REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
The Science Archive Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
The Science Archive Limited |
The Science Archive Limited (Registered number: 03211047) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
The Science Archive Limited |
Company Information |
for the year ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1st Floor |
Healthaid House |
Marlborough Hill |
Harrow |
Middlesex |
HA1 1UD |
The Science Archive Limited (Registered number: 03211047) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
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 |
The Science Archive Limited (Registered number: 03211047) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
The Science Archive Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis which assumes that the company will be able to continue trading for the foreseeable future. The company is dependent for this on the continuing support of its shareholders and loans from connected companies. The ultimate controlling party has, without creating a contractual obligation, indicated his intention to continue providing such additional funding as may be required, through other connected companies. |
The directors are therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results in the future could differ from those estimates. |
Turnover |
Revenue represents income recognised by the company in respect of biographies sold during the year, net of value added tax and trade discounts.Revenue is recognised in the period to which it relates. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Costs include all direct costs and an appropriate proportion of fixed and variable overheads. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date; however, 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
The Science Archive Limited (Registered number: 03211047) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
5. | RELATED PARTY DISCLOSURES |
Connected companies referred to in these financial statements share the same ultimate controlling party, Mr. V. Tracz. At the year end, £163,128 (2021 £163,128) was owed to the ultimate controlling party, included in other creditors. |
The management and operation of various connected companies is such that each company may incur expenses on behalf of other connected companies which are then recharged. At the balance sheet date the net amount due to these companies was £nil (2021 - £nil). |