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Registration number: 01556788

Extol Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Extol Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Extol Limited

(Registration number: 01556788)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

96,438

101,092

Current assets

 

Debtors

5

18,282

18,360

Cash at bank and in hand

 

22,917

23,393

 

41,199

41,753

Creditors: Amounts falling due within one year

6

(137,125)

(100,588)

Net current liabilities

 

(95,926)

(58,835)

Total assets less current liabilities

 

512

42,257

Creditors: Amounts falling due after more than one year

6

(325,000)

(325,000)

Net liabilities

 

(324,488)

(282,743)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(324,588)

(282,843)

Shareholders' deficit

 

(324,488)

(282,743)

 

Extol Limited

(Registration number: 01556788)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 April 2025
 

.........................................
Ms Marianne I van Abbe
Director

 

Extol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN
England

These financial statements were authorised for issue by the director on 23 April 2025.

2

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.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Extol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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

Plant and machinery

25% written down value

Leasehold buildings

2% over the life of the lease

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

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Extol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Leasehold land and buildings
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

229,102

40,135

269,237

At 31 July 2024

229,102

40,135

269,237

Depreciation

At 1 August 2023

128,296

39,849

168,145

Charge for the year

4,582

72

4,654

At 31 July 2024

132,878

39,921

172,799

Carrying amount

At 31 July 2024

96,224

214

96,438

At 31 July 2023

100,806

286

101,092

Included within the net book value of land and buildings above is £96,224 (2023 - £100,806) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

18,182

18,260

Prepayments

100

100

 

18,282

18,360

 

Extol Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

882

1,431

Accruals and deferred income

80,123

48,490

Other creditors

56,120

50,667

137,125

100,588

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

325,000

325,000

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £34,200 (2023 - £34,200). The commitments relate to Land and buildings and motor vehicle leasing.