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Company Registration No. 11652803 (England and Wales)
Techshift Limited Unaudited accounts for the year ended 31 October 2023
Techshift Limited Unaudited accounts Contents
Page
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Techshift Limited Company Information for the year ended 31 October 2023
Directors
Callum Charles Coombes James Rogers Matthew Rumbelow
Company Number
11652803 (England and Wales)
Registered Office
The Enterprise Centre UEA Norwich Research Park Norwich Norfolk NR47TJ England
Accountants
Ratiobox Limited 17-19 Sawmills Road Diss IP22 4GG
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Techshift Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
50,930 
57,299 
Tangible assets
1,048 
422 
51,978 
57,721 
Current assets
Debtors
- 
7,714 
Cash at bank and in hand
134,657 
89,836 
134,657 
97,550 
Creditors: amounts falling due within one year
(16,400)
(11,396)
Net current assets
118,257 
86,154 
Total assets less current liabilities
170,235 
143,875 
Creditors: amounts falling due after more than one year
(50,000)
(50,000)
Provisions for liabilities
Deferred tax
- 
(80)
Net assets
120,235 
93,795 
Capital and reserves
Called up share capital
963 
963 
Share premium
237,284 
237,284 
Capital redemption reserve
53 
53 
Capital contribution reserve
7,350 
7,350 
Profit and loss account
(125,415)
(151,855)
Shareholders' funds
120,235 
93,795 
For the year ending 31 October 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 15 February 2024 and were signed on its behalf by
Callum Charles Coombes Director Company Registration No. 11652803
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Techshift Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Techshift Limited is a private company, limited by shares, registered in England and Wales, registration number 11652803. The registered office is The Enterprise Centre UEA, Norwich Research Park, Norwich, Norfolk, NR47TJ, England.
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.
Presentation currency
The accounts are presented in £ sterling.
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. 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 included at cost less accumulated amortisation.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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:
Computer equipment
3 Years Straight Line
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Techshift Limited Notes to the Accounts for the year ended 31 October 2023
Deferred taxation
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.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 November 2022
63,668 
At 31 October 2023
63,668 
Amortisation
At 1 November 2022
6,369 
Charge for the year
6,369 
At 31 October 2023
12,738 
Net book value
At 31 October 2023
50,930 
At 31 October 2022
57,299 
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 November 2022
633 
Additions
989 
At 31 October 2023
1,622 
Depreciation
At 1 November 2022
211 
Charge for the year
363 
At 31 October 2023
574 
Net book value
At 31 October 2023
1,048 
At 31 October 2022
422 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Other debtors
- 
7,714 
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Techshift Limited Notes to the Accounts for the year ended 31 October 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
5,255 
2,474 
Trade creditors
11,145 
4,080 
Deferred income
- 
4,842 
16,400 
11,396 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
50,000 
50,000 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
963,017 Ordinary shares of £0.001 each
963.01 
963.01 
10
Average number of employees
During the year the average number of employees was 4 (2022: 4).
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