Registered number
10637037
TECH 321 LTD
Filleted Accounts
28 February 2023
TECH 321 LTD
Registered number: 10637037
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 263 350
Current assets
Stocks 11,850 9,520
Debtors 4 4,530 246
Cash at bank and in hand 1,365 9,359
17,745 19,125
Creditors: amounts falling due within one year 5 (761) (1,318)
Net current assets 16,984 17,807
Total assets less current liabilities 17,247 18,157
Creditors: amounts falling due after more than one year 6 (37) (38)
Net assets 17,210 18,119
Capital and reserves
Called up share capital 1 1
Profit and loss account 17,209 18,118
Shareholders' funds 17,210 18,119
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
SHAZAD KAMAR KHAN
Director
Approved by the board on 2 October 2023
TECH 321 LTD
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 868
At 28 February 2023 868
Depreciation
At 1 March 2022 518
Charge for the year 87
At 28 February 2023 605
Net book value
At 28 February 2023 263
At 28 February 2022 350
4 Debtors 2023 2022
£ £
Trade debtors 4,530 246
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 41 197
Other creditors 720 1,121
761 1,318
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 37 38
7 Other information
TECH 321 LTD is a private company limited by shares and incorporated in England. Its registered office is:
OFFICE 1A
1st FLOOR, LEEDS OLD ROAD
84 LEEDS OLD ROAD
BRADFORD
BD3 8HX
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