Company registration number 05514171 (England and Wales)
GETYOUONLINE.CO.UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
GETYOUONLINE.CO.UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
GETYOUONLINE.CO.UK LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
64,491
20,718
Current assets
Debtors
6
56,355
41,695
Cash at bank and in hand
113,573
144,936
169,928
186,631
Creditors: amounts falling due within one year
7
(122,881)
(116,362)
Net current assets
47,047
70,269
Total assets less current liabilities
111,538
90,987
Provisions for liabilities
(15,412)
(4,424)
Net assets
96,126
86,563
Capital and reserves
Called up share capital
975
975
Share premium account
9,975
9,975
Capital redemption reserve
25
25
Profit and loss reserves
8
85,151
75,588
Total equity
96,126
86,563
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GETYOUONLINE.CO.UK LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
Mr P R Genders
Director
Company Registration No. 05514171
GETYOUONLINE.CO.UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
975
9,975
25
67,118
78,093
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
-
105,470
105,470
Dividends
-
-
-
(97,000)
(97,000)
Balance at 31 July 2023
975
9,975
25
75,588
86,563
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
-
107,563
107,563
Dividends
-
-
-
(98,000)
(98,000)
Balance at 31 July 2024
975
9,975
25
85,151
96,126
GETYOUONLINE.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Getyouonline.co.uk Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Kingsbridge Way, Bramcote Grange, Nottingham, United Kingdom, NG9 3LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. .
1.3
Turnover
Turnover represents amounts receivable for goods and services supplied during the year net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
15% straight line
Computer equipment
33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company only has financial instruments that are classified as basic financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost less impairment.
GETYOUONLINE.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price and subsequently measured at amortised cost.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at 25% the tax rate that is expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Leases
Rentals payable under operating leases, are charged to income on a straight line basis over the term of the relevant lease.
GETYOUONLINE.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
12
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
25,715
27,708
Adjustments in respect of prior periods
67
Total current tax
25,715
27,775
Deferred tax
Origination and reversal of timing differences
10,989
369
Total tax charge
36,704
28,144
From 17 March 2020 the substantively enacted UK corporation tax rate was 19% as announced by the Government in the Spring Budget 2020. However, the UK corporation tax rate will increase to 25% with effect from 1 April 2023 per Finance Bill 2021. This increased tax rate was substantively enacted on 24 May 2021. As a result, deferred tax has been calculated at a rate of 25%.
GETYOUONLINE.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
101,767
Additions
57,001
Disposals
(47,597)
At 31 July 2024
111,171
Depreciation and impairment
At 1 August 2023
81,049
Depreciation charged in the year
13,228
Eliminated in respect of disposals
(47,597)
At 31 July 2024
46,680
Carrying amount
At 31 July 2024
64,491
At 31 July 2023
20,718
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
52,055
38,153
Other debtors
4,300
3,542
56,355
41,695
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,567
6,361
Corporation tax
25,715
27,708
Other taxation and social security
43,243
36,453
Other creditors
38,356
45,840
122,881
116,362
GETYOUONLINE.CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
75,588
67,118
Profit for the year
107,563
105,470
Dividends declared and paid in the year
(98,000)
(97,000)
At the end of the year
85,151
75,588
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
702
702
10
Directors' transactions
Dividends totalling £98,000 (2023 - £97,000) were paid in the year in respect of shares held by the company's directors.