0 false false false false false false false false false true false false false false false true No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 207,283 1,878 209,161 209,161 207,283 xbrli:pure xbrli:shares iso4217:GBP 08582532 2022-07-01 2023-06-30 08582532 2023-06-30 08582532 2022-06-30 08582532 2022-06-30 08582532 bus:Director1 2022-07-01 2023-06-30 08582532 core:WithinOneYear 2023-06-30 08582532 core:WithinOneYear 2022-06-30 08582532 core:RestatedAmount core:WithinOneYear 2022-06-30 08582532 core:ShareCapital 2023-06-30 08582532 core:ShareCapital 2022-06-30 08582532 core:RetainedEarningsAccumulatedLosses 2023-06-30 08582532 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-06-30 08582532 core:RestatedAmount 2022-06-30 08582532 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 08582532 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 08582532 core:LandBuildings core:LongLeaseholdAssets 2022-06-30 08582532 core:LandBuildings core:LongLeaseholdAssets 2022-07-01 2023-06-30 08582532 bus:SmallEntities 2022-07-01 2023-06-30 08582532 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 08582532 bus:FullAccounts 2022-07-01 2023-06-30 08582532 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 08582532 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 08582532
Technoline Corporation Ltd.
Filleted Unaudited Financial Statements
30 June 2023
Technoline Corporation Ltd.
Statement of Financial Position
30 June 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Tangible assets
4
209,161
207,283
Current assets
Debtors
5
842
1,000
Cash at bank and in hand
70
----
-------
842
1,070
Creditors: amounts falling due within one year
6
7,947
35,725
-------
--------
Net current liabilities
7,105
34,655
---------
---------
Total assets less current liabilities
202,056
172,628
---------
---------
Net assets
202,056
172,628
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
201,056
171,628
---------
---------
Shareholders funds
202,056
172,628
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Technoline Corporation Ltd.
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 23 January 2024 , and are signed on behalf of the board by:
Mr Igors Plahins
Director
Company registration number: 08582532
Technoline Corporation Ltd.
Notes to the Financial Statements
Year ended 30 June 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 101 King's Cross Road, London, WC1X 9LP.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Long leasehold property
£
Cost or valuation
At 1 July 2022 (as restated)
207,283
Revaluations
1,878
---------
At 30 June 2023
209,161
---------
Depreciation
At 1 July 2022 and 30 June 2023
---------
Carrying amount
At 30 June 2023
209,161
---------
At 30 June 2022
207,283
---------
5. Debtors
2023
2022
(restated)
£
£
Other debtors
842
1,000
----
-------
6. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Corporation tax
5,247
Other creditors
2,700
35,725
-------
--------
7,947
35,725
-------
--------
7. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
(restated)
£
£
Not later than 1 year
35,665
----
--------
8. Prior period errors
During the financial year ended 30 June 2023, it was discovered that the company had incorrectly accounted for a finance lease as an operating lease in prior accounting periods, which gave rise to a material misstatement to the Statement of Comprehensive Income and the Statement of Financial Position for the 30 June 2022 comparative. The impact of this misstatement was that the leased asset, and corresponding lease liability creditor, was not recognised on the Statement of Financial Position in the comparative year and that additionally, cumulative lease repayments had been treated as operating expenses in full rather than being split into their component parts of interest and principal whereby only interest should have been charged to the Statement of Comprehensive Income. The 30 June 2022 comparative has been restated as follows: Cost of sales have been credited by £27,530 and the lease interest charge of £2,709 has been been debited to correct the Statement of Comprehensive Income and the balancing debit has been posted to reduce the finance lease creditor held on the Statement of Financial Position to £35,665 which reflects the correct balance due to the lessor on the finance lease at the balance sheet date. The opening balances on the Statement of Financial Position, for the financial year ended 30 June 2022, have been restated to recognise the leased asset at £207,283 under 'Tangible assets', the finance lease creditor at £63,195 under 'Other creditors' and the brought forward 'Profit and loss account' at £146,992 which reflects the cumulative retained profit from prior periods arising as a result of these adjustments. The lease term was for 10 years, ending in the 30 June 2023 financial year, and the historical and current postings have been fully updated to correct the accounting treatment regarding this prior period error.