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Company Registration No. 09447475 (England and Wales)
Factory3 Ltd Unaudited accounts for the year ended 31 December 2023
Factory3 Ltd Unaudited accounts Contents
Page
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Factory3 Ltd Company Information for the year ended 31 December 2023
Directors
Jason Glynn Mark Holdsworth Nic Pillinger
Company Number
09447475 (England and Wales)
Registered Office
86-90 Paul St Shoreditch London EC2A 4NE
Accountants
Barnes & Scott 86-90 Paul Street Shoreditch London EC2A 4NE
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Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Factory3 Ltd for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Factory3 Ltd for the year ended 31 December 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Factory3 Ltd, as a body, in accordance with the terms of our engagement letter dated 24 March 2015. Our work has been undertaken solely to prepare for your approval the accounts of Factory3 Ltd and state those matters that we have agreed to state to the Board of Directors of Factory3 Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Factory3 Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Factory3 Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Factory3 Ltd. You consider that Factory3 Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Factory3 Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott Chartered Accountants 86-90 Paul Street Shoreditch London EC2A 4NE 4 September 2024
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Factory3 Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,987 
5,734 
Investments
30 
30 
4,017 
5,764 
Current assets
Debtors
105,927 
96,653 
Cash at bank and in hand
507,011 
531,004 
612,938 
627,657 
Creditors: amounts falling due within one year
(76,943)
(83,750)
Net current assets
535,995 
543,907 
Net assets
540,012 
549,671 
Capital and reserves
Called up share capital
3 
3 
Profit and loss account
540,009 
549,668 
Shareholders' funds
540,012 
549,671 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by
Mark Holdsworth Director Company Registration No. 09447475
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Factory3 Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Factory3 Ltd is a private company, limited by shares, registered in England and Wales, registration number 09447475. The registered office is 86-90 Paul St, Shoreditch, London, EC2A 4NE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Comparative figures
Where necessary, comparative figures have been amended to align to presentation changes.
Turnover
Turnover represents the value, net of VAT and discounts, of work carried out in respect of services provided to customers.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on straight line basis
Computer equipment
25% on straight line basis
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairments losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Factory3 Ltd Notes to the Accounts for the year ended 31 December 2023
Investments
Investments in shares are included at cost.
Taxation
Taxation represents the sum of tax currently payable and deferred 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.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2023
738 
32,818 
33,556 
At 31 December 2023
738 
32,818 
33,556 
Depreciation
At 1 January 2023
738 
27,084 
27,822 
Charge for the year
- 
1,747 
1,747 
At 31 December 2023
738 
28,831 
29,569 
Net book value
At 31 December 2023
- 
3,987 
3,987 
At 31 December 2022
- 
5,734 
5,734 
5
Investments
Other investments 
£ 
Valuation at 1 January 2023
30 
Valuation at 31 December 2023
30 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
105,927 
84,053 
Accrued income and prepayments
- 
6,600 
Other debtors
- 
6,000 
105,927 
96,653 
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Factory3 Ltd Notes to the Accounts for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
20,374 
13,947 
Trade creditors
7,560 
28,869 
Taxes and social security
48,118 
37,224 
Other creditors
294 
3,068 
Loans from directors
597 
642 
76,943 
83,750 
The loans from directors are measured at transaction price and are interest free and repayable on demand.
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares A of £1 each
2 
2 
1 Ordinary B shares of £1 each
1 
1 
3 
3 
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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