COMPANY REGISTRATION NUMBER:
12614642
Filleted Unaudited Financial Statements |
|
31 December 2023
Fixed assets
Intangible assets |
5 |
119,523 |
96,273 |
|
|
|
|
Current assets
Debtors |
6 |
40,783 |
27,605 |
Cash at bank and in hand |
58,921 |
37,739 |
|
-------- |
-------- |
|
99,704 |
65,344 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
52,520 |
40,600 |
|
-------- |
-------- |
Net current assets |
47,184 |
24,744 |
|
--------- |
--------- |
Total assets less current liabilities |
166,707 |
121,017 |
|
--------- |
--------- |
Net assets |
166,707 |
121,017 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
150,922 |
78,432 |
Share premium account |
186,458 |
140,448 |
Profit and loss account |
(
170,673) |
(
97,863) |
|
--------- |
--------- |
Shareholders funds |
166,707 |
121,017 |
|
--------- |
--------- |
|
|
|
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 profit and loss account has not been delivered.
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.
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
.
Balance Sheet (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Company registration number:
12614642
Notes to the Financial Statements |
|
Year ended 31 December 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 2 Chancery Lane, Wakefield, WF1 2SS, 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 and in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis because, in the opinion of the directors adequate finance has been raised to enable the company to continue to trade for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates, judgements and assumptions which have a a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: a. Capitalisation of development costs Development costs are reviewed to determine whether they meet the company's criteria for being capitalised. When making this decision the directors have to make assumptions about the future of the project and the potential future economic viability of the product being developed.
Income tax
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
2
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
At 1 January 2023 |
96,273 |
Additions |
23,250 |
|
--------- |
At 31 December 2023 |
119,523 |
|
--------- |
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
119,523 |
|
--------- |
At 31 December 2022 |
96,273 |
|
--------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
40,783 |
27,605 |
|
-------- |
-------- |
|
|
|
Included in "Other debtors" is an amount of £39,354 (2022: £22,275) which the directors do not consider will be recoverable within one year of the balance sheet date.
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
– |
300 |
Other creditors |
52,520 |
40,300 |
|
-------- |
-------- |
|
52,520 |
40,600 |
|
-------- |
-------- |
|
|
|
8.
Directors' advances, credits and guarantees
There are no transactions with the directors that require disclosure under section 413 of the Companies Act 2006.