Registered number
06660352
Cognetiq Limited
Filleted Accounts
31 July 2023
Cognetiq Limited
Registered number: 06660352
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,631 8,438
Investments 4 1 1
8,632 8,439
Current assets
Debtors 5 23,708 20,269
Cash at bank and in hand 27,266 2,780
50,974 23,049
Creditors: amounts falling due within one year 6 (40,852) (35,235)
Net current assets/(liabilities) 10,122 (12,186)
Net assets/(liabilities) 18,754 (3,747)
Capital and reserves
Called up share capital 103 100
Profit and loss account 18,651 (3,847)
Shareholders' funds 18,754 (3,747)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Woodward
Director
Approved by the board on 14 March 2024
Cognetiq Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 32,874
Additions 4,877
Disposals (13,516)
At 31 July 2023 24,235
Depreciation
At 1 August 2022 24,436
Charge for the year 2,877
On disposals (11,709)
At 31 July 2023 15,604
Net book value
At 31 July 2023 8,631
At 31 July 2022 8,438
4 Investments
Other
investments
£
Cost
At 1 August 2022 1
At 31 July 2023 1
5 Debtors 2023 2022
£ £
Trade debtors 2,850 17,399
Directors' loan accounts 20,500 1,422
Other debtors 358 1,448
23,708 20,269
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 40,190 35,234
Other creditors 662 1
40,852 35,235
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 7,644 14,700
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Andrew Woodward
Loan - 14,000 (3,750) 10,250
Rowan Woodward
Loan - 14,000 (3,750) 10,250
- 28,000 (7,500) 20,500
Interest at the Official Rate is charged on directors' loan balances where the loan balance exceeds £10,000 at any time. Loans are repayable by 30 April 2024.
9 Other information
Cognetiq Limited is a private company limited by shares and incorporated in England. Its registered office is:
Birchin Court
20 Birchin Lane
London
EC3V 9DU
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