1 April 2023 v2024.39.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBP106298372023-04-012024-03-31106298372024-03-31106298372023-03-3110629837core:WithinOneYear2024-03-3110629837core:WithinOneYear2023-03-3110629837core:ShareCapital2024-03-3110629837core:ShareCapital2023-03-3110629837core:RetainedEarningsAccumulatedLosses2024-03-3110629837core:RetainedEarningsAccumulatedLosses2023-03-3110629837bus:Director12023-04-012024-03-3110629837bus:Director22023-04-012024-03-3110629837bus:RegisteredOffice2023-04-012024-03-3110629837core:PlantMachinery2024-03-3110629837core:PlantMachinery2023-04-0110629837core:PlantMachinery2023-04-012024-03-3110629837core:PlantMachinery2023-03-311062983712023-04-012024-03-31106298372022-04-012023-03-3110629837countries:EnglandWales2023-04-012024-03-3110629837bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3110629837bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110629837bus:SmallEntities2023-04-012024-03-3110629837bus:FullAccounts2023-04-012024-03-31
Company registration number:
10629837
Momentum3 Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Momentum3 Ltd
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
2,706
 
3,603
 
Current assets    
Debtors 6
109,250
 
1,857,897
 
Cash at bank and in hand
572,347
 
240,367
 
681,597
 
2,098,264
 
Creditors: amounts falling due within one year 7
7,225
 
(943,643
)
Net current assets
688,822
 
1,154,621
 
Total assets less current liabilities 691,528   1,158,224  
Capital and reserves    
Called up share capital
6
 
6
 
Profit and loss account
691,522
 
1,158,218
 
Shareholders funds
691,528
 
1,158,224
 
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.
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
19 August 2024
, and are signed on behalf of the board by:
J Mcgregor
S Thomas
DirectorDirector
Company registration number:
10629837
Momentum3 Ltd
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Crown House
,
27 Old Gloucester Street
,
London
,
WC1N 3AX
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
and
31 March 2024
5,630
 
Depreciation  
At
1 April 2023
2,027
 
Charge
897
 
At
31 March 2024
2,924
 
Carrying amount  
At
31 March 2024
2,706
 
At 31 March 2023
3,603
 

6 Debtors

20242023
££
Trade debtors -  
1,745,086
 
Other debtors
109,250
 
112,811
 
109,250
 
1,857,897
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
116
 
633,995
 
Taxation and social security
(19,119
)
114,799
 
Other creditors
11,778
 
194,849
 
(7,225
)
943,643