LETTERS OF NOTE LTD

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 08247159

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		12,829		3,684
Tangible Assets	5		1,550		2,165

			14,379		5,849
CURRENT ASSETS
Debtors	6	11,585		42,720
Cash at bank and in hand		42,267		330

		53,852		43,050
Creditors: Amounts Falling Due Within One Year	7	(51,043 )		(29,101 )

NET CURRENT ASSETS (LIABILITIES)			2,809		13,949

TOTAL ASSETS LESS CURRENT LIABILITIES			17,188		19,798

Creditors: Amounts Falling Due After More Than One Year	8		(13,493 )		(17,266 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	9		(3,595 )		(1,462 )

NET ASSETS			100		1,070

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			-		970

SHAREHOLDERS' FUNDS			100		1,070

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LETTERS OF NOTE LTD

Balance Sheet (continued)

As At 31 October 2025

For the year ending 31 October 2025 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

Mrs Karina Blanco-Usher

Director

27th July 2026

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

LETTERS OF NOTE LTD is a private company, limited by shares, incorporated in England & Wales, registered number 08247159 . The registered office is 16 Blackfriars Street, Salford, M3 5BQ.

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 discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets relate to branding and the permissions paid to use copyrighted work.

These are amortised to profit and loss account over their estimated economic lives of:

Branding: 5 years

Permissions: 3 years

2.4. 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:

Computer Equipment

20% Straight Line

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

Income tax expense represents the sum of the tax currently payable and deferred tax.

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 year 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.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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LETTERS OF NOTE LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.7. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Intangible Assets

	Other
	£
Cost
As at 1 November 2024	13,675
Additions	11,315

As at 31 October 2025	24,990

Amortisation
As at 1 November 2024	9,991
Provided during the period	2,170

As at 31 October 2025	12,161

Net Book Value
As at 31 October 2025	12,829

As at 1 November 2024	3,684

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LETTERS OF NOTE LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

5. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 November 2024	3,520
Additions	209
Disposals	(191 )

As at 31 October 2025	3,538

Depreciation
As at 1 November 2024	1,355
Provided during the period	684
Disposals	(51 )

As at 31 October 2025	1,988

Net Book Value
As at 31 October 2025	1,550

As at 1 November 2024	2,165

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	10	1,138
Prepayments and accrued income	198	-
Other debtors	10,337	10,337
Corporation tax recoverable assets	498	-
Directors' loan accounts	542	31,245

	11,585	42,720

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Bank loans and overdrafts	3,799	5,220
Corporation tax	38,357	23,004
Other taxes and social security	18	11
VAT	8,869	866

	51,043	29,101

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	13,493	17,266

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LETTERS OF NOTE LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

9. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	3,595	1,462

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 November 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 October 2025
	£	£	£	£	£
Mrs Karina Blanco-Usher	15,623	1,560	16,912	-	271
Mr Shaun Blanco-Usher	15,623	1,560	16,912	-	271

The above loan is unsecured, interest free and repayable on demand.

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