Company registration number 10299723 (England and Wales)
EXTINGUISH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
EXTINGUISH LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EXTINGUISH LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
14,179
16,726
Debtors
3
162,401
108,605
Cash at bank and in hand
160,423
176,738
337,003
302,069
Creditors: amounts falling due within one year
4
(39,547)
(31,431)
Net current assets
297,456
270,638
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss reserves
296,456
269,638
Total equity
297,456
270,638

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
Mr D P Lamb
Director
Company Registration No. 10299723
EXTINGUISH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Extinguish Ltd is a private company limited by shares incorporated in England and Wales. The registered office is BFF Business Park, Bath Road, Bridgwater, Somerset, TA6 4NZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

 

The directors consider that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.

 

On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.

 

 

1.3
Turnover

Turnover represents amounts receivable for services provided net of VAT and discounts.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

EXTINGUISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

EXTINGUISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,599
56,645
Other debtors
91,802
51,960
162,401
108,605
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,442
14,063
Other creditors
10,105
17,368
39,547
31,431
EXTINGUISH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
4,800 A Ordinary shares of 10p each
480
480
2,400 B Ordinary shares of 10p each
240
240
2,000 C Ordinary shares of 10p each
200
200
800 D Ordinary shares of 10p each
80
80
1,000
1,000

All of the above shares rank pari passu in all respects.

 

2024-05-312023-06-01falsefalsefalse05 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr D P LambMr S Ward102997232023-06-012024-05-31102997232024-05-31102997232023-05-3110299723core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3110299723core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3110299723core:CurrentFinancialInstruments2024-05-3110299723core:CurrentFinancialInstruments2023-05-3110299723core:ShareCapital2024-05-3110299723core:ShareCapital2023-05-3110299723core:RetainedEarningsAccumulatedLosses2024-05-3110299723core:RetainedEarningsAccumulatedLosses2023-05-3110299723core:ShareCapitalOrdinaryShares2024-05-3110299723core:ShareCapitalOrdinaryShares2023-05-3110299723bus:Director12023-06-012024-05-31102997232022-06-012023-05-3110299723core:WithinOneYear2024-05-3110299723core:WithinOneYear2023-05-3110299723bus:OrdinaryShareClass22023-06-012024-05-3110299723bus:OrdinaryShareClass32023-06-012024-05-3110299723bus:OrdinaryShareClass52023-06-012024-05-3110299723bus:OrdinaryShareClass22024-05-3110299723bus:OrdinaryShareClass32024-05-3110299723bus:OrdinaryShareClass42024-05-3110299723bus:OrdinaryShareClass52024-05-3110299723bus:OrdinaryShareClass42023-06-012024-05-3110299723bus:PrivateLimitedCompanyLtd2023-06-012024-05-3110299723bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3110299723bus:FRS1022023-06-012024-05-3110299723bus:AuditExemptWithAccountantsReport2023-06-012024-05-3110299723bus:Director22023-06-012024-05-3110299723bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP