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Registration number: 09451854

TECHNOCRAT XP@ LTD

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

TECHNOCRAT XP@ LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

TECHNOCRAT XP@ LTD

Company Information

Directors

Mrs TA Ayo-Yusuf

Mrs OA Ayo-Yusuf

Registered office

78 Fitz Roy Avenue
Birmingham
B17 8RQ

Accountants

Clever Accounts Limited
Brookfield Court
Selby Road
Leeds
LS25 1NB

 

TECHNOCRAT XP@ LTD

(Registration number: 09451854)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,808

7,232

Tangible assets

5

735,491

701,535

 

738,299

708,767

Current assets

 

Debtors

1,053,904

1,035,254

Cash at bank and in hand

 

8,124,506

8,449,712

 

9,178,410

9,484,966

Creditors: Amounts falling due within one year

(9,095,638)

(9,097,840)

Net current assets

 

82,772

387,126

Total assets less current liabilities

 

821,071

1,095,893

Creditors: Amounts falling due after more than one year

273,000

48,000

Net assets

 

1,094,071

1,143,893

Capital and reserves

 

Retained earnings

1,094,071

1,143,893

Shareholders' funds

 

1,094,071

1,143,893

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

TECHNOCRAT XP@ LTD

(Registration number: 09451854)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 3 November 2023 and signed on its behalf by:
 

.........................................

Mrs TA Ayo-Yusuf
Director

.........................................

Mrs OA Ayo-Yusuf
Director

 

TECHNOCRAT XP@ LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
78 Fitz Roy Avenue
Birmingham
B17 8RQ

These financial statements were authorised for issue by the Board on 3 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

TECHNOCRAT XP@ LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

15% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

TECHNOCRAT XP@ LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

 

TECHNOCRAT XP@ LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

29,495

29,495

At 28 February 2023

29,495

29,495

Amortisation

At 1 March 2022

22,263

22,263

Amortisation charge

4,424

4,424

At 28 February 2023

26,687

26,687

Carrying amount

At 28 February 2023

2,808

2,808

At 28 February 2022

7,232

7,232

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

-

1,954

13,330

15,284

Additions

699,972

9,811

37,075

746,858

At 28 February 2023

699,972

11,765

50,405

762,142

Depreciation

At 1 March 2022

-

391

13,330

13,721

Charge for the year

-

3,661

9,269

12,930

At 28 February 2023

-

4,052

22,599

26,651

Carrying amount

At 28 February 2023

699,972

7,713

27,806

735,491

At 28 February 2022

699,972

1,563

-

701,535

Included within the net book value of land and buildings above is £699,972 (2022 - £699,972) in respect of freehold land and buildings.
 

 

TECHNOCRAT XP@ LTD

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

(273,000)

(48,000)