REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 19 June 2023 to 30 June 2024 |
for |
SUITE 07 UK LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 19 June 2023 to 30 June 2024 |
for |
SUITE 07 UK LTD |
SUITE 07 UK LTD (REGISTERED NUMBER: 14946235) |
Contents of the Financial Statements |
for the period 19 June 2023 to 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SUITE 07 UK LTD |
Company Information |
for the period 19 June 2023 to 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
SUITE 07 UK LTD (REGISTERED NUMBER: 14946235) |
Balance Sheet |
30 June 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUITE 07 UK LTD (REGISTERED NUMBER: 14946235) |
Notes to the Financial Statements |
for the period 19 June 2023 to 30 June 2024 |
1. | STATUTORY INFORMATION |
Suite 07 UK Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at the balance sheet date, the company has reported negative retained reserves. The directors acknowledge that this is typical for a first-year property development business. They have confirmed their ability to provide the necessary financial support to ensure the business remains viable and can continue operations for at least 12 months following the balance sheet date. |
Since the balance sheet date, the property has been completed and is actively being marketed. The directors are confident that the property will be sold for over £2.2 million, which is expected to restore the company’s financial position to solvency. |
Critical accounting judgements and key sources of estimation uncertainty |
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements. |
Tangible fixed assets |
Motor vehicles | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
SUITE 07 UK LTD (REGISTERED NUMBER: 14946235) |
Notes to the Financial Statements - continued |
for the period 19 June 2023 to 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing agreements |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 19 June 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 18 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
SUITE 07 UK LTD (REGISTERED NUMBER: 14946235) |
Notes to the Financial Statements - continued |
for the period 19 June 2023 to 30 June 2024 |
7. | SECURED DEBTS |
The bank loan is secured against the property held in stock, by way of a fixed and floating charge. |
8. | DEFERRED TAX |
£ |
DT on losses | (124,234 | ) |
Balance at 30 June 2024 | ( |
) |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |