors
150 
- 
3,002 
4,300 
6
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 
Accruals
571 
98 
21,190 
7,034 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
1,813 
3,819 
Obligations under finance leases and hire purchase contracts
305 
1,525 
2,118 
5,344 
- 6 -
Independence16 Limited Notes to the Accounts for the year ended 31 July 2024
8
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).
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).
- 7 -