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Company Registration No. 11008023 (England and Wales)
Tribeology Limited Unaudited accounts for the year ended 31 March 2023
Tribeology Limited Unaudited accounts Contents
Page
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Tribeology Limited Company Information for the year ended 31 March 2023
Directors
C T Markland B Nicoli
Company Number
11008023 (England and Wales)
Registered Office
1st Floor Olympus House Quedgeley Gloucester Gloucestershire GL2 4NF
Accountants
Virgate Accounts Ltd Olympus House Quedgeley Gloucester Gloucestershire GL2 4NF
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Tribeology Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
24,530 
37,059 
Tangible assets
8,467 
11,880 
32,997 
48,939 
Current assets
Inventories
214,348 
168,366 
Debtors
132,827 
130,285 
Cash at bank and in hand
48,754 
10,207 
395,929 
308,858 
Creditors: amounts falling due within one year
(97,211)
(460,611)
Net current assets/(liabilities)
298,718 
(151,753)
Total assets less current liabilities
331,715 
(102,814)
Creditors: amounts falling due after more than one year
(24,111)
(34,190)
Net assets/(liabilities)
307,604 
(137,004)
Capital and reserves
Called up share capital
18,153 
15,136 
Share premium
2,821,833 
1,641,496 
Profit and loss account
(2,532,382)
(1,793,636)
Shareholders' funds
307,604 
(137,004)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by
C T Markland Director Company Registration No. 11008023
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Tribeology Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Tribeology Limited is a private company, limited by shares, registered in England and Wales, registration number 11008023. The registered office is 1st Floor Olympus House, Quedgeley, Gloucester, Gloucestershire, GL2 4NF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
The financial statements have been prepared on the going concern basis. The Directors have confirmed that despite trading difficulties, they are now focusing on different markets, which is forecasted to raise revenue in 2023/24 to excess of £300k, with a further doubling of revenue expected in the following period. Therefore the preparation of these financial statements, on the going concern basis, is entirely appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Patents and licences are being amortised evenly over their estimated useful life of five years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% straight line
Computer equipment
20% straight line
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion. At each reporting date, an assessment is made for impairment. Any excess of carrying amount of stocks over its estimated selling price less costs to complete and sell, is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.
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Tribeology Limited Notes to the Accounts for the year ended 31 March 2023
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates at the reporting date. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Presentation currency
The accounts are presented in £ sterling.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 April 2022
62,647 
At 31 March 2023
62,647 
Amortisation
At 1 April 2022
25,588 
Charge for the year
12,529 
At 31 March 2023
38,117 
Net book value
At 31 March 2023
24,530 
At 31 March 2022
37,059 
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Tribeology Limited Notes to the Accounts for the year ended 31 March 2023
5
Tangible fixed assets
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2022
10,865 
6,202 
17,067 
At 31 March 2023
10,865 
6,202 
17,067 
Depreciation
At 1 April 2022
2,776 
2,411 
5,187 
Charge for the year
2,173 
1,240 
3,413 
At 31 March 2023
4,949 
3,651 
8,600 
Net book value
At 31 March 2023
5,916 
2,551 
8,467 
At 31 March 2022
8,089 
3,791 
11,880 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
39,120 
21,739 
Trade debtors
4,783 
82,368 
Accrued income and prepayments
83,394 
20,678 
Other debtors
5,530 
5,500 
132,827 
130,285 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
9,911 
9,680 
Trade creditors
52,397 
48,305 
Taxes and social security
- 
64,419 
Other creditors
7,179 
252,613 
Loans from directors
16,747 
16,745 
Accruals
5,027 
68,849 
Deferred income
5,950 
- 
97,211 
460,611 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
24,111 
34,190 
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).
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