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Company registration number: 11270504
Made Snappy Limited
Unaudited filleted financial statements
31 March 2024
Made Snappy Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Made Snappy Limited
Directors and other information
Directors M.S McCorrie
A.G Rigg
P.A Smith
S. Will
Company number 11270504
Registered office Unit 3 & 5a
Lister Mill Business Park
Lister Close
Plymouth
PL7 4BA
Business address Unit 3 & 5a
Lister Mill Business Park
Lister Close
Plymouth
PL7 4BA
Accountants Franklins Accountants LLP
Astor House
2 Alexandra Road
Mutley Plain
Plymouth
PL4 7JR
Made Snappy Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 242,562 170,970
Tangible assets 6 54,614 22,750
Investments 7 - 1
_______ _______
297,176 193,721
Current assets
Stocks 10,127 9,049
Debtors 8 74,112 59,484
Cash at bank and in hand 104,806 47,268
_______ _______
189,045 115,801
Creditors: amounts falling due
within one year 9 ( 118,046) ( 105,438)
_______ _______
Net current assets 70,999 10,363
_______ _______
Total assets less current liabilities 368,175 204,084
Creditors: amounts falling due
after more than one year 10 ( 54,624) ( 61,017)
_______ _______
Net assets 313,551 143,067
_______ _______
Capital and reserves
Called up share capital 2 2
Share premium account 150,002 150,002
Profit and loss account 163,547 ( 6,937)
_______ _______
Shareholders funds 313,551 143,067
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 July 2024 , and are signed on behalf of the board by:
M.S McCorrie
Director
Company registration number: 11270504
Made Snappy Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 3 & 5a, Unit 3 & 5a, Lister Mill Business Park, Lister Close, Plymouth, PL7 4BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 33 % straight line
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 10 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2023 245,843 245,843
Additions 131,301 131,301
_______ _______
At 31 March 2024 377,144 377,144
_______ _______
Amortisation
At 1 April 2023 74,873 74,873
Charge for the year 59,709 59,709
_______ _______
At 31 March 2024 134,582 134,582
_______ _______
Carrying amount
At 31 March 2024 242,562 242,562
_______ _______
At 31 March 2023 170,970 170,970
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2023 11,610 17,999 29,609
Additions 37,530 7,879 45,409
_______ _______ _______
At 31 March 2024 49,140 25,878 75,018
_______ _______ _______
Depreciation
At 1 April 2023 323 6,537 6,860
Charge for the year 9,750 3,794 13,544
_______ _______ _______
At 31 March 2024 10,073 10,331 20,404
_______ _______ _______
Carrying amount
At 31 March 2024 39,067 15,547 54,614
_______ _______ _______
At 31 March 2023 11,287 11,462 22,749
_______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2023 1 1
Disposals ( 1) ( 1)
_______ _______
At 31 March 2024 - -
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 1 1
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors 55,968 19,721
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 25
Other debtors 18,144 39,738
_______ _______
74,112 59,484
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 31,152 50,137
Trade creditors 16,068 15,852
Social security and other taxes 49,146 23,960
Other creditors 21,680 15,489
_______ _______
118,046 105,438
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 54,624 61,017
_______ _______