Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Ms S Beushaw 31/12/2022 30/01/2007 Mrs K Ikeda 01/05/2022 Dr R S Ogden 17/10/2006 Dr R S Ogden 31 July 2024 The principal activity of the Company in the year was that of promoting the use of forensic science in wildlife law enforcement. 05969048 2023-10-31 05969048 bus:Director1 2023-10-31 05969048 bus:Director2 2023-10-31 05969048 bus:Director3 2023-10-31 05969048 2022-10-31 05969048 core:CurrentFinancialInstruments 2023-10-31 05969048 core:CurrentFinancialInstruments 2022-10-31 05969048 core:RetainedEarningsAccumulatedLosses 2023-10-31 05969048 core:RetainedEarningsAccumulatedLosses 2022-10-31 05969048 core:OtherPropertyPlantEquipment 2022-10-31 05969048 core:OtherPropertyPlantEquipment 2023-10-31 05969048 2022-11-01 2023-10-31 05969048 bus:FilletedAccounts 2022-11-01 2023-10-31 05969048 bus:SmallEntities 2022-11-01 2023-10-31 05969048 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05969048 bus:CompanyLimitedByGuarantee 2022-11-01 2023-10-31 05969048 bus:Director1 2022-11-01 2023-10-31 05969048 bus:Director2 2022-11-01 2023-10-31 05969048 bus:Director3 2022-11-01 2023-10-31 05969048 bus:CompanySecretary1 2022-11-01 2023-10-31 05969048 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 05969048 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Company No: 05969048 (England and Wales)

TRACE WILDLIFE FORENSICS NETWORK LTD

(A COMPANY LIMITED BY GUARANTEE)

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH THE REGISTRAR

TRACE WILDLIFE FORENSICS NETWORK LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023

Contents

TRACE WILDLIFE FORENSICS NETWORK LTD

BALANCE SHEET

AS AT 31 OCTOBER 2023
TRACE WILDLIFE FORENSICS NETWORK LTD

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 2,524 2,614
2,524 2,614
Current assets
Debtors 5 386,716 9,557
Cash at bank and in hand 688,513 783,367
1,075,229 792,924
Creditors: amounts falling due within one year 6 ( 208,186) ( 240,310)
Net current assets 867,043 552,614
Total assets less current liabilities 869,567 555,228
Provision for liabilities 3,892 ( 497)
Net assets 873,459 554,731
Reserves
Retained earnings 873,459 554,731
Total reserves 873,459 554,731

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Trace Wildlife Forensics Network Ltd (registered number: 05969048) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

Dr R S Ogden
Director
Mrs K Ikeda
Director
TRACE WILDLIFE FORENSICS NETWORK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
TRACE WILDLIFE FORENSICS NETWORK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for wildlife forensic science services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
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.

Impairment of assets

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
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

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).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

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.

2. Prior year adjustment

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

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 18

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2022 3,908 3,908
Additions 499 499
At 31 October 2023 4,407 4,407
Accumulated depreciation
At 01 November 2022 1,294 1,294
Charge for the financial year 589 589
At 31 October 2023 1,883 1,883
Net book value
At 31 October 2023 2,524 2,524
At 31 October 2022 2,614 2,614

5. Debtors

2023 2022
£ £
Other debtors 386,716 9,557

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 24,854 28,661
Taxation and social security 102,197 3,155
Other creditors 81,135 208,494
208,186 240,310

7. Liability of members

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.