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Company Registration No. 11623775 (England and Wales)
Slomo LTD Unaudited accounts for the year ended 31 March 2023
Slomo LTD Unaudited accounts Contents
Page
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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
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Slomo LTD Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
6,500 
12,500 
Tangible assets
504 
2,510 
7,004 
15,010 
Current assets
Debtors
- 
34,168 
Cash at bank and in hand
25 
- 
25 
34,168 
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 and reserves
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
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Slomo LTD Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
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
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
Research and development
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.
Foreign exchange
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.
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Slomo LTD Notes to the Accounts for the year ended 31 March 2023
Prior period adjustment
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 
£ 
Cost
At 1 April 2022
30,000 
At 31 March 2023
30,000 
Amortisation
At 1 April 2022
17,500 
Charge for the year
6,000 
At 31 March 2023
23,500 
Net book value
At 31 March 2023
6,500 
At 31 March 2022
12,500 
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 
Depreciation
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 
Net book value
At 31 March 2023
171 
333 
504 
At 31 March 2022
645 
1,865 
2,510 
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Slomo LTD Notes to the Accounts for the year ended 31 March 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
1,165 
Accrued income and prepayments
- 
791 
Other debtors
- 
32,212 
- 
34,168 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
32,388 
32,571 
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 
864,823 
561,750 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £0.01 each
0.01 
0.01 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
George Henry Steven Mitchard
32,212 
79,216 
111,428 
- 
32,212 
79,216 
111,428 
- 
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.
11
Controlling party
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).
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