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Registration number: 12077486

60 Months Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 September 2024

 

60 Months Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

60 Months Limited

(Registration number: 12077486)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

400,000

804,000

Current assets

 

Cash at bank and in hand

 

12,238

33,324

Creditors: Amounts falling due within one year

5

(86,881)

(497,239)

Net current liabilities

 

(74,643)

(463,915)

Total assets less current liabilities

 

325,357

340,085

Creditors: Amounts falling due after more than one year

5

(337,192)

(355,108)

Net liabilities

 

(11,835)

(15,023)

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

(12,135)

(15,323)

Shareholders' deficit

 

(11,835)

(15,023)

For the financial year ending 30 September 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 his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement.

Approved and authorised by the director on 17 April 2025
 

.........................................
P J Ford
Director

 

60 Months Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, England.

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 financial statements are prepared in sterling, which is the functional currency of the entity.

Group accounts not prepared

The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts..

Going concern

The financial statements have been prepared on a going concern basis, due to the continued support of the company's subsidiary undertaking in meeting financial obligations.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

 

60 Months Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Investments

2024
£

2023
£

Investments in subsidiaries

400,000

804,000

Subsidiaries

£

Cost or valuation

At 1 October 2023

804,000

Provision

Provision

404,000

Carrying amount

At 30 September 2024

400,000

At 30 September 2023

804,000

 

60 Months Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

6

42,500

102,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

42,624

393,027

Accruals and deferred income

 

1,757

2,212

 

86,881

497,239

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

6

337,192

355,108


Creditors inside and outside one year include a bank loan which is secured by a fixed and floating charge over the company assets, a charge over assets of its subsidiary undertaking and directors' personal guarantees.

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

42,500

Other borrowings

337,192

312,608

337,192

355,108

Current loans and borrowings

2024
£

2023
£

Bank borrowings

42,500

102,000

7

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the company's subsidiary undertaking.