Your Tax Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 08176071

Your Tax Limited

Filleted Unaudited Financial Statements

31 August 2023

Your Tax Limited

Statement of Financial Position

31 August 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		37,286	4,983

Current assets

Debtors	6	29,001	60,611
Cash at bank and in hand		25,229	1,753
		--------	--------
		54,230	62,364

Creditors: amounts falling due within one year	7	40,364		34,064
		--------		--------
Net current assets			13,866	28,300
			--------	--------
Total assets less current liabilities			51,152	33,283

Creditors: amounts falling due after more than one year	8	45,893	32,386
		--------	--------
Net assets		5,259	897
		--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	5,258	896
	-------	----
Shareholders funds	5,259	897
	-------	----

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 statement of income and retained earnings has not been delivered.

For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Your Tax Limited

Statement of Financial Position (continued)

31 August 2023

These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:

Mrs C Gadd
Director

Company registration number: 08176071

Your Tax Limited

Notes to the Financial Statements

Year ended 31 August 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portway Farm, Portway Lane, Wigginton, Tamworth, B79 9LA.

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 have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Office equipment	-	25% 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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 September 2022	5,544	–	10,756	16,300
Additions	4,507	39,694	530	44,731
	--------	--------	--------	--------
At 31 August 2023	10,051	39,694	11,286	61,031
	--------	--------	--------	--------
Depreciation
At 1 September 2022	4,150	–	7,167	11,317
Charge for the year	1,475	9,924	1,029	12,428
	--------	--------	--------	--------
At 31 August 2023	5,625	9,924	8,196	23,745
	--------	--------	--------	--------
Carrying amount
At 31 August 2023	4,426	29,770	3,090	37,286
	--------	--------	--------	--------
At 31 August 2022	1,394	–	3,589	4,983
	--------	--------	--------	--------

6. Debtors

	2023	2022
	£	£
Trade debtors	11,697	10,597
Other debtors	17,304	50,014
	--------	--------
	29,001	60,611
	--------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	7,000	–
Trade creditors	5,689	1,975
Corporation tax	13,164	22,186
Social security and other taxes	9,730	7,859
Other creditors	1,662	722
Other creditors	3,119	1,322
	--------	--------
	40,364	34,064
	--------	--------

The company borrowed £35,937 in November 2020 under the Bounceback Scheme. The interest on the loan is at a fixed 2.5% repayable over 72 months. The interest for the first 12 months is paid by the Government under the Business Interruption Payment plan.

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	18,494	32,386
Other creditors	27,399	–
	--------	--------
	45,893	32,386
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2023
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mrs C Gadd	35,987	( 36,321)	( 334)
	--------	--------	----

	2022
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mrs C Gadd	39,731	( 3,744)	35,987
	--------	-------	--------

10. Related party transactions

The company was under the control of Mrs Gadd throughout the current year. Mrs Gadd is the managing director and majority shareholder. As at the balance sheet date the director owed the company £(334) (2022:£35,987) . The director is paying interest at the beneficial loan interest rate of 2%