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Registered number: 14127703
Preview Tools Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14127703
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,047 6,729
Tangible Assets 5 3,029 3,375
8,076 10,104
CURRENT ASSETS
Debtors 6 3,216 12,891
Cash at bank and in hand 9,129 14,626
12,345 27,517
Creditors: Amounts Falling Due Within One Year 7 (5,382 ) (26,158 )
NET CURRENT ASSETS (LIABILITIES) 6,963 1,359
TOTAL ASSETS LESS CURRENT LIABILITIES 15,039 11,463
NET ASSETS 15,039 11,463
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account 15,029 11,453
SHAREHOLDERS' FUNDS 15,039 11,463
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Rupert Harris
Director
21/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Preview Tools Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14127703 . The registered office is 18 Trowlock Avenue, Teddington, TW11 9QT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are software.  It is amortised to the profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 June 2023 8,411
As at 31 May 2024 8,411
Amortisation
As at 1 June 2023 1,682
Provided during the period 1,682
As at 31 May 2024 3,364
Net Book Value
As at 31 May 2024 5,047
As at 1 June 2023 6,729
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 June 2023 4,500
Additions 663
As at 31 May 2024 5,163
Depreciation
As at 1 June 2023 1,125
Provided during the period 1,009
As at 31 May 2024 2,134
Net Book Value
As at 31 May 2024 3,029
As at 1 June 2023 3,375
6. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Trade debtors 3,216 12,891
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7. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Trade creditors 338 373
Corporation tax 1,267 5,240
VAT 738 2,436
Accruals and deferred income 2,500 8,755
Director's loan account 539 9,354
5,382 26,158
8. Share Capital
31 May 2024 31 May 2023
£ £
Allotted, Called up and fully paid 10 10
9. Directors Advances, Credits and Guarantees
At the balance sheet date Mr R Harris (Company Director) was owed £539 (2023 : £9,354).
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