Registration number:
Services Family Ltd
for the Year Ended 30 June 2024
Services Family Ltd
Directors' Report for the Year Ended 30 June 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the development of online specialist insurance services for members past and present of the armed forces.
Going concern
Despite receipt of funds following the successful resolution of a legal claim during the year, the company's future remains dependant on finding appropriate insurance partners. Consolidation in the market is delaying progress. Therefore, the business has pivoted to explore consulting activity with a partner.
Minimal outgoings have been achieved and the company continues to seek opportunities to raise additional funds through the sale of underutilised assets. Therefore, the company is able to meet its liabilities for the foreseeable future while these proactive actions determine the best outcomes for the business and shareholders.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
M J Jenkins
Director
Services Family Ltd
(Registration number: 09079706)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
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Intangible assets |
|
|
|
Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
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Called up share capital |
319 |
319 |
|
Share premium reserve |
987,907 |
987,907 |
|
Retained earnings |
(1,097,644) |
(1,069,836) |
|
Shareholders' deficit |
(109,418) |
(81,610) |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
.........................................
M J Jenkins
Director
Services Family Ltd
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% straight line |
Services Family Ltd
Notes to the Financial Statements for the Year Ended 30 June 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development |
5 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Services Family Ltd
Notes to the Financial Statements for the Year Ended 30 June 2024
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
- |
|
Amortisation expense |
|
|
Intangible assets |
Other intangible assets |
Total |
|
Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
||
At 1 July 2023 |
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Amortisation charge |
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At 30 June 2024 |
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Carrying amount |
||
At 30 June 2024 |
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|
At 30 June 2023 |
|
|
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Depreciation |
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At 1 July 2023 |
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|
At 30 June 2024 |
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|
Carrying amount |
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At 30 June 2024 |
- |
- |
Services Family Ltd
Notes to the Financial Statements for the Year Ended 30 June 2024
Debtors |
Current |
2024 |
2023 |
Prepayments |
- |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
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Bank loans and overdrafts |
|
- |
|
Trade creditors |
- |
|
|
Amounts owed to related parties |
|
|
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Other creditors |
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|
|
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
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Loans and borrowings |
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|
Creditors due after more than one year include Bounce Back Loan of £34,045 (2023 - £43,882), which is guaranteed by the Government. Interest at 2.5% per annum is charged.