Registered Number: 09709652
England & Wales
THINKTANK64 LTD
FILlETED UNAUDITED ACCOUNTS
For the year ended 31 March 2023
THINKTANK64 LTD
BALANCE SHEET
As at 31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 2 6,975 6,801
Current assets
Debtors 3 7,260 6,760
Cash at bank and in hand 26,638 26,786
33,898 33,546
Creditors - amounts falling due within one year 4 (5,883) (6,187)
Net current assets 28,015 27,359
Total assets less current liabilities 34,990 34,160
Provision for liabilities (229) (142)
Net assets 34,761 34,018
Capital and reserves
Called up share capital 100 100
Profit and loss account 34,661 33,918
Shareholder's funds 34,761 34,018
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 member has not required the company to obtain an audit of its accounts 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 Register of Companies.
Approved by the board on 2 November 2023 and signed on its behalf by:
Danny Stijelja
Director
The notes on pages 2 to 4 form an integral part of these accounts
Page 1
THINKTANK64 LTD
Notes to the Financial Statements
For the year ended 31 March 2023
1. Accounting policies
(a) Basis of preparation
The financial statements 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).
(b) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue 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.
(c) Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Plant and machinery etc 20% to 25% straight line
Motor vehicles 25% straight line
(d) Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised in full in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The carrying amount of deferred tax assets is reviewed at the end of each accounting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
(e) Pension costs
The company operates a defined contribution pension scheme. Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
(f) Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
(g) Foreign currency translation
Transactions in foreign currencies are recorded at the average exchange rate for the month in which the transaction takes place. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.
Page 2
THINKTANK64 LTD
Notes to the Financial Statements
For the year ended 31 March 2023
2. Employees 2023 2022
Number Number
Average number of persons employed by the company including directors 1 1
3. Tangible fixed assets
Plant and
Machinery Motor
etc Vehicles Total
£ £ £
Cost
At 1 April 2022 14,598 6,380 20,978
Additions 4,660 0 4,660
At 31 March 2023 19,258 6,380 25,638
Depreciation
At 1 April 2022 11,362 2,815 14,177
Charge for the year 2,891 1,595 4,486
At 31 March 2023 14,253 4,410 18,663
Net book value
At 31 March 2023 5,005 1,970 6,975
At 31 March 2022 3,236 3,565 6,801
4. Debtors 2023 2022
£ £
Trade debtors 7,260 6,760
7,260 6,760
Page 3
THINKTANK64 LTD
Notes to the Financial Statements
For the year ended 31 March 2023
5. Creditors - amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 3,809 4,054
Director's loan 1,020 1,079
Other creditors 1,054 1,054
5,883 6,187
6. Pension commitments
The company operates a defined contribution pension scheme on behalf of directors and certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The annual pension commitment under the scheme is for contributions of £0 (2022 - £3,000).
7. Controlling party
The company is controlled by Danny Stijelja by virtue of his shareholding in the company.
8. Statutory information
The company is a private company limited by shares and incorporated in England. Its registered office is:
PO Box MK420BT
53 Cardington Road
Bedford
MK42 0BT
Page 4
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