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Registered number: 13021421
Tired and Tested Ltd
Financial Statements
For The Year Ended 30 November 2024
MSE Business Management LLP
Association of Chartered Certified Accountants
1st Floor
104 Oxford Street
London
Greater London
W1D 1LP
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 13021421
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,260 27,614
17,260 27,614
CURRENT ASSETS
Debtors 5 352,900 195,071
Cash at bank and in hand 194,485 235,877
547,385 430,948
Creditors: Amounts Falling Due Within One Year 6 (68,497 ) (94,554 )
NET CURRENT ASSETS (LIABILITIES) 478,888 336,394
TOTAL ASSETS LESS CURRENT LIABILITIES 496,148 364,008
NET ASSETS 496,148 364,008
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 496,147 364,007
SHAREHOLDERS' FUNDS 496,148 364,008
For the year ending 30 November 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Sophie Lilley
Director
01/09/2025
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Tired and Tested Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13021421 . The registered office is 1st Floor, 104 Oxford Street, Fitzrovia, London, W1D 1LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of Value Added Tax. Turnover includes fees receivable from the rendering of services.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% straight line
Motor Vehicles 20% straight line
Computer Equipment 33% straight line
2.4. Financial Instruments
The company has only basic financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transactions.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Corporation tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2023 1,912 43,150 3,156 48,218
As at 30 November 2024 1,912 43,150 3,156 48,218
Depreciation
As at 1 December 2023 1,914 15,534 3,156 20,604
Provided during the period (2 ) 10,356 - 10,354
As at 30 November 2024 1,912 25,890 3,156 30,958
Net Book Value
As at 30 November 2024 - 17,260 - 17,260
As at 1 December 2023 (2 ) 27,616 - 27,614
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,900 -
Directors' loan accounts - 71
22,900 71
Due after more than one year
Other debtors 330,000 195,000
352,900 195,071
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 57,745 77,491
VAT 9,265 16,488
Accruals and deferred income 500 575
Directors' loan accounts 987 -
68,497 94,554
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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Page 4
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Ms Sophie Lilley 71 36,082 37,140 - (987 )
The above loan is unsecured and repayable on demand. Interest at the rate of 2.25% has been charged by the company.
9. Related Party Transactions
Included in other debtors is an amount owed by JL Assets Ltd, a company registered in United Kingdom and in which both S Lilley and S Lilley owns a material interest, of £330,000 (2023: £195,000).
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