0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02291017 2022-09-01 2023-08-31 02291017 2023-08-31 02291017 2022-08-31 02291017 2021-09-01 2022-08-31 02291017 2022-08-31 02291017 2021-08-31 02291017 core:PlantMachinery 2022-09-01 2023-08-31 02291017 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 02291017 bus:Director1 2022-09-01 2023-08-31 02291017 bus:Director2 2022-09-01 2023-08-31 02291017 core:WithinOneYear 2023-08-31 02291017 core:WithinOneYear 2022-08-31 02291017 core:PlantMachinery 2023-08-31 02291017 core:ShareCapital 2023-08-31 02291017 core:ShareCapital 2022-08-31 02291017 core:RetainedEarningsAccumulatedLosses 2023-08-31 02291017 core:RetainedEarningsAccumulatedLosses 2022-08-31 02291017 bus:SmallEntities 2022-09-01 2023-08-31 02291017 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 02291017 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 02291017 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 02291017 bus:FullAccounts 2022-09-01 2023-08-31 02291017 bus:OrdinaryShareClass1 2023-08-31 02291017 bus:OrdinaryShareClass1 2022-08-31
COMPANY REGISTRATION NUMBER: 02291017
Facet Technology Limited
Filleted Unaudited Financial Statements
31 August 2023
Facet Technology Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Current assets
Debtors
6
34
Cash at bank and in hand
31,977
31,839
--------
--------
32,011
31,839
Creditors: amounts falling due within one year
7
33,534
32,938
--------
--------
Net current liabilities
1,523
1,099
-------
-------
Total assets less current liabilities
( 1,523)
( 1,099)
-------
-------
Net liabilities
( 1,523)
( 1,099)
-------
-------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 1,623)
( 1,199)
-------
-------
Shareholders deficit
( 1,523)
( 1,099)
-------
-------
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 31 August 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 .
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
Mr C W Siddall
Mrs D A Siddall
Director
Director
Company registration number: 02291017
Facet Technology Limited
Notes to the Financial Statements
Year ended 31 August 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which is dependent upon the continued support of the directors and related party.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
15% straight line
Office equipment
-
15 % straight line
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
During the year the average number of employees was 2 (2022 - 2) which consisted of the directors only.
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
917
2,000
2,917
----
-------
-------
Depreciation
At 1 September 2022 and 31 August 2023
917
2,000
2,917
----
-------
-------
Carrying amount
At 31 August 2023
----
-------
-------
At 31 August 2022
----
-------
-------
6. Debtors
2023
2022
£
£
Other debtors
34
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
590
575
Director loan accounts
2,944
2,363
Amount due to related undertaking
30,000
30,000
--------
--------
33,534
32,938
--------
--------
8. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Related party transactions
At the year end the company owed its director £2,944 (2022 - £2,363) which is shown amongst creditors. The company also owed the related party £30,000 (2022 - £30,000) which is shown amongst creditors.