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REGISTERED NUMBER: 04366768 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

1602 Group Limited

1602 Group Limited (Registered number: 04366768)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


1602 Group Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr P M Lelliott
Mr D Crundwell





SECRETARY: Mr P M Lelliott





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





BUSINESS ADDRESS: 25 Putney Close
Brandon
Suffolk
IP27 0PA





REGISTERED NUMBER: 04366768 (England and Wales)

1602 Group Limited (Registered number: 04366768)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 5,502 6,395
Investments 7 123,674 123,674
129,176 130,069

CURRENT ASSETS
Stocks 316,146 308,900
Debtors 8 228,876 304,856
Cash at bank 351,653 284,060
896,675 897,816
CREDITORS
Amounts falling due within one year 9 168,685 215,002
NET CURRENT ASSETS 727,990 682,814
TOTAL ASSETS LESS CURRENT
LIABILITIES

857,166

812,883

CREDITORS
Amounts falling due after more than one
year

10

(10,494

)

(20,749

)

PROVISIONS FOR LIABILITIES (848 ) (607 )
NET ASSETS 845,824 791,527

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 745,824 691,527
SHAREHOLDERS' FUNDS 845,824 791,527

1602 Group Limited (Registered number: 04366768)

Balance Sheet - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:




Mr P M Lelliott - Director



Mr D Crundwell - Director


1602 Group Limited (Registered number: 04366768)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

1602 Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about 1602 Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill has been written off in equal instalments over its estimated economic life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - over the remaining life of the lease
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

1602 Group Limited (Registered number: 04366768)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year 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 year 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

1602 Group Limited (Registered number: 04366768)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 85,850
AMORTISATION
At 1 July 2023
and 30 June 2024 85,850
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 16,018 33,397 49,415
Additions - 2,074 2,074
Disposals - (21,932 ) (21,932 )
At 30 June 2024 16,018 13,539 29,557
DEPRECIATION
At 1 July 2023 10,868 32,152 43,020
Charge for year 2,016 790 2,806
Eliminated on disposal - (21,771 ) (21,771 )
At 30 June 2024 12,884 11,171 24,055
NET BOOK VALUE
At 30 June 2024 3,134 2,368 5,502
At 30 June 2023 5,150 1,245 6,395

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 123,674
NET BOOK VALUE
At 30 June 2024 123,674
At 30 June 2023 123,674

1602 Group Limited (Registered number: 04366768)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


8. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 117,319 121,799
Amounts owed by group undertakings 102,763 178,092
Other debtors 3,994 165
224,076 300,056

Amounts falling due after more than one year:
Other debtors 4,800 4,800

Aggregate amounts 228,876 304,856

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,255 10,000
Trade creditors 100,498 109,436
Taxation and social security 32,210 17,830
Other creditors 25,722 77,736
168,685 215,002

Included within other creditors disclosed above is a balance of £1,634 (2023 - £1,494) in relation to pensions payable, a balance of £20,711 (2023 - £50,891) in relation to customer deposits held, a balance of £nil (2023 - £1,990) in relation to customer payments on account, a balance of £919 (2023 - £nil) in relation to the company credit card and a balance of £2,458 (2023 - £23,361) in relation to accrued expenses.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 10,494 20,749

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 24,200 24,200
Between one and five years 16,133 40,333
40,333 64,533

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D Crundwell.