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2023-08-31
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2022-09-01
Sage Accounts Production 23.0 - FRS102_2023
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xbrli:shares
iso4217:GBP
NI663613
2022-09-01
2023-08-31
NI663613
2023-08-31
NI663613
2022-08-31
NI663613
2021-09-01
2022-08-31
NI663613
2022-08-31
NI663613
2021-08-31
NI663613
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2022-09-01
2023-08-31
NI663613
bus:RegisteredOffice
2022-09-01
2023-08-31
NI663613
bus:LeadAgentIfApplicable
2022-09-01
2023-08-31
NI663613
bus:Director1
2022-09-01
2023-08-31
NI663613
bus:Director2
2022-09-01
2023-08-31
NI663613
core:WithinOneYear
2023-08-31
NI663613
core:WithinOneYear
2022-08-31
NI663613
core:AfterOneYear
2023-08-31
NI663613
core:AfterOneYear
2022-08-31
NI663613
core:ShareCapital
2023-08-31
NI663613
core:ShareCapital
2022-08-31
NI663613
core:SharePremium
2023-08-31
NI663613
core:SharePremium
2022-08-31
NI663613
core:RetainedEarningsAccumulatedLosses
2023-08-31
NI663613
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2022-08-31
NI663613
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2023-08-31
NI663613
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2022-09-01
2023-08-31
NI663613
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2022-09-01
2023-08-31
NI663613
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2022-09-01
2023-08-31
NI663613
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2022-09-01
2023-08-31
NI663613
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2022-09-01
2023-08-31
Company registration number:
NI663613
Retinize Limited
Abridged filleted financial statements
31 August 2023
Retinize Limited
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Notes to the financial statements
Retinize Limited
Directors and other information
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Directors |
Mr David Philip Morrow |
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Mr Jack Morrow |
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Company number |
NI663613 |
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Registered office |
2 Crescent Gardens |
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Belfast |
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BT7 1NS |
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Auditor |
Hill Vellacott |
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22 Great Victoria Street |
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Belfast |
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Co Antrim |
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BT2 7BA |
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Bankers |
Danske Bank |
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Donegall Square West |
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Belfast |
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Co. Antrim |
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BT1 6JS |
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Solicitors |
Millar McCall Wylie |
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Imperial House |
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4-10 Donegall Square East |
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Belfast |
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Co. Antrim |
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BT1 5HD |
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Retinize Limited
Directors responsibilities statement
Year ended 31 August 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Retinize Limited
Abridged statement of financial position
31 August 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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6 |
53,082 |
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47,770 |
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_______ |
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_______ |
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53,082 |
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47,770 |
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Current assets |
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Debtors |
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340,955 |
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209,185 |
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Cash at bank and in hand |
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654,578 |
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1,480,615 |
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_______ |
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_______ |
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995,533 |
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1,689,800 |
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Creditors: amounts falling due |
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within one year |
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(
78,980) |
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(
95,391) |
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_______ |
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_______ |
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Net current assets |
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916,553 |
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1,594,409 |
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_______ |
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_______ |
Total assets less current liabilities |
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969,635 |
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1,642,179 |
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Creditors: amounts falling due |
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after more than one year |
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7 |
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(
399,988) |
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(
399,988) |
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Provisions for liabilities |
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(
4,870) |
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(
4,870) |
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_______ |
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_______ |
Net assets |
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564,777 |
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1,237,321 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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4,811 |
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4,811 |
Share premium account |
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1,998,234 |
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1,998,234 |
Profit and loss account |
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(
1,438,268) |
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(
765,724) |
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_______ |
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_______ |
Shareholders funds |
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564,777 |
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1,237,321 |
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_______ |
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_______ |
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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.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
10 January 2024
, and are signed on behalf of the board by:
Mr David Philip Morrow
Director
Company registration number:
NI663613
Retinize 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 Northern Ireland. The address of the registered office is 2 Crescent Gardens, Belfast, BT7 1NS.
The principal activity of the company is software development.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
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Fittings fixtures and equipment |
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25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 or 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Other operating income
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2023 |
2022 |
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£ |
£ |
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Government grant income |
|
- |
625 |
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_______ |
_______ |
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The company received a bounceback loan of £50,000 in the year ended 2021, for which the government is paid the first 12 months interest. At the end of this 12 month period, the company repaid the loan in full, incurring no additional interest.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
16
(2022:
13
).
6.
Tangible assets
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£ |
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Cost |
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At 1 September 2022 |
67,531 |
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Additions |
19,857 |
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_______ |
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At 31 August 2023 |
87,388 |
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_______ |
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Depreciation |
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At 1 September 2022 |
19,761 |
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Charge for the year |
14,545 |
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_______ |
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At 31 August 2023 |
34,306 |
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_______ |
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Carrying amount |
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At 31 August 2023 |
53,082 |
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_______ |
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At 31 August 2022 |
47,770 |
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_______ |
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7.
Creditors: amounts falling due after more than one year
|
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|
2023 |
2022 |
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|
£ |
£ |
|
Other creditors |
|
399,988 |
399,988 |
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_______ |
_______ |
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Other creditors consists of £399,988 of shares classed as financial liability resulting from an investment from Techstart Ventures LLP.
8.
Limitation of auditors liability
The company has entered into a liability limitation agreement with the company's auditor which was approved on 17 October 2023. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
9.
Summary audit opinion
The auditor's report dated
10 January 2024
was unqualified.
The senior statutory auditor was
Eoin McMullan ACA
for and on behalf of
Hill Vellacott