for the Period Ended 31 May 2024
Company Information - 3 | |
Profit and Loss Account - 4 | |
Balance sheet - 5 | |
Footnotes to the Balance Sheet - 7 |
for the Period Ended 31 May 2024
Registered office: |
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Company Registration Number: |
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for the Period Ended 31 May 2024
2024 £ |
2023 £ |
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Turnover |
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- |
Income from coronavirus (COVID-19) business support grants | 0 | - |
Other Income |
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- |
Cost of Materials |
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- |
Staff Costs |
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- |
Other charges |
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- |
Profit or (Loss) for Period |
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- |
As at
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2023 £ |
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Current assets: |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Total net assets (liabilities): |
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Capital and reserves: |
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This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 May 2024
for the Period Ended 31 May 2024
Operating Lease Commitments
As at the year-end, the company has entered into operating lease agreements with nominal rental payments. These leases include provisions for the payment of repairs, maintenance, and utility costs, as detailed below:
Office Space Lease:
The company has a lease agreement for office space with a nominal rental fee of £1 per year for a term of 5 years. In addition to the nominal rent, the company is responsible for a proportionate share of energy costs, internet, water, and maintenance expenses related to the office space. The lease does not transfer ownership of the property to the company, and therefore, the asset does not appear on the balance sheet.
Lease term: 5 years
Nominal rent: £1 per year
Additional costs: Proportionate share of costs of energy, internet, water, and maintenance
Car Lease:
The company has a lease agreement for 2x vehicle with a nominal rental fee of £1 per year for a term of 5 years. The company is responsible for operating costs, repairs and maintenance of the vehicle during the lease term, but ownership of the vehicle does not transfer to the company. The lease is classified as an operating lease and, as such, the vehicle is not recognized as an asset on the balance sheet.
Lease term: 5 years
Nominal rent: £1 per year
Additional costs: Responsibility for operating costs, repairs and maintenance
Equipment Lease:
The company has a lease agreement for equipment with a nominal rental fee of £1 per year for a term of 5 years. Similar to the car lease, the company is responsible for operating costs, repairs and maintenance during the lease period. The equipment does not appear on the balance sheet as the lease is classified as an operating lease.
Lease term: 3 years
Nominal rent: £1 per year
Additional costs: Responsibility for repairs and maintenance
Future Lease Commitments
As at the balance sheet date, the company has the following future lease commitments:
Lease Description Year 1 Year 2 Year 3 Year 4 Year 5
Office space lease £1 £1 £1 £1 £1
Car lease £1 £1 £1 £1 £1
Equipment lease £1 £1 £1 £1 £1
The company is also responsible for additional costs associated with daily operating, repairs, maintenance, and utilities under these leases. These costs will be incurred as per the terms of the lease agreements.
Explanation:
Nominal rent: Each lease has a £1 nominal rental fee, which is disclosed.
Additional costs: These costs (operating costs, repairs, utilities, etc.) are also explicitly stated, as they are part of the company’s obligations under the lease agreements, even though the leases themselves are operating leases and are not recorded as assets on the balance sheet.
Future lease commitments: The company is required and has disclosed the future financial obligations for these leases in the notes to the accounts, ensuring transparency about what will be paid over the next 5 years.