Company registration number 10782444 (England and Wales)
LITTLE BIG SHACKS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LITTLE BIG SHACKS LTD
COMPANY INFORMATION
Directors
Mr P J Shackleford
Mrs T Shackleford
Company number
10782444
Registered office
12 Conqueror Court
Sittingbourne
Kent
United Kingdom
ME10 5BH
Accountants
Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
United Kingdom
ME10 5BH
LITTLE BIG SHACKS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
LITTLE BIG SHACKS LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
529
622
Investment property
4
220,000
215,000
220,529
215,622
Current assets
Debtors
5
236
828
Cash at bank and in hand
862
462
1,098
1,290
Creditors: amounts falling due within one year
6
(1,848)
(1,359)
Net current liabilities
(750)
(69)
Total assets less current liabilities
219,779
215,553
Creditors: amounts falling due after more than one year
7
(169,745)
(169,745)
Provisions for liabilities
(16,518)
(15,268)
Net assets
33,516
30,540
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
49,553
45,803
Distributable profit and loss reserves
(16,038)
(15,264)
Total equity
33,516
30,540
LITTLE BIG SHACKS LTD
BALANCE SHEET (CONTINUED)
- 2 -
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 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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mr P J Shackleford
Director
Company registration number 10782444 (England and Wales)
LITTLE BIG SHACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Little Big Shacks Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 12 Conqueror Court, Sittingbourne, Kent, United Kingdom, ME10 5BH.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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 rendering of service; this income is exempt from VAT.
Turnover from the rendering of residential property letting services is recognised by reference to when rents are due.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.5
Financial instruments
Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.
Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.
Financial liabilities - trade creditors and other creditors are measured initially at fair value through the Income Statement and are measured subsequently at amortised cost.
LITTLE BIG SHACKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
LITTLE BIG SHACKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 June 2023 and 31 May 2024
1,340
Depreciation and impairment
At 1 June 2023
718
Depreciation charged in the year
93
At 31 May 2024
811
Carrying amount
At 31 May 2024
529
At 31 May 2023
622
4
Investment property
2024
£
Fair value
At 1 June 2023
215,000
Transfers
5,000
At 31 May 2024
220,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
377
Other debtors
236
451
236
828
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,848
1,359
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
169,745
169,745