4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,803 432 4,235 2,165 518 2,683 1,552 1,638 xbrli:pure xbrli:shares iso4217:GBP 09573474 2023-06-01 2024-05-31 09573474 2024-05-31 09573474 2023-05-31 09573474 2022-06-01 2023-05-31 09573474 2023-05-31 09573474 2022-05-31 09573474 bus:Director2 2023-06-01 2024-05-31 09573474 bus:Director3 2023-06-01 2024-05-31 09573474 core:WithinOneYear 2024-05-31 09573474 core:WithinOneYear 2023-05-31 09573474 core:AfterOneYear 2024-05-31 09573474 core:AfterOneYear 2023-05-31 09573474 core:ShareCapital 2024-05-31 09573474 core:ShareCapital 2023-05-31 09573474 core:RetainedEarningsAccumulatedLosses 2024-05-31 09573474 core:RetainedEarningsAccumulatedLosses 2023-05-31 09573474 bus:Director2 2023-05-31 09573474 bus:Director2 2024-05-31 09573474 bus:Director3 2023-05-31 09573474 bus:Director3 2024-05-31 09573474 bus:Director2 2022-05-31 09573474 bus:Director2 2023-05-31 09573474 bus:Director3 2022-05-31 09573474 bus:Director3 2023-05-31 09573474 bus:Director2 2022-06-01 2023-05-31 09573474 bus:Director3 2022-06-01 2023-05-31 09573474 bus:SmallEntities 2023-06-01 2024-05-31 09573474 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09573474 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09573474 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09573474 bus:FullAccounts 2023-06-01 2024-05-31 09573474 core:OfficeEquipment 2023-06-01 2024-05-31 09573474 core:OfficeEquipment 2023-05-31 09573474 core:OfficeEquipment 2024-05-31
COMPANY REGISTRATION NUMBER: 09573474
LICENSED TRADE AUDITORS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
LICENSED TRADE AUDITORS LTD
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,552
1,638
Current assets
Debtors
6
70,764
83,302
Cash at bank and in hand
10,157
15,484
---------
---------
80,921
98,786
Creditors: amounts falling due within one year
7
40,888
49,358
---------
---------
Net current assets
40,033
49,428
---------
---------
Total assets less current liabilities
41,585
51,066
Creditors: amounts falling due after more than one year
8
39,532
49,732
---------
---------
Net assets
2,053
1,334
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,053
334
-------
-------
Shareholders funds
2,053
1,334
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
LICENSED TRADE AUDITORS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 12 December 2024 , and are signed on behalf of the board by:
Mr A J Mitchell
Mr E W Pearce
Director
Director
Company registration number: 09573474
LICENSED TRADE AUDITORS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL. The trading address is 11 Hollingbury Place, Brighton, East Sussex, BN1 7GE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the director.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue recognition
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 June 2023
3,803
3,803
Additions
432
432
-------
-------
At 31 May 2024
4,235
4,235
-------
-------
Depreciation
At 1 June 2023
2,165
2,165
Charge for the year
518
518
-------
-------
At 31 May 2024
2,683
2,683
-------
-------
Carrying amount
At 31 May 2024
1,552
1,552
-------
-------
At 31 May 2023
1,638
1,638
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
12,022
25,801
Other debtors
58,742
57,501
---------
---------
70,764
83,302
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,842
Trade creditors
7,356
7,870
Corporation tax
1,865
13,188
Social security and other taxes
20,825
23,723
Other creditors
4,000
4,577
---------
---------
40,888
49,358
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
39,532
49,732
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr A J Mitchell
21,194
( 104)
21,090
Mr E W Pearce
21,193
( 103)
21,090
---------
----
---------
42,387
( 207)
42,180
---------
----
---------
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr A J Mitchell
22,287
( 1,093)
21,194
Mr E W Pearce
22,286
( 1,093)
21,193
---------
-------
---------
44,573
( 2,186)
42,387
---------
-------
---------