Contents of the Financial Statements

for the Period Ended 31 August 2023

Balance sheet

As at 31 August 2023

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 August 2023 the company was entitled to exemption 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 August 2023

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is recognised at the fair value of the consideration received or receivable for goods and servicesprovided in the normal course of business, and is shown net of VAT and other sales related taxes. The fairvalue of consideration takes into account trade discounts, settlement discounts and volume rebates.When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration isthe present value of the future receipts. The difference between the fair value of the consideration and thenominal amount received is recognised as interest income.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of thegoods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measuredreliably, it is probable that the economic benefits associated with the transaction will flow to the entity andthe costs incurred or to be incurred in respect of the transaction can be measured reliably.Revenue from contracts for the provision of professional services is recognised by reference to the stage ofcompletion when the stage of completion, costs incurred and costs to complete can be estimated reliably.The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourlystaff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably,revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values overtheir useful lives on the following bases:Fixtures and fittings 33% straight lineThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceedsand the carrying value of the asset, and is credited or charged to profit or loss.

  Other accounting policies

  Cash and cash equivalentsCash and cash equivalents are basic financial assets and include cash in hand, deposits held at call withbanks, other short-term liquid investments with original maturities of three months or less, and bankoverdrafts. Bank overdrafts are shown within borrowings in current liabilities.1.6 Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's statement of financial position when the companybecomes party to the contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on anet basis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors, are initially measured at transaction price includingtransaction costs and are subsequently carried at amortised cost using the effective interest method unlessthe arrangement constitutes a financing transaction, where the transaction is measured at the present valueof the future receipts discounted at a market rate of interest. Financial assets classified as receivable withinone year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractualarrangements entered into. An equity instrument is any contract that evidences a residual interest in theassets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preferenceshares that are classified as debt, are initially recognised at transaction price unless the arrangementconstitutes a financing transaction, where the debt instrument is measured at the present value of the futurepayments discounted at a market rate of interest. Financial liabilities classified as payable within one yearare not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ofbusiness from suppliers. Amounts payable are classified as current liabilities if payment is due within oneyear or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially attransaction price and subsequently measured at amortised cost using the effective interest method.1.7 Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net of transaction costs.Dividends payable on equity instruments are recognised as liabilities once they are no longer at thediscretion of the company.1.8 TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the income statement because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxable or deductible. The company’sliability for current tax is calculated using tax rates that have been enacted or substantively enacted by thereporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets arerecognised to the extent that it is probable that they will be recovered against the reversal of deferred taxliabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing differencearises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affectsneither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extentthat it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset tobe recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when theliability is settled or the asset is realised. Where items recognised in other comprehensive income or equityare chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income ispresented in the same component of comprehensive income or equity as the transaction or other event thatresulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has alegally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilitiesrelate to taxes levied by the same tax authority.1.9 Employee benefitsThe costs of short-term employee benefits are recognised as a liability and an expense, unless those costs arerequired to be recognised as part of the cost of stock or fixed assets.The cost of any unused holiday entitlement is recognised in the period in which the employee’s services arereceived.Termination benefits are recognised immediately as an expense when the company is demonstrablycommitted to terminate the employment of an employee or to provide termination benefits.LeasesRentals payable under operating leases, including any lease incentives received, are charged to profit or losson a straight line basis over the term of the relevant lease except where another more systematic basis ismore representative of the time pattern in which economic benefits from the leases asset are consumed.Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.Initial direct costs incurred in negotiating and arranging an operating lease are added to the carryingamount of the leased asset and recognised on a straight line basis over the lease term.

Notes to the Financial Statements

for the Period Ended 31 August 2023

• 2. Employees

  	2023	2022
  Average number of employees during the period	0	1