Company Registration No. 09447475 (England and Wales)
Factory3 Ltd
Unaudited accounts
for the year ended 31 December 2023
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
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
Factory3 Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
3,987
5,734
Cash at bank and in hand
507,011
531,004
Creditors: amounts falling due within one year
(76,943)
(83,750)
Net current assets
535,995
543,907
Net assets
540,012
549,671
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
Factory3 Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Where necessary, comparative figures have been amended to align to presentation changes.
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
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.
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.
Factory3 Ltd
Notes to the Accounts
for the year ended 31 December 2023
Investments in shares are included at cost.
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.
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
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
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
Amounts falling due within one year
Trade debtors
105,927
84,053
Accrued income and prepayments
-
6,600
Factory3 Ltd
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
7,560
28,869
Taxes and social security
48,118
37,224
Loans from directors
597
642
The loans from directors are measured at transaction price and are interest free and repayable on demand.
Allotted, called up and fully paid:
2 Ordinary shares A of £1 each
2
2
1 Ordinary B shares of £1 each
1
1
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).