Company Registration No. 11623775 (England and Wales)
Slomo LTD
Unaudited accounts
for the year ended 31 March 2023
Slomo LTD
Unaudited accounts
Contents
Slomo LTD
Company Information
for the year ended 31 March 2023
Directors
George Henry Steven Mitchard
Adam Istvan Merten
Company Number
11623775 (England and Wales)
Registered Office
Flat 2
2 Chippenham Mews
London
W9 2AW
England
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Slomo LTD
Statement of financial position
as at 31 March 2023
Intangible assets
6,500
12,500
Cash at bank and in hand
25
-
Creditors: amounts falling due within one year
(864,823)
(561,750)
Net current liabilities
(864,798)
(527,582)
Net liabilities
(857,794)
(512,572)
Capital contribution reserve
95,699
95,699
Profit and loss account
(953,493)
(608,271)
Shareholders' funds
(857,794)
(512,572)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2024 and were signed on its behalf by
George Henry Steven Mitchard
Director
Company Registration No. 11623775
Slomo LTD
Notes to the Accounts
for the year ended 31 March 2023
Slomo LTD is a private company, limited by shares, registered in England and Wales, registration number 11623775. The registered office is Flat 2, 2 Chippenham Mews, London, W9 2AW, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Patents: 5 years straight line
Expenditure on research and development is written off in the year in which it is incurred. Where appropriate, development expenditure is capitalised and amortised over its useful economic life.
Research and development tax credit
During the financial year, Slomo Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Slomo LTD
Notes to the Accounts
for the year ended 31 March 2023
During the period, the company identified that some transactions were not accurately recorded in the prior period accounts, in line with established accounting policies.
The accounts have been restated to correct the impacted line items, resulting in the following adjustments:
Decrease in Amounts owed to group undertakings of £195,246
Increase in VAT of £32,541
Decrease in Profit and Loss of £162,707.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
1,423
5,240
6,663
At 31 March 2023
1,423
5,240
6,663
At 1 April 2022
778
3,375
4,153
Charge for the year
474
1,532
2,006
At 31 March 2023
1,252
4,907
6,159
At 31 March 2023
171
333
504
At 31 March 2022
645
1,865
2,510
Slomo LTD
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Accrued income and prepayments
-
791
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
1,215
1,818
Amounts owed to group undertakings and other participating interests
676,174
462,138
Taxes and social security
155,046
65,223
Allotted, called up and fully paid:
1 Ordinary shares of £0.01 each
0.01
0.01
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
George Henry Steven Mitchard
10
Transactions with related parties
At year end, Slomo Ltd was owed £13,256 (2022: £9,404 - owing) to Oktein Holdings, its parent company and £200,828 (2022: £20,172) and £488,602 (2022: £491,714) to Middle Eight Technology and Oktein Technology Ltd respectively, its sister companies.
Oktein Holdings Ltd
Registered office address: Jonathan Lea Limited Commerce House, 21 Perrymount Road, Haywards Heath, West Sussex, England, RH16 3TP, United Kingdom
12
Average number of employees
During the year the average number of employees was 1 (2022: 1).