Contents of the Financial Statements
for the Period Ended 31 December 2022
Balance sheet
As at 31 December 2022
| Notes | 2022 | 2021 |
| | £ | £ |
Current assets |
Stocks: | | 167,000 |
Debtors: | 3 | 2,235 |
Cash at bank and in hand: | | 100 | 100 |
Total current assets: | | 169,335 | 100 |
Creditors: amounts falling due within one year: | 4 | (152,961) |
Net current assets (liabilities): | | 16,374 | 100 |
Total assets less current liabilities: | | 16,374 | 100 |
Total net assets (liabilities): | | 16,374 | 100 |
Capital and reserves |
Called up share capital: | | 100 | 100 |
Profit and loss account: | | 16,274 |
Shareholders funds: | | 16,374 | 100 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2022 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 18 September 2023
and signed on behalf of the board by:
Name: Mr J Orr
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2022
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Valuation and information policy
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocksto their present location and condition.Other accounting policies
Basis of preparationThe financial statements have been prepared on the historical cost basis, as modified by the revaluationof certain financial assets and liabilities and investment properties measured at fair value through profitor loss.The financial statements are prepared in sterling, which is the functional currency of the entity.---------TaxationThe taxation expense represents the aggregate amount of current and deferred tax recognised in thereporting period. Tax is recognised in the statement of comprehensive income, except to the extent thatit relates to items recognised in other comprehensive income or directly in capital and reserves. In thiscase, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured atthe amounts of tax expected to pay or recover using the tax rates and laws that have been enacted orsubstantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised to the extent that it is probable that they will berecovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax ismeasured using the tax rates and laws that have been enacted or substantively enacted by thereporting date that are expected to apply to the reversal of the timing difference.----------Financial instrumentsA financial asset or a financial liability is recognised only when the company becomes a party to thecontractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangementconstitutes a financing transaction, where it is recognised at the present value of the future paymentsdiscounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Where investments in non-convertible preference shares and non-puttable ordinary shares orpreference shares are publicly traded or their fair value can otherwise be measured reliably, theinvestment is subsequently measured at fair value with changes in fair value recognised in profit or loss.All other such investments are subsequently measured at cost less impairment.Other financial instruments, including derivatives, are initially recognised at fair value, unless paymentfor an asset is deferred beyond normal business terms or financed at a rate of interest that is not amarket rate, in which case the asset is measured at the present value of the future paymentsdiscounted at a market rate of interest for a similar debt instrument.Other financial instruments are subsequently measured at fair value, with any changes recognised inprofit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence ofimpairment at the end of each reporting date. If there is objective evidence of impairment, animpairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individuallysignificant, these are assessed individually for impairment. Other financial assets or either assessedindividually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversaldoes not result in a carrying amount of the financial asset that exceeds what the carrying amount wouldhave been had the impairment not previously been recognised.
Notes to the Financial Statements
for the Period Ended 31 December 2022
2. Employees
| 2022 | 2021 |
Average number of employees during the period | 0 | 0 |
Notes to the Financial Statements
for the Period Ended 31 December 2022
3. Debtors
Other debtors - 2022 - £2,235 2021 - Nil
Notes to the Financial Statements
for the Period Ended 31 December 2022
4. Creditors: amounts falling due within one year note
Trade creditors - 2022- £121,115Corporation tax - 2022 - £3,817Social security and other taxes - 2022 - £13,074Other creditors - 2022 - £14,955Total - 2022 - £152,961