Voltitude Ltd
Registered number: 12889188
Statement of Financial Position
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 624 10,075
Tangible assets 5 12,588 14,603
13,212 24,678
Current assets
Debtors 6 129,258 89,266
Financial assets 3,646 3,646
Cash at bank and in hand 498,803 224,439
631,707 317,351
Creditors: amounts falling due within one year 7 (57,573) (50,177)
Net current assets 574,134 267,174
Total assets less current liabilities 587,346 291,852
Provisions for liabilities (2,392) (2,775)
Net assets 584,954 289,077
Capital and reserves
Called up share capital 100 100
Profit and loss account 584,854 288,977
Shareholders' funds 584,954 289,077
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 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 Registrar of Companies.
P Stevens
Director
Approved by the board on 13 February 2024
Voltitude Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 2/3/5 year straight line
Investments
Unlisted investments (other than investments in subsidiaries, associates and joint ventures) are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Patents pending
Legal and Professional costs associated with the filing of patents are shown within other debtors until the point at which the patent is granted. Upon the patent being granted they will be shown as an intangible asset and amortised over the length of the patent.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 9 6
3 Grants
The company received an Aerospace Valley grant, the income is shown in the profit and loss in the period in which the funds were received.
2023 2022
£ £
Aerospace Valley grant 175 29,904
4 Intangible fixed assets £
Trademarks
Cost
At 1 October 2022 12,045
Disposals 1,347
At 30 September 2023 13,392
Amortisation
At 1 October 2022 1,970
Provided during the year 313
On disposals 10,485
At 30 September 2023 12,768
Net book value
At 30 September 2023 624
At 30 September 2022 10,075
Trademarks are being written off in equal annual instalments over their estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 27,524
Additions 10,013
At 30 September 2023 37,537
Depreciation
At 1 October 2022 12,921
Charge for the year 12,028
At 30 September 2023 24,949
Net book value
At 30 September 2023 12,588
At 30 September 2022 14,603
6 Debtors 2023 2022
£ £
Trade debtors 69,229 72,654
Prepayments 10,473 6,330
Other debtors 49,556 10,282
129,258 89,266
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 14,958 743
Accruals 975 930
Corporation tax - 9,191
Other taxes and social security costs 23,827 6,669
Other creditors 17,813 32,644
57,573 50,177
8 Other information
Voltitude Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Wenlock Road
London
N1 7GU
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