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COMPANY REGISTRATION NUMBER: 11686936
Inviteq Polymer Technology Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
Inviteq Polymer Technology Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
36,907
32,709
Current assets
Debtors
6
69,220
66,756
Cash at bank and in hand
236,461
114,809
---------
---------
305,681
181,565
Creditors: amounts falling due within one year
7
58,994
52,523
---------
---------
Net current assets
246,687
129,042
---------
---------
Total assets less current liabilities
283,594
161,751
Provisions
9,227
6,215
---------
---------
Net assets
274,367
155,536
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
274,267
155,436
---------
---------
Shareholders funds
274,367
155,536
---------
---------
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 30 November 2023 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 .
Inviteq Polymer Technology Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr D R D Wilson
Director
Company registration number: 11686936
Inviteq Polymer Technology Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Wellbrook Court, Girton, Cambridge, CB3 0NA, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Research & development
Research expenditure is written off in the period in which it is incurred.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts due for services rendered, stated net of discounts and of Value Added Tax. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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.
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
-
25% reducing balance
Equipment
-
33% straight line and 25% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 0 (2022: 0)
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 December 2022
47,874
3,087
50,961
Additions
11,553
2,328
13,881
--------
-------
--------
At 30 November 2023
59,427
5,415
64,842
--------
-------
--------
Depreciation
At 1 December 2022
16,427
1,825
18,252
Charge for the year
9,040
643
9,683
--------
-------
--------
At 30 November 2023
25,467
2,468
27,935
--------
-------
--------
Carrying amount
At 30 November 2023
33,960
2,947
36,907
--------
-------
--------
At 30 November 2022
31,447
1,262
32,709
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
21,808
Other debtors
47,412
66,756
--------
--------
69,220
66,756
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
218
Social security and other taxes
13,451
Other creditors
45,543
52,305
--------
--------
58,994
52,523
--------
--------
8. Directors' advances, credits and guarantees
During the year the company made advances to and received repayments from the director. Interest has been charged at the official HMRC rate on any overdrawn balances exceeding £10,000, there are no repayment terms.
2023 2022
£ £
Advances 44,936 74,274
Repayments 48,000 34,078
Balance due from director 44,104 47,168