Utter Rubbish Limited |
Notes to the Accounts |
for the year ended 30 June 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Intangible assets represent the development of an app and website. Amortisation is provided on these assets to write off the cost over their estimated useful life of four years. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment |
over 4 years |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Grants receivable |
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Grants receivable in relation to capital expenditure are included within creditors, and in accordance with FRS 102 released over the useful economic life of the corresponding asset. |
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Revenue grants receivable are recognised as income once the performance conditions in relation to those grants have been met. Grants that become receivable as compensation for expenses already incurred are recognised in income in the period they become receivable. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Intangible fixed assets |
£ |
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App and website: |
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Cost |
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At 1 July 2023 |
9,500 |
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At 30 June 2024 |
9,500 |
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Amortisation |
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At 1 July 2023 |
9,500 |
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At 30 June 2024 |
9,500 |
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Net book value |
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At 30 June 2024 |
- |
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Intangible assets are written off over their estimated economic life of four years. |
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4 |
Tangible fixed assets |
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Computer equipment |
£ |
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Cost |
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At 1 July 2023 |
2,968 |
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At 30 June 2024 |
2,968 |
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Depreciation |
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At 1 July 2023 |
2,226 |
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Charge for the year |
742 |
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At 30 June 2024 |
2,968 |
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Net book value |
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At 30 June 2024 |
- |
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At 30 June 2023 |
742 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Other creditors |
2,912 |
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2,422 |
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6 |
Controlling party |
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The company is controlled by it's director, Mr E A Lancaster, by virtue of his owning 100% of the issued share capital. |
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7 |
Other information |
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Utter Rubbish Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Readers Lodge |
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Merrial Street |
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Newcastle |
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Staffordshire |
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ST5 2AD |