Company registration number SC365858 (Scotland)
CENTIPOD LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CENTIPOD LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CENTIPOD LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
11,044
6,632
Creditors: amounts falling due within one year
4
(29,743)
(32,861)
Net current liabilities
(18,699)
(26,229)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(18,700)
(26,230)
Total equity
(18,699)
(26,229)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
J G P DEHLSEN
J G P Dehlsen
Director
Company Registration No. SC365858
CENTIPOD LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Centipod Ltd. is a private company limited by shares incorporated in Scotland. The registered office is c/o Anderson Anderson & Brown LLP, 133 Finnieston Street, Glasgow, G3 8HB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Although the company has net current liabilities and negative shareholder funds at the year end the directors continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements. The company has cash resources and the main creditor is an inter group loan which will not require repayment until the company has appropriate funds and therefore having considered the company's working capital requirements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable.

 

Sales turnover is recognised when consultancy services are rendered to the customer.

1.4
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

CENTIPOD LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
11,044
6,632
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,694
1,410
Taxation and social security
-
0
1,919
Other creditors
28,049
29,532
29,743
32,861
5
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
5,175
4,222
CENTIPOD LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Related party transactions

Centipod LLC owns the share capital of Centipod Ltd. The company is controlled by the directors JGP Dehlsen and JB Dehlsen. Centipod LLC's principal place of business is 101 E. Victoria Street, Suite F, Santa Barbara, CA 93101, USA.

 

In the year to 31 December 2023 the balance due by the company to Ecomerit Technologies LLC, a company owned by the directors, was £9,075 (2022: £9,075).

 

In the year to 31 December 2023 the company received and paid money to Dehlsen Associates LLC, a company owned by the directors, resulting in a net movement of £2,551. At the year end the balance due by the company to Dehlsen Associates LLC was £5,582 (2022: £8,133 due by the company).

 

There are no set repayment terms, nor is interest charged on the outstanding balances due.

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