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Company registration number: 3413482
Success Associates Limited
Unaudited filleted financial statements
30 April 2024
Success Associates Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Success Associates Limited
Directors and other information
Directors A R Hailwood
Mrs R Hailwood
Secretary A R Hailwood
Company number 3413482
Registered office 37 Law Street
London
SE1 4DZ
Accountant Passer & Co
20 Sunningdale Close
Stanmore
HA7 3QL
Success Associates Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 16,245 21,897
_______ _______
16,245 21,897
Current assets
Debtors 6 139,010 90,972
Cash at bank and in hand 145,746 88,597
_______ _______
284,756 179,569
Creditors: amounts falling due
within one year 7 ( 109,824) ( 82,000)
_______ _______
Net current assets 174,932 97,569
_______ _______
Total assets less current liabilities 191,177 119,466
_______ _______
Net assets 191,177 119,466
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 191,077 119,366
_______ _______
Shareholders funds 191,177 119,466
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
A R Hailwood
Director
Company registration number: 3413482
Success Associates Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 100 103,777 103,877
Profit for the year 33,589 33,589
_______ _______ _______
Total comprehensive income for the year - 33,589 33,589
Dividends paid and payable ( 18,000) ( 18,000)
_______ _______ _______
Total investments by and distributions to owners - ( 18,000) ( 18,000)
_______ _______ _______
At 30 April 2023 and 1 May 2023 100 119,366 119,466
Profit for the year 85,711 85,711
_______ _______ _______
Total comprehensive income for the year - 85,711 85,711
Dividends paid and payable ( 14,000) ( 14,000)
_______ _______ _______
Total investments by and distributions to owners - ( 14,000) ( 14,000)
_______ _______ _______
At 30 April 2024 100 191,077 191,177
_______ _______ _______
Success Associates 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 and Wales. The address of the registered office is 37 Law Street, London, SE1 4DZ.
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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2023: 30 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2023 53,102 34,077 87,179
Additions - 420 420
_______ _______ _______
At 30 April 2024 53,102 34,497 87,599
_______ _______ _______
Depreciation
At 1 May 2023 34,079 31,203 65,282
Charge for the year 4,425 1,647 6,072
_______ _______ _______
At 30 April 2024 38,504 32,850 71,354
_______ _______ _______
Carrying amount
At 30 April 2024 14,598 1,647 16,245
_______ _______ _______
At 30 April 2023 19,023 2,874 21,897
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 139,010 90,972
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 3,954 2,766
Trade creditors 22,129 19,982
Corporation tax 27,894 6,589
Social security and other taxes 4,227 4,467
Other creditors 51,620 48,196
_______ _______
109,824 82,000
_______ _______
During the year the Company paid a deposit of £42,761 on an investment property. It will be required to pay the balance of £121,668 within the next 12 months assuming that development of the property is completed.
8. 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 Balance o/standing
£ £ £
A R Hailwood 16,955 250 17,205
Mrs R Hailwood 16,956 249 17,205
_______ _______ _______
33,911 499 34,410
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
A R Hailwood 35,588 ( 18,633) 16,955
Mrs R Hailwood 35,588 ( 18,632) 16,956
_______ _______ _______
71,176 ( 37,265) 33,911
_______ _______ _______
9. Related party transactions
Mr A Hailwood
- -
Mrs R Hailwood
- -
The Directors each provide consultancy services to the Company. No balances were due at the year end.
10. Controlling party
The Company is controlled by A R Hailwood by virtue of his share holding.