8
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
11323471
2022-08-01
2023-07-31
11323471
2023-07-31
11323471
2022-07-31
11323471
2021-08-01
2022-07-31
11323471
2022-07-31
11323471
core:PlantMachinery
2022-08-01
2023-07-31
11323471
core:FurnitureFittings
2022-08-01
2023-07-31
11323471
bus:Director2
2022-08-01
2023-07-31
11323471
core:PlantMachinery
2022-07-31
11323471
core:PlantMachinery
2023-07-31
11323471
core:FurnitureFittings
2023-07-31
11323471
core:WithinOneYear
2023-07-31
11323471
core:WithinOneYear
2022-07-31
11323471
core:AfterOneYear
2023-07-31
11323471
core:AfterOneYear
2022-07-31
11323471
core:ShareCapital
2023-07-31
11323471
core:ShareCapital
2022-07-31
11323471
core:SharePremium
2023-07-31
11323471
core:SharePremium
2022-07-31
11323471
core:RetainedEarningsAccumulatedLosses
2023-07-31
11323471
core:RetainedEarningsAccumulatedLosses
2022-07-31
11323471
core:PlantMachinery
2022-07-31
11323471
bus:SmallEntities
2022-08-01
2023-07-31
11323471
bus:AuditExemptWithAccountantsReport
2022-08-01
2023-07-31
11323471
bus:FullAccounts
2022-08-01
2023-07-31
11323471
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-31
11323471
bus:PrivateLimitedCompanyLtd
2022-08-01
2023-07-31
COMPANY REGISTRATION NUMBER:
11323471
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 July 2023
Fixed Assets
Tangible assets |
5 |
38,196 |
32,114 |
|
|
|
|
Current Assets
Stocks |
12,722 |
20,519 |
Debtors |
6 |
261,801 |
244,939 |
Cash at bank and in hand |
358,931 |
61 |
|
--------- |
--------- |
|
633,454 |
265,519 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
280,864 |
468,203 |
|
--------- |
--------- |
Net Current Assets/(Liabilities) |
352,590 |
(
202,684) |
|
--------- |
--------- |
Total Assets Less Current Liabilities |
390,786 |
(
170,570) |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
40,164 |
329,788 |
|
--------- |
--------- |
Net Assets/(Liabilities) |
350,622 |
(
500,358) |
|
--------- |
--------- |
|
|
|
|
Capital and Reserves
Called up share capital |
145 |
111 |
Share premium account |
2,172,301 |
260,650 |
Profit and loss account |
(
1,821,824) |
(
761,119) |
|
------------ |
--------- |
Shareholders Funds/(Deficit) |
350,622 |
(
500,358) |
|
------------ |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 July 2023
These financial statements were approved by the
board of directors
and authorised for issue on
24 November 2023
, and are signed on behalf of the board by:
Company registration number:
11323471
Notes to the Financial Statements |
|
Year Ended 31 July 2023
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 316a Beulah Hill, London, SE19 3HF, United Kingdom.
2.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Research and Development Expenditure
Research and development expenditure is expensed as incurred during the year.
Going Concern
The company's product development has been more challenging than expected and this has had a direct impact on sales and therefore profitability for the year. The company has presented it's revised product and sales plan to its investor and expects to complete a further equity fundraising round that will support the business plan. Taking the investor ongoing support and future forecasts the directors consider that they have a reasonable expectation that the company has adequate resources to continue in in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Basic Financial Assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment of Financial Assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of Financial Assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic Financial Liabilities
Basic financial liabilities, including trade and other creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of Financial Liabilities
Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire
Equity Instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement Benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments
Government Grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Revenue Recognition
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Foreign Exchange
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income
Cash and Cash Equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
50% straight line |
|
Fixtures and fittings |
- |
33% straight line |
|
Equipment |
- |
|
|
|
|
|
Impairment of Fixed Assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
8
(2022:
9
).
5.
Tangible Assets
|
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 August 2022 |
59,428 |
– |
|
62,234 |
Additions |
– |
3,863 |
|
31,215 |
|
-------- |
------- |
-------- |
-------- |
At 31 July 2023 |
59,428 |
3,863 |
|
93,449 |
|
-------- |
------- |
-------- |
-------- |
Depreciation |
|
|
|
|
At 1 August 2022 |
28,327 |
– |
|
30,120 |
Charge for the year |
23,598 |
322 |
|
25,133 |
|
-------- |
------- |
-------- |
-------- |
At 31 July 2023 |
51,925 |
322 |
|
55,253 |
|
-------- |
------- |
-------- |
-------- |
Carrying amount |
|
|
|
|
At 31 July 2023 |
7,503 |
3,541 |
|
38,196 |
|
-------- |
------- |
-------- |
-------- |
At 31 July 2022 |
31,101 |
– |
|
32,114 |
|
-------- |
------- |
-------- |
-------- |
|
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
18,001 |
Other debtors |
261,801 |
226,938 |
|
--------- |
--------- |
|
261,801 |
244,939 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
12,334 |
12,978 |
Trade creditors |
96,015 |
138,697 |
Social security and other taxes |
19,302 |
72,689 |
Other creditors |
153,213 |
243,839 |
|
--------- |
--------- |
|
280,864 |
468,203 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Social security and other taxes |
– |
161,780 |
Other creditors |
40,164 |
168,008 |
|
-------- |
--------- |
|
40,164 |
329,788 |
|
-------- |
--------- |
|
|
|
9.
Directors' Advances, Credits and Guarantees
At the year end, £43,520 was due to be repaid to the directors (2022: £57,153) due to personally paid expenses and monies not yet drawn. There is no set terms for repayment and no interest being charged.