Problem Found Limited |
Notes to the Accounts |
for the year ended 31 March 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. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
5,884 |
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- |
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Amounts owed by related party |
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30,757 |
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16,878 |
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36,641 |
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16,878 |
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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 |
2,845 |
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- |
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Other creditors |
14,439 |
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2,251 |
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17,284 |
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2,251 |
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Included in creditors is £13,239 (2023: £1,831) owing to the director. The loan is interest-free and there is no fixed date of repayment. The director has confirmed that the loan will only be repaid as and when cash flow permits. |
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5 |
Related party transactions |
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The Garden Pub Limited |
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The Garden Pub Limited is controlled by T C Helliwell, Esq., the director and shareholder of Problem Found Limited. |
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Amount due from (to) the related party |
30,757 |
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16,878 |
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6 |
Controlling party |
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The company is controlled by the director who owns the entire share capital of the company. |
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7 |
Other information |
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Problem Found Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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414 Archway Road |
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London |
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N6 5UA |