Company registration number 07016252 (England and Wales)
NO REGRETS MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NO REGRETS MANAGEMENT LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
NO REGRETS MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
62,009
-
0
Tangible assets
4
16,221
20,368
78,230
20,368
Current assets
Debtors
220,855
209,509
Cash at bank and in hand
46,095
11,813
266,950
221,322
Creditors: amounts falling due within one year
(580,418)
(558,129)
Net current liabilities
(313,468)
(336,807)
Total assets less current liabilities
(235,238)
(316,439)
Creditors: amounts falling due after more than one year
(7,347)
(17,423)
Provisions for liabilities
(3,082)
(3,870)
Net liabilities
(245,667)
(337,732)
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss reserves
(246,667)
(338,732)
Total equity
(245,667)
(337,732)
NO REGRETS MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 May 2025
Mr B D Lakin
Director
Company registration number 07016252 (England and Wales)
NO REGRETS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

No Regrets Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 58 High Street, Cheltenham, Gloucestershire, England, GL50 1EE.

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

The company relies on the support of other businesses in which the director has an involvement and other funders to provide it with working capital. The director has considered the likely income and expenditure of the company for a period of at least 12 months from the date of approval of these financial statements and determined that the company will be able to generate sufficient funds to meet its liabilities as they fall due and that, as a result, it is appropriate to prepare these financial statements on the basis that the company is a going concern.true

1.3
Turnover

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

Revenue is recognised at the point of receipt.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
Over 3 years
1.5
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:

Plant and equipment
25% on cost
Fixtures and fittings
25% on cost, 20% on cost and 15% on reducing balance
Computers
33% on cost and 25% on costy
NO REGRETS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.6
Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
77
30
NO REGRETS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Intangible fixed assets
Software
£
Cost
At 1 October 2023
-
0
Additions - internally developed
62,009
At 30 September 2024
62,009
Amortisation and impairment
At 1 October 2023 and 30 September 2024
-
0
Carrying amount
At 30 September 2024
62,009
At 30 September 2023
-
0
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 October 2023
3,600
48,485
5,941
58,026
Disposals
-
0
-
0
(5,941)
(5,941)
At 30 September 2024
3,600
48,485
-
0
52,085
Depreciation and impairment
At 1 October 2023
480
31,237
5,941
37,658
Depreciation charged in the year
360
3,787
-
0
4,147
Eliminated in respect of disposals
-
0
-
0
(5,941)
(5,941)
At 30 September 2024
840
35,024
-
0
35,864
Carrying amount
At 30 September 2024
2,760
13,461
-
0
16,221
At 30 September 2023
3,120
17,248
-
0
20,368
5
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
NO REGRETS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Related party transactions

B D Lakin

Director and shareholder

In a previous period the director lent the company money for working capital, which was repaid in full during the year. At the year-end the amount due to the director was £nil (2023: £11). The amount is unsecured, interest-free and repayable on demand.

 

Kobe24 Limited

Company part owned by B D Lakin and of which he is a director

In a previous period, the company loaned the related party money for working capital. During the year, additional sums were loaned to the related party. At the year-end the amount due from the related party was £144,862 (2023: £20,821). The amount is unsecured, interest-free and repayable on demand.

 

No Regrets Studio Limited

Company part owned by B D Lakin and of which he is a director

In a previous period, the company loaned the related party money for working capital. During the year, the company loaned the related party further sums. At the year-end the amount due from the related party was £51,117 (2023: £49,343). The amount is unsecured, interest-free and repayable on demand.

 

No Regrets Studio Rentals Limited

Company indirectly owned by B D Lakin and of which he is a director

In a previous period, the related party loaned the company money for working capital. During the year, various sums were repaid. At the year-end the amount due to the related party was £5,724 (2023: £8,717). This amount is unsecured, interest-free and repayable on demand.

 

Noire Ink London Limited

Company ultimately part owned by B D Lakin and of which he is a director

In a previous period, the company loaned the related party money for working capital. During the year, various sums were repaid. At the year end, the amount due from the related party was £1,233 (2023: £8,249). The amount is unsecured, interest-free and repayable on demand.

 

Woo-Ah Limited

A company under common control

In a previous period, the company loaned the related party money for working capital. During the year, the company loaned the related party further sums. At the year-end the amount due from the related party was £23,642 (2023: £22,843). The amount is unsecured, interest-free and repayable on demand.

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