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Company registration number: 10118038
Five Reasons Limited
Unaudited filleted financial statements
30 April 2024
Five Reasons Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Five Reasons Limited
Directors and other information
Directors M P Flynn
S J Flynn
Company number 10118038
Registered office 310 Burnley Road
Cliviger
Burnley
Lancs
BB10 4SP
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancs
PR1 1LD
Five Reasons Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Five Reasons Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Five Reasons Limited for the year ended 30 April 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Five Reasons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Five Reasons Limited and state those matters that we have agreed to state to the board of directors of Five Reasons Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Five Reasons Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Five Reasons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Five Reasons Limited. You consider that Five Reasons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Five Reasons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
Five Reasons Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 25,093 33,799
_______ _______
25,093 33,799
Current assets
Debtors 6 475,965 475,696
Cash at bank and in hand 340,293 274,135
_______ _______
816,258 749,831
Creditors: amounts falling due
within one year 7 ( 67,206) ( 47,704)
_______ _______
Net current assets 749,052 702,127
_______ _______
Total assets less current liabilities 774,145 735,926
Creditors: amounts falling due
after more than one year 8 ( 2,190) ( 15,026)
Provisions for liabilities ( 413) ( 637)
_______ _______
Net assets 771,542 720,263
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 771,442 720,163
_______ _______
Shareholders funds 771,542 720,263
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
M P Flynn
Director
Company registration number: 10118038
Five Reasons Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 310 Burnley Road, Cliviger, Burnley, Lancs, BB10 4SP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Income from services provided by the company is recognised when the company becomes beneficially entitled to receive the income. All income is recorded net of any Value Added Tax due on the amounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2023 8,537 57,697 66,234
Additions 749 - 749
Disposals ( 4,824) - ( 4,824)
_______ _______ _______
At 30 April 2024 4,462 57,697 62,159
_______ _______ _______
Depreciation
At 1 May 2023 5,991 26,445 32,436
Charge for the year 761 7,813 8,574
Disposals ( 3,944) - ( 3,944)
_______ _______ _______
At 30 April 2024 2,808 34,258 37,066
_______ _______ _______
Carrying amount
At 30 April 2024 1,654 23,439 25,093
_______ _______ _______
At 30 April 2023 2,546 31,252 33,798
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 4,838 9,341
Other debtors 471,127 466,355
_______ _______
475,965 475,696
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 9,319 9,514
Social security and other taxes 42,800 19,134
Other creditors 15,087 19,056
_______ _______
67,206 47,704
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 2,190 15,026
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
M P Flynn 12,894 47,031 ( 44,763) 15,162
S J Flynn 12,895 47,030 ( 44,763) 15,162
_______ _______ _______ _______
25,789 94,061 ( 89,526) 30,324
_______ _______ _______ _______
All loans to directors are interest free and repayable on demand.
10. Controlling party
The company is controlled by the directors.