Tax Guidance Limited Company accounts

Tax Guidance Limited Company accounts

TAX GUIDANCE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03006683
Tax Guidance Limited
Unaudited Financial Statements
31 January 2024
Tax Guidance Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4 to 5
Notes to the financial statements
6 to 7
Tax Guidance Limited
Officers and Professional Advisers
Director
Mr I J Grant
Company secretary
Mrs D S Grant
Registered office
5 Wigton Chase
Leeds
LS17 8SG
Bankers
HSBC
PO Box 105
33 Park Row
Leeds
West Yorkshire
LS1 1LD
Tax Guidance Limited
Director's Report
Year ended 31 January 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Director
The director who served the company during the year was as follows:
Mr I J Grant
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 4 April 2024 and signed on behalf of the board by:
Mr I J Grant
Director
Registered office:
5 Wigton Chase
Leeds
LS17 8SG
Tax Guidance Limited
Statement of Income and Retained Earnings
Year ended 31 January 2024
2024
2023
Note
£
£
Cost of sales
–
1,750
----
-------
Gross loss
–
( 1,750)
Administrative expenses
16,060
11,974
Other operating income
–
21,025
---------
---------
Operating (loss)/profit
( 16,060)
7,301
---------
---------
(Loss)/profit before taxation
( 16,060)
7,301
Tax on (loss)/profit
( 74)
–
---------
-------
(Loss)/profit for the financial year and total comprehensive income
( 15,986)
7,301
---------
-------
Dividends paid and payable
( 8,000)
( 20,000)
Retained earnings at the start of the year
47,949
60,648
---------
---------
Retained earnings at the end of the year
23,963
47,949
---------
---------
All the activities of the company are from continuing operations.
Tax Guidance Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
–
884
Current assets
Debtors
5
21,025
36,035
Cash at bank and in hand
12,631
12,517
---------
---------
33,656
48,552
Creditors: amounts falling due within one year
6
9,493
1,213
---------
---------
Net current assets
24,163
47,339
---------
---------
Total assets less current liabilities
24,163
48,223
Provisions
Taxation including deferred tax
–
74
---------
---------
Net assets
24,163
48,149
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
23,963
47,949
---------
---------
Shareholders funds
24,163
48,149
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 January 2024 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tax Guidance Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
Mr I J Grant
Director
Company registration number: 03006683
Tax Guidance Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Wigton Chase, Leeds, LS17 8SG.
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.
Income tax
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.
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
-
20% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 5 ).
5. Debtors
2024
2023
£
£
Trade debtors
( 10)
–
Other debtors
21,035
36,035
---------
---------
21,025
36,035
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
106
106
Social security and other taxes
280
–
Other creditors
9,107
1,107
-------
-------
9,493
1,213
-------
-------
7. Related party transactions
During the year dividends were paid to Mr I J Grant , company director and shareholder amounting to £200 (2023 £500). Dividends were paid to Mrs D S Grant , a shareholder and related party to Mr I J Grant of £7800 (2023 £19500). Mr I J Grant is the sole proprietor of Grants Advisory. No further transactions with related parties were undertaken such as are required to be disclosed.
8. Control
The company was under the control of Mr I J Grant throughout the current and previous year.