Company Registration No. 11008023 (England and Wales)
Tribeology Limited
Unaudited accounts
for the year ended 31 March 2023
Tribeology Limited
Unaudited accounts
Contents
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
Tribeology Limited
Statement of financial position
as at 31 March 2023
Intangible assets
24,530
37,059
Tangible assets
8,467
11,880
Inventories
214,348
168,366
Cash at bank and in hand
48,754
10,207
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)
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
Tribeology Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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 (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 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.
Tribeology Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
Expenditure on research and development is written off in the year in which it is incurred.
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.
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.
The accounts are presented in £ sterling.
4
Intangible fixed assets
Other
Charge for the year
12,529
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
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
At 31 March 2023
5,916
2,551
8,467
At 31 March 2022
8,089
3,791
11,880
Amounts falling due within one year
Trade debtors
4,783
82,368
Accrued income and prepayments
83,394
20,678
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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
8
Creditors: amounts falling due after more than one year
2023
2022
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).