Gary James McQueen Digital Ltd - Accounts to registrar (filleted) - small 23.2.5
Gary James McQueen Digital Ltd - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Gary James McQueen Digital Ltd |
| Financial Statements |
| for the Year Ended 31 July 2023 |
| Gary James McQueen Digital Ltd (Registered number: 13517450) |
| Contents of the Financial Statements |
| for the year ended 31 July 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 5 |
| Gary James McQueen Digital Ltd |
| Company Information |
| for the year ended 31 July 2023 |
| Directors: |
| Registered office: |
| Registered number: |
| Gary James McQueen Digital Ltd (Registered number: 13517450) |
| Balance Sheet |
| 31 July 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| Current assets |
| Debtors | 4 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 5 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
6 |
| Net assets |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Gary James McQueen Digital Ltd (Registered number: 13517450) |
| Notes to the Financial Statements |
| for the year ended 31 July 2023 |
| 1. | Statutory information |
| Gary James Mcqueen Digital Limited, is a private company, limited by shares registered in England and Wales. The Company's registered office and registered number can be found on the Company Information page. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| The presentational currency of the financial statements is the Pound Sterling (£). |
| Amounts in these financial statements are rounding to the nearest £. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents amounts receivable for services provided in the year and is stated net of VAT recognised on the accruals basis of accounting. |
| Financial instruments |
| The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties. |
| (i) Financial assets |
| Basic financial assets, including other debtors and amounts due from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Income Statement. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other creditors, accruals and loans from related parties, are initially recognised at transaction price, unless that arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Gary James McQueen Digital Ltd (Registered number: 13517450) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2023 |
| 2. | Accounting policies - continued |
| (iii) Offsetting |
| Financial assets and liabilities are offset and the net amounts are presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Going concern |
| These financial statements have been prepared on a going concern basis. |
| The current economic conditions, present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
| Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
| In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
| 3. | Employees and directors |
| The average number of employees during the year was NIL (2022 - NIL). |
| 4. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Other debtors |
| Tax |
| Prepayments and accrued income |
| 5. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Tax |
| Directors' loan accounts | 4,343 | 613 |
| Accrued expenses |
| 6. | Creditors: amounts falling due after more than one year |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Gary James McQueen Digital Ltd (Registered number: 13517450) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2023 |
| 7. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £0.01 | 100 | 100 |
| 8. | Related party disclosures |
| Included within debtors due within one year are amounts owed by private companies totalling £20,770 (2022: £22,041) of which one of the directors has significant influence. |
| During the year, the Company made sales of £Nil (2022: £10,000) to a company which the directors have significant influence over. |
| The amounts are unsecured and interest free with no repayment terms. |
| 9. | Ultimate controlling party |
| The Company is under joint control of Gary James Mcqueen and Ilana Audrey Magar. |