Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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2,524 | 2,614 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,075,229 | 792,924 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 867,043 | 552,614 | ||
Total assets less current liabilities | 869,567 | 555,228 | ||
Provision for liabilities |
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Net assets |
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Reserves | ||||
Retained earnings |
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Total reserves |
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Directors' responsibilities:
The financial statements of Trace Wildlife Forensics Network Ltd (registered number:
Dr R S Ogden
Director |
Mrs K Ikeda
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Trace Wildlife Forensics Network Ltd (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael Birchin Court, 20 Birchin Lane, London, EC3V 9DU, England, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution pension scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery etc. |
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Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
The directors reviewed the treatment of staff wages in the year and have posted a prior year adjustment to show correct indirect and direct split of staff wages based on staff roles within the business. All project related work and training and is charged as direct cost of sale and all finance and administrative work is charged to administrative expenses.
The directors reviewed the treatment of the foreign exchange gains in the prior year and noted these were presented as turnover which did not align with the companies turnover policy. As such this has been corrected.
As previously reported | Adjustment | As restated | ||||
Year ended 31 October 2022 | £ | £ | £ | |||
Turnover | 1,207,958 | (113,476) | 1,094,482 | |||
Cost of sales | 1,028,195 | (84,989) | 943,206 | |||
Administrative expenses | 178,434 | 84,989 | 263,423 | |||
Other operating (loss)/income | 0 | 113,476 | 113,476 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 November 2022 |
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Additions |
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At 31 October 2023 |
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Accumulated depreciation | |||
At 01 November 2022 |
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Charge for the financial year |
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At 31 October 2023 |
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Net book value | |||
At 31 October 2023 |
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At 31 October 2022 |
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2023 | 2022 | ||
£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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The members of the Trace Wildlife Forensics Network Ltd have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.