Contents of the Financial Statements
for the Period Ended 31 December 2024
Balance sheet
As at
31 December 2024
|
Notes
|
2024
|
2023
|
|
|
£
|
£
|
| Fixed assets |
| Tangible assets: |
3 |
215,593
|
44,880
|
| Total fixed assets: |
|
215,593
|
44,880
|
| Current assets |
| Debtors: |
|
316,460
|
85,721
|
| Cash at bank and in hand: |
|
56,899
|
281,795
|
| Total current assets: |
|
373,359
|
367,516
|
| Creditors: amounts falling due within one year: |
|
(63,540)
|
(173,877)
|
| Net current assets (liabilities): |
|
309,819
|
193,639
|
| Total assets less current liabilities: |
|
525,412
|
238,519
|
| Total net assets (liabilities): |
|
525,412
|
238,519
|
| Capital and reserves |
| Called up share capital: |
|
1
|
1
|
| Profit and loss account: |
|
525,411
|
238,518
|
| Shareholders funds: |
|
525,412
|
238,519
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2024 the company was entitled to exemption 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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
25 September 2025
and signed on behalf of the board by:
Name:
Mr T Hewson
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2024
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales
taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer.
Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The company recognises revenue from the following major sources:
Residential letting
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's
major sources of revenue are as follows:
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured
reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the
costs incurred or to be incurred in respect of the transaction can be measured reliably.
Residential letting
Revenue from contracts for the provision of professional services is recognised by reference to the stage of
completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The
stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff
rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue
is recognised only to the extent of the expenses recognised that are recoverable.Tangible fixed assets and depreciation policy
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:
Fixtures and fittings 5 year straight line
Computers 3 year 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.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the
estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to
apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount
does not exceed the carrying amount that would have been determined had no impairment loss been
recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is
recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which
case the reversal of the impairment loss is treated as a revaluation increase.Other accounting policies
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with
banks, other short-term liquid investments with original maturities of three months or less, and bank
overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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. 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 profit and loss account, 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.
Notes to the Financial Statements
for the Period Ended 31 December 2024
2. Employees
|
2024 |
2023 |
| Average number of employees during the period |
1
|
1
|
Notes to the Financial Statements
for the Period Ended 31 December 2024
3. Tangible Assets
|
Total |
| Cost |
£ |
| At 01 January 2024 |
74,517
|
| Additions |
235,279
|
| At 31 December 2024 |
309,796
|
| Depreciation |
|
| At 01 January 2024 |
29,637
|
| Charge for year |
64,566
|
| At 31 December 2024 |
94,203
|
| Net book value |
|
| At 31 December 2024 |
215,593
|
| At 31 December 2023 |
44,880
|