1
28 September 2022
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
25,392
7,497
1,586
9,083
16,309
17,895
xbrli:pure
xbrli:shares
iso4217:GBP
06346900
2021-08-01
2022-06-30
06346900
2022-06-30
06346900
2021-07-31
06346900
2020-08-01
2021-07-31
06346900
2021-07-31
06346900
bus:Director1
2021-08-01
2022-06-30
06346900
core:WithinOneYear
2022-06-30
06346900
core:WithinOneYear
2021-07-31
06346900
core:ShareCapital
2022-06-30
06346900
core:ShareCapital
2021-07-31
06346900
core:RetainedEarningsAccumulatedLosses
2022-06-30
06346900
core:RetainedEarningsAccumulatedLosses
2021-07-31
06346900
bus:Director1
2021-07-31
06346900
bus:Director1
2022-06-30
06346900
bus:Director1
2020-07-31
06346900
bus:Director1
2021-07-31
06346900
bus:Director1
2020-08-01
2021-07-31
06346900
bus:SmallEntities
2021-08-01
2022-06-30
06346900
bus:Audited
2021-08-01
2022-06-30
06346900
bus:FullAccounts
2021-08-01
2022-06-30
06346900
bus:SmallCompaniesRegimeForAccounts
2021-08-01
2022-06-30
06346900
bus:PrivateLimitedCompanyLtd
2021-08-01
2022-06-30
06346900
core:OfficeEquipment
2021-08-01
2022-06-30
06346900
core:OfficeEquipment
2022-06-30
06346900
core:OfficeEquipment
2021-07-31
COMPANY REGISTRATION NUMBER:
06346900
Filleted Financial Statements
|
|
30 June 2022
|
30 Jun 22
|
31 Jul 21
|
Note
|
£
|
£
|
£
|
£
|
|
|
|
|
|
Fixed assets
Tangible assets
|
5
|
|
16,309
|
|
17,895
|
|
|
|
|
|
|
Current assets
Debtors
|
6
|
184,738
|
|
123,519
|
|
Cash at bank and in hand
|
105,793
|
|
22,457
|
|
|
---------
|
|
---------
|
|
|
290,531
|
|
145,976
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
91,405
|
|
53,929
|
|
|
---------
|
|
---------
|
|
Net current assets
|
|
199,126
|
|
92,047
|
|
|
---------
|
|
---------
|
Total assets less current liabilities
|
|
215,435
|
|
109,942
|
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
3,099
|
|
3,400
|
|
|
---------
|
|
---------
|
Net assets
|
|
212,336
|
|
106,542
|
|
|
---------
|
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
|
100
|
Profit and loss account
|
|
212,236
|
|
106,442
|
|
|
---------
|
|
---------
|
Shareholder funds
|
|
212,336
|
|
106,542
|
|
|
---------
|
|
---------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit & loss account has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
28 September 2022
, and are signed on behalf of the board by:
Company registration number:
06346900
Notes to the Financial Statements
|
|
Period from 1 August 2021 to 30 June 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor, 48 Dover Street, London, W1S 4FF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements are prepared on the going concern basis, under the historical cost convention, and comply with the financial reporting standards of the Financial Reporting Council and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currency policies
Foreign currency transactions are recorded by applying the exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date.
Trade and other debtors
Trade and other debtors are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
Cash and cash equivalents
Cash and equivalents include cash on hand and demand deposits. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
Creditors and accruals
Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. Trade payables are recognised initially at the transition price and subsequently at amortised cost.
Share capital
Ordinary shares are classified as equity.
Judgements and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on amounts recognised in the financial statements are discussed below: Estimate of useful life for fixed assets Fixed assets consist of computer and office equipment. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review the asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Current taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at invoiced cost inclusive of VAT, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment
|
-
|
10% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
(2021:
1
).
5.
Tangible assets
|
Equipment
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 August 2021 and 30 June 2022
|
25,392
|
25,392
|
|
--------
|
--------
|
Depreciation
|
|
|
At 1 August 2021
|
7,497
|
7,497
|
Charge for the period
|
1,586
|
1,586
|
|
--------
|
--------
|
At 30 June 2022
|
9,083
|
9,083
|
|
--------
|
--------
|
Carrying amount
|
|
|
At 30 June 2022
|
16,309
|
16,309
|
|
--------
|
--------
|
At 31 July 2021
|
17,895
|
17,895
|
|
--------
|
--------
|
|
|
|
6.
Debtors
|
30 Jun 22
|
31 Jul 21
|
|
£
|
£
|
Trade debtors
|
1,784
|
6,585
|
Other debtors
|
182,954
|
116,934
|
|
---------
|
---------
|
|
184,738
|
123,519
|
|
---------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
30 Jun 22
|
31 Jul 21
|
|
£
|
£
|
Bank loans and overdrafts
|
5,779
|
2,319
|
Trade creditors
|
7,404
|
–
|
Corporation tax
|
66,326
|
41,443
|
Other creditors
|
11,896
|
10,167
|
|
--------
|
--------
|
|
91,405
|
53,929
|
|
--------
|
--------
|
|
|
|
8.
Principal risks and uncertainties
The Company is exposed to various risks which are actively monitored. The Company strives to manage and mitigate those risks that it has influence upon in order to ensure that the risks are within the Company risk appetite. The Company has a low-risk appetite. The principal risks the Company faces are described below, together with details of how these risks are mitigated.
Credit Risk
Credit risk can arise from the Company's creditors failing to pay amounts outstanding to the company. The Company monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk. The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.
Liquidity Risk
Liquidity risk is the risk that the Company would not have sufficient cash or liquid financial resources to meet its day-to-day obligations as they fall due. The Company's director reviews the liquid resources on a regular basis and ensures that sufficient resources are available to meet liabilities as they fall due through a combination of cash and cash equivalents, and cash flows.
9.
Capital management and capital resources
The Company's regulatory capital resources management objective is to ensure it complies with the regulatory capital resources requirement set by the FCA. The minimum capital requirement is driven by the ICARA base capital resources requirement. At the year end the capital requirement was £50,000 (2021: £50,000). Regulatory capital is represented by the share capital and retained earnings of the company, which at the year end was £212,336 (2021: £106,542).
10.
Summary audit opinion
The auditor's report for the period dated
28 September 2022
was
unqualified
.
The senior statutory auditor was
Ms Kate Crossan
, for and on behalf of
Lenfestey & Co
.
11.
Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
|
30 Jun 22
|
|
|
Balance brought forward
|
Advances/ (credits) to the director
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
£
|
|
Mr G Ryan
|
29,650
|
87,231
|
(
49,344)
|
67,537
|
|
|
--------
|
--------
|
--------
|
--------
|
|
|
|
|
|
|
|
31 Jul 21
|
|
|
Balance brought forward
|
Advances/ (credits) to the director
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
£
|
|
Mr G Ryan
|
86,434
|
58,705
|
(
115,489)
|
29,650
|
|
|
--------
|
--------
|
---------
|
--------
|
|
|
|
|
|
|
12.
Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.