Registration number:
Level 29 Ltd
for the Period from 1 June 2024 to 31 December 2024
Level 29 Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Level 29 Ltd
Company Information
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Directors |
Mr A Mathur Mr P Richards Mrs T Beck |
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Registered office |
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Level 29 Ltd
(Registration number: 07629794)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
59 |
59 |
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Other reserves |
71,898 |
- |
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Retained earnings |
3,745 |
48,662 |
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Shareholders' funds |
75,702 |
48,721 |
For the financial period 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:
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The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Level 29 Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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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.
Disclosure of long or short period
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Level 29 Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% |
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.
Debtors receivable within one year
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
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.
Creditors payable within one year
Creditors with no stated interest rate and payable 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.
Level 29 Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Loss/profit before tax |
Arrived at after charging/(crediting)
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2024 |
2024 |
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Depreciation expense |
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Level 29 Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024
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Tangible assets |
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Other tangible assets |
Total |
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Cost or valuation |
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At 1 June 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 June 2024 |
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Charge for the period |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 May 2024 |
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Debtors |
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Current |
2024 |
2024 |
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Trade debtors |
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Prepayments |
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Level 29 Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2024 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
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2024 |
2024 |
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Bank overdrafts |
- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2024 |
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Not later than one year |
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- |
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2024 |
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No. |
£ |
No. |
£ |
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58.80 |
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58.80 |
Level 29 Ltd
Notes to the Unaudited Financial Statements for the Period from 1 June 2024 to 31 December 2024
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Related party transactions |
Directors' remuneration
The directors' remuneration for the period was as follows:
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2024 |
2024 |
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Remuneration |
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Share based payment arrangements |
The Company has a share option scheme for certain employees. As at 31 December 2024, the total number of employees of the Company that share options have been granted to is 3 (31 May 2024: 0), and the total number of options granted available for exercise is 57,784 (31 May 2024: 0). In certain circumstances the options may lapse if the relevant individual ceases to be an employee of the Company.
Options are generally exercisable at a price equal to the estimated fair value of the Company's shares on the date of grant.
The fair value of the share options at the grant date was calculated using the Black-Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.
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Other reserves |
Other reserves represents the cumulative amounts charged to profit in respect of employee share option arrangements that have not yet been settled by awarding shares to individuals, and its purpose is to ensure that the financial statements accurately reflect the impact of share-based compensation on the company's equity. Once employee share option arrangements are settled via the allotment of shares, the cumulative amounts charged to profit in respect of these shares is transferred to retained earnings.
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Control |
There is no controlling party.