Inside Matters Ltd - Filleted accounts

Inside Matters Ltd - Filleted accounts

INSIDE MATTERS LTD - Company Information

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Registered number
12360203
Inside Matters Ltd
Filleted Accounts
31 December 2022
Inside Matters Ltd
Registered number: 12360203
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 1,727 2,302
Current assets
Debtors 4 6,245 2,700
Cash at bank and in hand 3,013 3,090
9,258 5,790
Creditors: amounts falling due within one year 5 (10,970) (8,661)
Net current liabilities (1,712) (2,871)
Net assets/(liabilities) 15 (569)
Capital and reserves
Called up share capital 100 100
Profit and loss account (85) (669)
Shareholders' funds 15 (569)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Abayomi
Director
Approved by the board on 28 September 2023
Inside Matters Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the amounts , net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings, tools & equipment
£
Cost
At 1 January 2022 2,877
At 31 December 2022 2,877
Depreciation
At 1 January 2022 575
Charge for the year 575
At 31 December 2022 1,150
Net book value
At 31 December 2022 1,727
At 31 December 2021 2,302
4 Debtors 2022 2021
£ £
Trade debtors 6,245 2,700
5 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs 134 1,038
Other creditors 10,836 7,623
10,970 8,661
6 Other information
Inside Matters Ltd is a private company limited by shares and incorporated in England. Its registered office is:
7a Denbigh Gardens
Richmond
TW10 6EN
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