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COMPANY REGISTRATION NUMBER: 10732693
TENDED LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2024
TENDED LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
TENDED LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
L Scott Smith
G Oebel
M Prescott
M G Hurley
E L McKenzie
Registered office
Boole Technology Centre
Beevor Street
Lincoln
Lincolnshire
England
LN6 7DJ
Accountants
Streets LLP
Chartered Accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
TENDED LTD
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
212,033
30,616
Current assets
Stocks
207,629
174,558
Debtors
6
232,522
164,524
Cash at bank and in hand
343,295
221,641
----------
----------
783,446
560,723
Creditors: amounts falling due within one year
7
906,116
761,293
----------
----------
Net current liabilities
122,670
200,570
----------
----------
Total assets less current liabilities
89,363
( 169,954)
Creditors: amounts falling due after more than one year
8
712,418
725,384
Provisions
37,167
2,628
----------
----------
Net liabilities
( 660,222)
( 897,966)
----------
----------
TENDED LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
3,777
3,183
Share premium account
5,840,399
4,371,369
Other reserves
58,182
40,264
Profit and loss account
( 6,562,580)
( 5,312,782)
-------------
-------------
Shareholders deficit
( 660,222)
( 897,966)
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 30 June 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 were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
L Scott Smith
Director
Company registration number: 10732693
TENDED LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Boole Technology Centre, Beevor Street, Lincoln, Lincolnshire, LN6 7DJ, 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has reported a loss for the current financial year. Despite this the company has been able to continue to meet its liabilities as they fall due and the directors expect the company to make a profit in the future. The directors therefore consider that the use of the going concern basis remains appropriate in the preparation of these accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from services rendered is recognised over the life of the contract and matched to the cost of the services provided and the depreciation of any physical goods made available pursuant to the contract. 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. Physical goods supplied as part of service contracts are depreciated over the expected useful life of the goods supplied where the useful life is the period prior to the goods becoming obsolete or no longer fit to be made available to customers as part of a service contract or the service has changed or is no longer provided such that the goods can no longer be used as is and may require reworking or disposal.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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
-
s/line over 5 years
Equipment
-
Various rates used
Tooling
-
s/line over 18 months
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in the notes.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of equity instruments that will eventually vest unless the exercise period commences immediately following the grant date, in which case the entire fair value of the equity-settled share-based payment is expensed to the income statement. At each balance sheet date, the Company revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves.
Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.
In respect of equity settled share based payments entered into or granted prior to the start of the financial period where the accounting policies adopted did not require recognition of the fair value thereof annual charges in respect to earlier periods are recognised as prior year adjustments to the opening position and reflected in the comparative numbers where appropriate.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2023: 25 ).
5. Tangible assets
Plant and machinery
Equipment
Tooling
Total
£
£
£
£
Cost
At 1 July 2023
2,263
39,827
72,891
114,981
Additions
313
272,719
273,032
Disposals
( 753)
( 43,073)
( 43,826)
-------
----------
---------
----------
At 30 June 2024
2,576
311,793
29,818
344,187
-------
----------
---------
----------
Depreciation
At 1 July 2023
790
33,803
49,771
84,364
Charge for the year
492
71,257
19,611
91,360
Disposals
( 448)
( 43,122)
( 43,570)
-------
----------
---------
----------
At 30 June 2024
1,282
104,612
26,260
132,154
-------
----------
---------
----------
Carrying amount
At 30 June 2024
1,294
207,181
3,558
212,033
-------
----------
---------
----------
At 30 June 2023
1,473
6,024
23,120
30,617
-------
----------
---------
----------
6. Debtors
2024
2023
£
£
Trade debtors
114,444
68,589
Other debtors
118,078
95,935
----------
----------
232,522
164,524
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,374
7,589
Trade creditors
45,215
57,782
Social security and other taxes
140,620
221,743
Other creditors
699,907
474,179
----------
----------
906,116
761,293
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
652,909
725,384
Other creditors
59,509
----------
----------
712,418
725,384
----------
----------
9. Related party transactions
No related party transactions subsisted during the period, such as are required to be disclosed under Financial Reporting Standard 102.
10. Controlling party
The company was under the control of its directors throughout the current and previous year.