15
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
441,416
441,416
30,144
30,144
411,272
31,423
12,168
8,038
35,553
22,095
5,200
6,045
21,250
14,303
9,328
xbrli:pure
xbrli:shares
iso4217:GBP
09342225
2023-01-01
2023-12-31
09342225
2023-12-31
09342225
2022-12-31
09342225
2022-01-01
2022-12-31
09342225
2022-12-31
09342225
2021-12-31
09342225
core:PlantMachinery
2023-01-01
2023-12-31
09342225
bus:Director1
2023-01-01
2023-12-31
09342225
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-12-31
09342225
core:PlantMachinery
2022-12-31
09342225
core:PlantMachinery
2023-12-31
09342225
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-01-01
2023-12-31
09342225
core:WithinOneYear
2023-12-31
09342225
core:WithinOneYear
2022-12-31
09342225
core:ShareCapital
2023-12-31
09342225
core:ShareCapital
2022-12-31
09342225
core:SharePremium
2023-12-31
09342225
core:SharePremium
2022-12-31
09342225
core:RetainedEarningsAccumulatedLosses
2023-12-31
09342225
core:RetainedEarningsAccumulatedLosses
2022-12-31
09342225
core:PlantMachinery
2022-12-31
09342225
bus:SmallEntities
2023-01-01
2023-12-31
09342225
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
09342225
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
09342225
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
09342225
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
09342225
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible assets |
5 |
411,272 |
– |
Tangible assets |
6 |
14,303 |
9,328 |
|
--------- |
------- |
|
425,575 |
9,328 |
|
|
|
|
Current assets
Debtors |
7 |
13,402 |
36,765 |
Cash at bank and in hand |
558,817 |
483,338 |
|
--------- |
--------- |
|
572,219 |
520,103 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
148,173 |
170,881 |
|
--------- |
--------- |
Net current assets |
424,046 |
349,222 |
|
--------- |
--------- |
Total assets less current liabilities |
849,621 |
358,550 |
|
|
|
|
Provisions |
3,400 |
2,036 |
|
--------- |
--------- |
Net assets |
846,221 |
356,514 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
1,400 |
1,389 |
Share premium account |
3,852,828 |
3,436,920 |
Profit and loss account |
(
3,008,007) |
(
3,081,795) |
|
------------ |
------------ |
Shareholders funds |
846,221 |
356,514 |
|
------------ |
------------ |
|
|
|
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 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
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
24 September 2024
, and are signed on behalf of the board by:
Company registration number:
09342225
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 Camburgh House, 27 New Dover Road, Canterbury, CT1 3DN, 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 accounts have been prepared on a going concern basis which relies upon the continuing support of the investors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
7 Years Straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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, machinery and equipment |
- |
33% straight line |
|
|
|
|
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.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2022:
16
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
Additions |
441,416 |
|
--------- |
At 31 December 2023 |
441,416 |
|
--------- |
Amortisation |
|
Charge for the year |
30,144 |
|
--------- |
At 31 December 2023 |
30,144 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
411,272 |
|
--------- |
At 31 December 2022 |
– |
|
--------- |
|
|
6.
Tangible assets
|
Plant, machinery and equipment |
|
£ |
Cost |
|
At 1 January 2023 |
31,423 |
Additions |
12,168 |
Disposals |
(
8,038) |
|
-------- |
At 31 December 2023 |
35,553 |
|
-------- |
Depreciation |
|
At 1 January 2023 |
22,095 |
Charge for the year |
5,200 |
Disposals |
(
6,045) |
|
-------- |
At 31 December 2023 |
21,250 |
|
-------- |
Carrying amount |
|
At 31 December 2023 |
14,303 |
|
-------- |
At 31 December 2022 |
9,328 |
|
-------- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
540 |
Other debtors |
13,402 |
36,225 |
|
-------- |
-------- |
|
13,402 |
36,765 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
48,731 |
60,671 |
Social security and other taxes |
82,763 |
65,132 |
Other creditors |
16,679 |
45,078 |
|
--------- |
--------- |
|
148,173 |
170,881 |
|
--------- |
--------- |
|
|
|