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COMPANY REGISTRATION NUMBER: 09178861
Ipswich Funeral Directors Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2024
Ipswich Funeral Directors Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
31,873
46,357
Current assets
Stocks
9,919
11,193
Debtors
6
13,881
22,091
Cash at bank and in hand
8,906
293
--------
--------
32,706
33,577
Creditors: amounts falling due within one year
7
68,363
99,380
--------
--------
Net current liabilities
35,657
65,803
--------
--------
Total assets less current liabilities
( 3,784)
( 19,446)
Creditors: amounts falling due after more than one year
8
4,064
8,680
Provisions
1,088
2,579
-------
--------
Net liabilities
( 8,936)
( 30,705)
-------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 9,036)
( 30,805)
-------
--------
Shareholders deficit
( 8,936)
( 30,705)
-------
--------
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.
For the year ending 31 December 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 .
Ipswich Funeral Directors Limited
Statement of Financial Position (continued)
31 December 2024
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:
Mr L J Roberts
Director
Company registration number: 09178861
Ipswich Funeral Directors Limited
Notes to the Financial Statements
Year ended 31 December 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 Southgate & Roberts Funeral Directors, 18-20 St. Matthews Street, Ipswich, IP1 3EU.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the year end the statement of financial position showed a net deficit. During the year the directors have taken measures to address this, and the position has improved during the year, but acknowledge that the company's balance sheet is still negative. As the principal creditors are the directors, who are continuing to support the company, the directors are of the opinion that the accounts should be prepared on a going concern basis.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for funerals performed and related services provided during the year, exclusive of Value Added Tax.
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.
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:
Long leasehold property
-
Over period of lease
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
77,945
28,972
80,495
187,412
Additions
707
411
1,118
--------
--------
--------
---------
At 31 December 2024
78,652
29,383
80,495
188,530
--------
--------
--------
---------
Depreciation
At 1 January 2024
71,520
19,089
50,446
141,055
Charge for the year
6,567
1,523
7,512
15,602
--------
--------
--------
---------
At 31 December 2024
78,087
20,612
57,958
156,657
--------
--------
--------
---------
Carrying amount
At 31 December 2024
565
8,771
22,537
31,873
--------
--------
--------
---------
At 31 December 2023
6,425
9,883
30,049
46,357
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
5,106
14,421
Other debtors
8,775
7,670
--------
--------
13,881
22,091
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,294
Trade creditors
20,703
28,784
Social security and other taxes
10,890
9,135
Other creditors
36,770
55,167
--------
--------
68,363
99,380
--------
--------
Included within the liabilities disclosed above under other creditors is an amount of £4,615 (2023: £4,342) for which security over the assets to which the liability relates has been given.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,064
8,680
-------
-------
Included within the liabilities disclosed above under other creditors is an amount of £4,064 (2023: £8,680) for which security over the assets to which the liability relates has been given.
9. Other financial commitments
The total commitments, contingencies and guarantees at the year end was £ 63,750 (2023: £ 17,000 ).