COMPANY REGISTRATION NUMBER:
12997507
Filleted financial statements |
|
Statement of financial position |
|
31 March 2024
|
31 Mar 24 |
25 Jun 23 |
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
Investments |
5 |
|
348,887 |
348,887 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
348,887 |
348,887 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
19,319 |
19,319 |
Share premium account |
|
98,068 |
98,068 |
Profit and loss account |
|
231,500 |
231,500 |
|
|
--------- |
--------- |
Shareholders funds |
|
348,887 |
348,887 |
|
|
--------- |
--------- |
|
|
|
|
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 income and retained earnings has not been delivered.
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 were approved by the
board of directors
and authorised for issue on
11 March 2025
, and are signed on behalf of the board by:
Company registration number:
12997507
Notes to the financial statements |
|
period from 26 June 2023 to 31 March 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 7 Marden Road, Whitley Bay, Tyne & Wear, NE26 2JN.
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. The comparative information in the accounts is unaudited as the company applied their entitlement to exemption from audit in the year ended 25 June 2023.
Going concern
The directors, having made due and careful enquiry and with reference to cash flow forecasts, are of the opinion that the Company has adequate working capital to execute its operations for a period of at least 12 months from the date of approval of these financial statements. The directors therefore believe it remains appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Particulars of employees
The average number of persons employed by the company during the period amounted to
6
(2023:
2
).
5.
Investments
|
Shares in group undertakings |
|
£ |
|
|
Cost |
|
At 26 June 2023 and 31 March 2024 |
348,887 |
|
--------- |
Impairment |
|
At 26 June 2023 and 31 March 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 March 2024 |
348,887 |
|
--------- |
At 25 June 2023 |
348,887 |
|
--------- |
|
|
6.
Summary audit opinion
The auditor's report dated
13 March 2025
was
unqualified
.
The senior statutory auditor was
James Hunt BA (Hons) FCA CTA
, for and on behalf of
AAB Audit & Accountancy Ltd
.
7.
Related parties
Control The company was under the control of the directors until 25 June 2023, from which point True Solicitors LLP became the controlling party. From this date, the ultimate controlling party was the Designated Members of True Solicitors LLP (who are now also directors of the company). Transactions There were no transactions that required disclosure in either the current period or previous year.