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COMPANY REGISTRATION NUMBER: 07542136
Inviteq Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
Inviteq Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,280
3,040
Current assets
Debtors
6
40,010
148,120
Cash at bank and in hand
73,999
29,883
---------
---------
114,009
178,003
Creditors: amounts falling due within one year
7
20,500
11,369
---------
---------
Net current assets
93,509
166,634
--------
---------
Total assets less current liabilities
95,789
169,674
--------
---------
Net assets
95,789
169,674
--------
---------
Capital and reserves
Called up share capital
75
75
Capital redemption reserve
25
25
Profit and loss account
95,689
169,574
--------
---------
Shareholders funds
95,789
169,674
--------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 28 February 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Inviteq Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Mr D R D Wilson
Director
Company registration number: 07542136
Inviteq Limited
Notes to the Financial Statements
Year ended 28 February 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 3 Wellbrook Court, Girton, Cambridge, CB3 0NA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially 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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
15,125
525
8,311
23,961
--------
----
-------
--------
Depreciation
At 1 March 2022
13,106
491
7,324
20,921
Charge for the year
505
9
246
760
--------
----
-------
--------
At 28 February 2023
13,611
500
7,570
21,681
--------
----
-------
--------
Carrying amount
At 28 February 2023
1,514
25
741
2,280
--------
----
-------
--------
At 28 February 2022
2,019
34
987
3,040
--------
----
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
5,016
Other debtors
40,010
143,104
--------
---------
40,010
148,120
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
20,500
11,369
--------
--------
8. Director's advances, credits and guarantees
During the year the company made advances to and received repayments from the director. Interest has been charged at the official HMRC rate on all overdrawn loan account balances once greater than £10,000, there are no repayment terms.
2023 2022
£ £
Advances 253 47,882
Repayments 47,790 99,100
Balance owed to company 47,537