8fifty4 Ltd

2022-04-012023-03-312023-03-31false089229848fifty4 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8fifty4 Ltd

Registered Number
08922984
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

8fifty4 Ltd

Company Information
for the year from 1 April 2022 to 31 March 2023


Directors	McMullen, Lee Dennis
	McMullen, Sarah


Company Secretary	McMullen, Sarah


Registered Address	21 Greywethers Avenue
	Swindon
	SN3 1QG


Registered Number	08922984 (England and Wales)

8fifty4 Ltd

Balance Sheet as at
31 March 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	5		76,230		5,111
			76,230		5,111
Current assets
Debtors		78,894		19,587
Cash at bank and on hand		1,078		87,736
		79,972		107,323
Creditors amounts falling due within one year	7	(12,992)		(14,922)
Net current assets (liabilities)			66,980		92,401
Total assets less current liabilities			143,210		97,512
Creditors amounts falling due after one year	8		(54,707)		-
Provisions for liabilities			(14,484)		(971)
Net assets			74,019		96,541
Capital and reserves
Called up share capital			100		100
Profit and loss account			73,919		96,441
Shareholders' funds			74,019		96,541

The company was entitled to exemption from audit for this reporting period 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 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 and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 21 December 2023, and are signed on its behalf by:

McMullen, Lee Dennis
Director
Registered Company No. 08922984

8fifty4 Ltd

Notes to the Financial Statements
for the year ended 31 March 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Fixtures and fittings	20	-
Vehicles	25	-
Office Equipment	-	4

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Deferred tax policy
	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.

Deferred tax policy

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.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

4.	Employee information


		2023		2022
	Average number of employees during the year	1		1

5.	Property, plant and equipment

		Total
		£
	Cost or valuation
	At 01 April 22	15,585
	Additions	73,166
	At 31 March 23	88,751
	Depreciation and impairment
	At 01 April 22	10,475
	Charge for year	2,046
	At 31 March 23	12,521
	Net book value
	At 31 March 23	76,230
	At 31 March 22	5,111

6.	Debtors within one year

	2023	2022
	£	£
Trade debtors / trade receivables	6,123	19,432
Other debtors	72,631	-
Prepayments and accrued income	140	155
Total	78,894	19,587


	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.

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.

7.	Creditors within one year

	2023	2022
	£	£
Taxation and social security	5,037	14,277
Finance lease and HP contracts	4,793	-
Other creditors	2,471	-
Accrued liabilities and deferred income	691	645
Total	12,992	14,922


	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.

8.	Creditors after one year

	2023	2022
	£	£
Other creditors	54,707	-
Total	54,707	-