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COMPANY REGISTRATION NUMBER: 01589528
Applied Relational Technology Limited
Filleted Unaudited Financial Statements
31 January 2024
Applied Relational Technology Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Applied Relational Technology Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
31,956
36,755
Current assets
Debtors
6
74,308
228,740
Cash at bank and in hand
331,713
167,210
---------
---------
406,021
395,950
Creditors: amounts falling due within one year
7
144,043
163,873
---------
---------
Net current assets
261,978
232,077
---------
---------
Total assets less current liabilities
293,934
268,832
Provisions
8,125
6,690
---------
---------
Net assets
285,809
262,142
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
285,609
261,942
---------
---------
Shareholders funds
285,809
262,142
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 .
Applied Relational Technology Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
Mrs L T Jordan
Director
Company registration number: 01589528
Applied Relational Technology Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Rectory, Ashford Road, Chartham, Canterbury, Kent, CT4 7HS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Long leasehold property
-
20% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
25% reducing balance
Plant & Machinery includes the fee for a licence depreciated over 5 years.
Impairment of fixed assets
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 12 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 February 2023
20,004
120,966
67,409
208,379
Additions
4,492
1,960
6,452
Disposals
( 9,200)
( 9,200)
--------
---------
--------
---------
At 31 January 2024
20,004
116,258
69,369
205,631
--------
---------
--------
---------
Depreciation
At 1 February 2023
15,778
98,572
57,274
171,624
Charge for the year
275
7,556
2,876
10,707
Disposals
( 8,656)
( 8,656)
--------
---------
--------
---------
At 31 January 2024
16,053
97,472
60,150
173,675
--------
---------
--------
---------
Carrying amount
At 31 January 2024
3,951
18,786
9,219
31,956
--------
---------
--------
---------
At 31 January 2023
4,226
22,394
10,135
36,755
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
50,380
195,605
Other debtors
23,928
33,135
--------
---------
74,308
228,740
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,236
11,280
Corporation tax
54,067
33,712
Social security and other taxes
32,152
38,984
Other creditors
48,588
79,897
---------
---------
144,043
163,873
---------
---------
8. Related party transactions
At the year end a director was owed £642 (2023: £14,023) by the company. At the year end a director was owed £1,323 (2023: £2,876) by the company. At the year end a director was owed £Nil (2023: £350) by the company. At the year end a director was owed £Nil (2023: £350) by the company.