REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
81STGENERATION LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
81STGENERATION LIMITED |
81STGENERATION LIMITED (REGISTERED NUMBER: 08044842) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
81STGENERATION LIMITED |
Company Information |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
81STGENERATION LIMITED (REGISTERED NUMBER: 08044842) |
Statement of Financial Position |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
81STGENERATION LIMITED (REGISTERED NUMBER: 08044842) |
Statement of Financial Position - continued |
30 APRIL 2024 |
The financial statements were approved by the director and authorised for issue on |
81STGENERATION LIMITED (REGISTERED NUMBER: 08044842) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
81stgeneration Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. |
There are no significant judgements or estimates involved in the preparation of the financial statements. |
Revenue |
Revenue represents the amounts derived from the provision of goods and services during the normal course of business, stated net of value added tax, trade discounts and returns. Revenue from the sale of goods is recognised when significant risks and rewards of ownership have been transferred to the buyer. |
Revenue from services is recognised on a straight-line basis over the term of term of the contract or as the services are provided. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life. |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost included costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis: |
Plant & machinery | 25% on Reducing Balance |
Computer equipment | 33% on Reducing Balance |
The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Inventories |
Inventories are stated at the lower of cost and net realisable value. Cost includes the purchase price and other directly attributable costs of bringing the inventories to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and selling expenses. |
Where the net realisable value of inventories is lower than their cost, inventories are written down, and the impairment is recognised as an expense in the profit and loss accounts. |
81STGENERATION LIMITED (REGISTERED NUMBER: 08044842) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costusing the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Operating leases are leases that do not transfer substantially all the risks and rewards of ownership to the company. Lease payments are recognised as an expense on straight-line basis over the period of the lease. |
Contingent rents, such as amounts based on sales or usages are recognised as an expense in the period in which they are incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments, which include shares and bitcoins investments, are initially recognized at fair value, which is the transaction price, including any directly attributable transaction costs. |
After initial recognition,these investments are measured at fair value at each reporting date.Any changes in the fair value, whether positive or negative, are recognized directly in the profit and loss account. |
On disposal of an investment, the difference between the net disposal proceeds and the carrying amount at the date of disposal is recognized in the profit and loss account. |
Investments classified as fixed assets are those intended to be held for the long term. Short-term investments are held for trading or liquidity purposes are classified as current assets. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
81STGENERATION LIMITED (REGISTERED NUMBER: 08044842) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 May 2023 |
Revaluations |
Reclassification/transfer | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2024 | 8,502 |
Cost | 28,065 |
36,567 |
Fixed asset investments were valued on an active market based on quoted prices available for identical assets. |
81STGENERATION LIMITED (REGISTERED NUMBER: 08044842) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
Included in reclassification/transfer difference of £1,540, £755 was reclassed to other debtors and £785 was transfered to profit and loss account. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
10. | RELATED PARTY DISCLOSURES |
Included in creditors, amount falling due within one year, is an amount of £275 (2023: £155) owed to the directors of the company. |
During the year, an interest of £642 has been charged on the overdrawn balance at an official rate of interest. |