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COMPANY REGISTRATION NUMBER: 08870608
313M TECHNOLOGY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
313M TECHNOLOGY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
313M TECHNOLOGY LIMITED
BALANCE SHEET
31 January 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
152,708
211,693
Current assets
Debtors
6
43,177
160,329
Cash at bank and in hand
260,626
227,640
------------
------------
303,803
387,969
Creditors: amounts falling due within one year
7
( 147,674)
( 314,551)
------------
------------
Net current assets
156,129
73,418
------------
------------
Total assets less current liabilities
308,837
285,111
Creditors: amounts falling due after more than one year
8
( 23,950)
( 33,443)
Provisions
Taxation including deferred tax
( 23,569)
( 19,278)
------------
------------
Net assets
261,318
232,390
------------
------------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
261,218
232,290
------------
------------
Shareholders funds
261,318
232,390
------------
------------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 January 2023 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
313M TECHNOLOGY LIMITED
BALANCE SHEET (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
Mrs K Y Bedford Director
Company registration number: 08870608
313M TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
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.
Grants
Revenue grants are matched against associated revenue expenditure in the profit and loss account.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initally recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold Property
-
over the term of the lease
Plant and Machinery
-
25% reducing balance
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
33% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).
5. Tangible assets
Leasehold Property
Plant and Machinery
Fixtures and Fittings
Motor Vehicles
Computer Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2022
88,287
256,832
49,736
12,000
10,908
417,763
Additions
2,023
2,916
4,630
9,569
------------
------------
------------
------------
------------
------------
At 31 Jan 2023
90,310
256,832
52,652
12,000
15,538
427,332
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Feb 2022
50,106
120,881
26,859
3,000
5,224
206,070
Charge for the year
21,093
33,988
6,448
2,250
4,775
68,554
------------
------------
------------
------------
------------
------------
At 31 Jan 2023
71,199
154,869
33,307
5,250
9,999
274,624
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Jan 2023
19,111
101,963
19,345
6,750
5,539
152,708
------------
------------
------------
------------
------------
------------
At 31 Jan 2022
38,181
135,951
22,877
9,000
5,684
211,693
------------
------------
------------
------------
------------
------------
6. Debtors
2023
2022
£
£
Prepayments and accrued income
25,178
145,329
Corporation tax recoverable
2,999
Other debtors
15,000
15,000
------------
------------
43,177
160,329
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
9,497
9,260
Trade creditors
9,350
13,111
Accruals and deferred income
6,126
132,130
Corporation tax
39,956
Social security and other taxes
25,076
22,028
Director's loan account
97,625
98,066
------------
------------
147,674
314,551
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
23,950
33,443
------------
------------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
23,569
19,278
------------
------------
10. Pensions
The company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by trustees in funds independent from those of the company.
The total contributions paid in the year amounted to £3,940 (2022: £2,769).
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
30,000
30,000
Later than 1 year and not later than 5 years
5,000
35,000
------------
------------
35,000
65,000
------------
------------
13. Related party transactions
The director's loan account of £97,625 (2022: £98,066) set out at note 9 above is unsecured, repayable on demand and currently interest-free. A director had provided a personal guarantee in support of the company's operating lease commitments. The company is controlled by the estate of P Mistry deceased.