Sapien 2.0 Limited |
Notes to the Accounts |
for the year ended 28 February 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents revenue earned from the provision of services. Revenue from services is recognised in accounting periods in which the services are rendered, by reference to completion of the specific transaction, assessed on the basis of the actual service provided as a proportion of the total services to be provided. Depending on the nature of the contract, revenue will be recognised on the basis of the proportion of the contract term completed, the proportion of the contract costs incurred or the specific services provided to date. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Tools and equipment |
over 5 years |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current tax assets and liabilities are not discounted. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Tools and equipment |
£ |
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Cost |
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At 1 March 2022 |
8,310 |
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Additions |
10,000 |
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At 28 February 2023 |
18,310 |
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Depreciation |
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At 1 March 2022 |
7,110 |
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Charge for the year |
2,800 |
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At 28 February 2023 |
9,910 |
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Net book value |
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At 28 February 2023 |
8,400 |
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At 28 February 2022 |
1,200 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Other debtors |
2,006 |
|
12,831 |
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5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
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Bank loans and overdrafts |
38,333 |
|
45,038 |
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Corporation tax |
7,281 |
|
634 |
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Other creditors |
900 |
|
1,746 |
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46,514 |
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47,418 |
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6 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
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C Baldwin |
|
[Loan 1] |
- |
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12,832 |
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12,832 |
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12,832 |
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[Loan 2] |
- |
|
2,005 |
|
- |
|
2,005 |
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|
- |
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14,837 |
|
12,832 |
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14,837 |
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7 |
Other information |
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Sapien 2.0 Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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5A Church Road South |
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Woolton Village |
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Liverpool |
|
L25 7RJ |