For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These abridged 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.

In accordance with FRS 102 Section 1A, the company has made a prior year adjustment to its financial statements for the year ended 31 March 2024. The adjustment is due to recognising an asset relating to a loan that was previously omited from the accounts and recognising the interest received from this loan.

The nature of the prior year adjustment is as follows:

1. Other Debtors: An asset has been recognised in the balance sheet, which was not previously accounted for in prior periods. This has resulted in an increase in both assets and corresponding adjustments to the financial position of the company.

2. Other Creditors: A liability due from the company to the director has been adjusted for to recognise the omitted loan.

3 & 4. Corporation Tax: Due to the additional interest income, a further charge of corporation tax totalling £15,665 has been made to the profit and loss and balance sheet for the year ending 31 March 2024. Additional liabilities totalling £25,650 for the periods prior to the year ended 31 March 2024 have also been recognised and adjusted via retained earnings.

5. Interest Received: Interest income of £135,000 relating to periods prior to the year ended 31 March 2024 has not previously been recognised, this has been adjusted via the retained earnings. Additionally, interest income of £67,500 relating to the year ended 31 March 2024 was previously omitted which has now been recognised in the restated financial statements.

6. Retained Earnings: As a result of the adjustments to the asset and liability retained earnings have been restated. This restatement reflects the correction of prior period errors and ensures the financial statements present a true and fair view.

The effect of the prior year adjustment is reflected in the restated comparative figures, as follows:

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.