Registered number
12866377
Code1 Group Ltd
Unaudited Filleted Accounts
30 September 2024
Code1 Group Ltd
Registered number: 12866377
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,194 22,926
Current assets
Debtors 4 729 607
Cash at bank and in hand 325 1,023
1,054 1,630
Creditors: amounts falling due within one year 5 (22,156) (20,440)
Net current liabilities (21,102) (18,810)
Net (liabilities)/assets (3,908) 4,116
Capital and reserves
Called up share capital 1 1
Profit and loss account (3,909) 4,115
Shareholder's funds (3,908) 4,116
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B D Mead
B D Mead
Director
Approved by the board on 7 April 2025
Code1 Group Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing balance method
Fixtures, fittings, tools and equipment 25% Reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 757 30,000 30,757
At 30 September 2024 757 30,000 30,757
Depreciation
At 1 October 2023 331 7,500 7,831
Charge for the year 107 5,625 5,732
At 30 September 2024 438 13,125 13,563
Net book value
At 30 September 2024 319 16,875 17,194
At 30 September 2023 426 22,500 22,926
4 Debtors 2024 2023
£ £
Trade debtors 729 594
Other debtors - 13
729 607
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 1,400
Trade creditors 1,931 1,931
Taxation and social security costs 270 564
Other creditors 19,955 16,545
22,156 20,440
6 Other information
Code1 Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6
Lower Farm Studham Lane
Dagnall
Berkhamsted
HP4 1RH
The company is controlled by B D Mead
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