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COMPANY REGISTRATION NUMBER: 11274431
3D at Depth Limited
Unaudited financial statements
31 December 2023
3D at Depth Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
56,234
50,574
Current assets
Debtors
6
384,126
510,440
Cash at bank and in hand
30,970
36,928
---------
---------
415,096
547,368
Creditors: Amounts falling due within one year
7
( 748,201)
( 379,914)
---------
---------
Net current (liabilities)/assets
( 333,105)
167,454
---------
---------
Total assets less current liabilities
( 276,871)
218,028
Creditors: Amounts falling due after more than one year
8
( 14,167)
( 24,167)
Provisions
Taxation including deferred tax
( 9,580)
---------
---------
Net (liabilities)/assets
( 291,038)
184,281
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 291,138)
184,181
---------
---------
Shareholders (deficit)/funds
( 291,038)
184,281
---------
---------
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 income statement 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 .
3D at Depth Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
C W Embry
E S T Tait
Director
Director
Company registration number: 11274431
3D at Depth Limited
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 Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The trading address is Unit 261B, Building 261, Scottow Enterprise Park, Lamas Road, Norwich, Norfolk, NR10 5FB.
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 assumes the continued support from the company's parent company. The directors therefore expect the company will be able to trade for the foreseeable future and the accounts have therefore been prepared under a going concern basis. Should this basis not be appropriate it may prove necessary to write assets down to their net recoverable value and to provide for additional liabilities which may arise. It would also be necessary to reclassify amounts falling due after more than one year to current liabilities.
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 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.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
25% straight line
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 13 (2022: 11 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
31,876
6,304
44,194
82,374
Additions
15,402
331
8,183
23,916
-------
------
-------
---------
At 31 December 2023
47,278
6,635
52,377
106,290
-------
------
-------
---------
Depreciation
At 1 January 2023
11,775
2,293
17,732
31,800
Charge for the year
5,325
626
12,305
18,256
-------
------
-------
---------
At 31 December 2023
17,100
2,919
30,037
50,056
-------
------
-------
---------
Carrying amount
At 31 December 2023
30,178
3,716
22,340
56,234
-------
------
-------
---------
At 31 December 2022
20,101
4,011
26,462
50,574
-------
------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors - Third parties
151,074
158
Trade debtors - Amounts owed by group undertakings (3D at Depth Inc)
177,106
503,227
Other debtors
55,946
7,055
---------
---------
384,126
510,440
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
49,204
6,741
Amounts owed to group undertakings (3D at Depth Inc)
274,688
277,375
Trade creditors - Amounts owed to group undertakings (3D at Depth Inc)
368,223
Accruals and deferred income
9,835
14,578
Corporation tax
34,136
Social security and other taxes
29,836
29,205
Director loan accounts
25
Credit card
147
1,314
Pensions contribution creditor
6,243
6,565
---------
---------
748,201
379,914
---------
---------
With effect from 26 June 2024, a revolving credit agreement is in place for the amount owed to group undertakings, up to £500,000 at a rate of 7% per annum. The expiry date of the agreement is 26 June 2026, with options to extend.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans
14,167
24,167
-------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
9,699
8,768
Later than 1 year and not later than 5 years
5,975
15,675
-------
-------
15,674
24,443
-------
-------
10. Directors' advances, credits and guarantees
During the year, the company operated a loan with one of the directors. As at 31 December 2023, the company owed the director £25 (2022: the director owed the company £530). The maximum amount outstanding during the year was £530.
11. Parent company
The parent company of 3D at Depth Limited is 3D at Depth Inc. This company is incorporated in United States of America.