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Registered number: 12800001
Shadowfax Funding Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Elementary Accountancy Services Limited
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Shadowfax Funding Solutions Limited for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Shadowfax Funding Solutions Limited for the year ended 31 August 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Shadowfax Funding Solutions Limited , as a body, in accordance with the terms of our engagement letter dated 31 July 2022. Our work has been undertaken solely to prepare for your approval the accounts of Shadowfax Funding Solutions Limited and state those matters that we have agreed to state to the directors of Shadowfax Funding Solutions Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shadowfax Funding Solutions Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Shadowfax Funding Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Shadowfax Funding Solutions Limited . You consider that Shadowfax Funding Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Shadowfax Funding Solutions 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 financial statements.
Signed
23/01/2025
Elementary Accountancy Services Limited
36 Dearne Hall Lane
Barnsley
S751FX
Page 1
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Balance Sheet
Registered number: 12800001
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,530 5,154
Investments 5 16,000 16,000
19,530 21,154
CURRENT ASSETS
Debtors 6 10,515 3,975
Cash at bank and in hand 446 2,518
10,961 6,493
Creditors: Amounts Falling Due Within One Year 7 (24,921 ) (27,719 )
NET CURRENT ASSETS (LIABILITIES) (13,960 ) (21,226 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,570 (72 )
Creditors: Amounts Falling Due After More Than One Year 8 (3,185 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (671 ) (776 )
NET ASSETS/(LIABILITIES) 1,714 (848 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,614 (948 )
SHAREHOLDERS' FUNDS 1,714 (848)
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For the year ending 31 August 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.
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 Andrew Bissett
Director
23/01/2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Shadowfax Funding Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12800001 . The registered office is Parkhill Business Centre, Walton Road, Wetherby, LS22 5DZ.
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.
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
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. Turnover relates to the brokering of commercial financial products and is recognised when the customers underlying transaction is finalised.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. 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:
Plant & Machinery 20% Straight Line
2.4. 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 years 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 assets reflect 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.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 3 (2023: 3)
3 3
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 September 2023 8,124
As at 31 August 2024 8,124
Depreciation
As at 1 September 2023 2,970
Provided during the period 1,624
As at 31 August 2024 4,594
Net Book Value
As at 31 August 2024 3,530
As at 1 September 2023 5,154
5. Investments
Unlisted
£
Cost
As at 1 September 2023 16,000
As at 31 August 2024 16,000
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 16,000
As at 1 September 2023 16,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,187 50
Prepayments and accrued income 1,935 2,411
Other debtors 500 500
Other taxes and social security 11 -
Amounts owed by subsidiaries 1,882 1,014
10,515 3,975
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 123 -
Bank loans and overdrafts 2,513 -
Corporation tax 9,455 17,134
Other creditors 1,698 505
Accruals and deferred income 1,420 1,025
Directors' loan accounts 9,712 9,055
24,921 27,719
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,185 -
3,185 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year - 12,897
- 12,897
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