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Registered number: 03992911
Studentpad Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Accountancy Extra
33 Harrison Road
Halifax
HX1 2AF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03992911
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 6,387 5,617
6,387 5,617
CURRENT ASSETS
Debtors 6 140,814 199,926
Cash at bank and in hand 265,346 188,971
406,160 388,897
Creditors: Amounts Falling Due Within One Year 7 (239,306 ) (247,756 )
NET CURRENT ASSETS (LIABILITIES) 166,854 141,141
TOTAL ASSETS LESS CURRENT LIABILITIES 173,241 146,758
NET ASSETS 173,241 146,758
CAPITAL AND RESERVES
Called up share capital 8 2,500 2,500
Profit and Loss Account 170,741 144,258
SHAREHOLDERS' FUNDS 173,241 146,758
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lloyd Cowburn
Director
10/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Studentpad Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03992911 . The registered office is Brough Business Centre, Baffin Way, Brough, East Riding of Yorkshire, England, HU15 1YU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% WDV
Computer Equipment 33% WDV
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
12 12
12 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 3,200
As at 31 May 2024 3,200
Amortisation
As at 1 June 2023 3,200
As at 31 May 2024 3,200
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 11,295 14,167 25,462
Additions 706 2,254 2,960
As at 31 May 2024 12,001 16,421 28,422
Depreciation
As at 1 June 2023 9,841 10,004 19,845
Provided during the period 314 1,876 2,190
As at 31 May 2024 10,155 11,880 22,035
Net Book Value
As at 31 May 2024 1,846 4,541 6,387
As at 1 June 2023 1,454 4,163 5,617
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 63,460 110,911
Amounts recoverable on contracts 2,990 2,145
Prepayments and accrued income 9,248 6,913
Intercompany Accounts 29,052 29,052
Other taxes and social security 3,970 -
Director's loan account 32,094 50,905
140,814 199,926
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,943 1,604
Bank loans and overdrafts 7,775 5,497
Corporation tax 23,185 20,167
Other taxes and social security - 5,015
VAT 21,140 19,973
Other creditors 7,000 1,869
Rounding (146 ) (160 )
Accruals and deferred income 178,409 193,791
239,306 247,756
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,500 2,500
Page 5