UNICORN RENTALS LTD |
Notes to the Accounts |
for the year ended 30 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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 rent of property. |
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Investments |
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Investments in Land & buildings are measured initially at cost with further consideration 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. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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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. |
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Taxation |
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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. |
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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. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Investments |
Land & |
buildings |
investments |
£ |
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Cost |
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At 1 May 2023 |
202,381 |
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At 30 April 2024 |
202,381 |
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Historical cost |
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At 1 May 2023 |
202,381 |
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At 30 April 2024 |
202,381 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Taxation and social security costs |
2,479 |
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1,075 |
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Other creditors |
184,740 |
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196,717 |
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187,219 |
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197,792 |
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5 |
Related party transactions |
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The company borrowed funds from Unicorn Analytics Ltd during the year. This is an associated company of Unicorn Rentals Ltd. There is no fixed date for repayment of the loan. The loan is free of any interest charge. |
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2024 |
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2023 |
£ |
£ |
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Included in other creditors |
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Loan from Unicorn Analytics Ltd |
184,265 |
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196,247 |
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6 |
Other information |
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UNICORN RENTALS LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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9 Clayfield |
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Yate |
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Bristol |
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BS37 7PE |