Carbon Application Technology Limited
Company Registration No. 04054329 (England And Wales)
Unaudited Financial Statements
Year Ended 31 January 2023
CARBON APPLICATION TECHNOLOGY LIMITED
Carbon Application Technology Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CARBON APPLICATION TECHNOLOGY LIMITED
Carbon Application Technology Limited
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,824
38,562
Current assets
Debtors
5
57,141
27,300
Investments
6
69,009
84,503
Cash at bank and in hand
11,595
2,498
137,745
114,301
Creditors: amounts falling due within one year
7
(17,436)
(8,226)
Net current assets
120,309
106,075
Net assets
127,133
144,637
Capital and reserves
Called up share capital
220,000
220,000
Profit and loss reserves
(92,867)
(75,363)
Total equity
127,133
144,637
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CARBON APPLICATION TECHNOLOGY LIMITED
Carbon Application Technology Limited
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 January 2024 and are signed on its behalf by:
Dr K Juma
Director
Company registration number 04054329 (England and Wales)
CARBON APPLICATION TECHNOLOGY LIMITED
Carbon Application Technology Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Carbon Application Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit E Hixon Industrial Estate, Hixon, Staffordshire, ST18 0YP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
12.5% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CARBON APPLICATION TECHNOLOGY LIMITED
Carbon Application Technology Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.4
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
CARBON APPLICATION TECHNOLOGY LIMITED
Carbon Application Technology Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 February 2022
310,193
9,781
1,248
321,222
Disposals
(303,472)
(936)
(304,408)
At 31 January 2023
6,721
9,781
312
16,814
Depreciation and impairment
At 1 February 2022
275,654
5,758
1,248
282,660
Depreciation charged in the year
486
603
1,089
Eliminated in respect of disposals
(272,823)
(936)
(273,759)
At 31 January 2023
3,317
6,361
312
9,990
Carrying amount
At 31 January 2023
3,404
3,420
6,824
At 31 January 2022
34,539
4,023
38,562
4
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
69,009
84,503
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
(7,500)
Corporation tax recoverable
14,857
6,696
Other debtors
49,784
20,604
57,141
27,300
CARBON APPLICATION TECHNOLOGY LIMITED
Carbon Application Technology Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Current asset investments
2023
2022
£
£
Other investments
69,009
84,503
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
14,857
6,696
Other taxation and social security
1,054
129
Other creditors
1,525
1,401
17,436
8,226
8
Prior period adjustment
Reconciliation of changes in equity
1 February
31 January
2021
2022
£
£
Adjustments to prior year
Correction of depreciation
-
9,104
Correction of DLA
-
203
Total adjustments
-
9,307
Equity as previously reported
181,447
135,330
Equity as adjusted
181,447
144,637
Analysis of the effect upon equity
Profit and loss reserves
-
9,307