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Registration number: 10731333

C8 Technologies Research (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

C8 Technologies Research (UK) Limited

Contents

Company Information

1

Director's Report

2

Statement of Financial Position

3

 

C8 Technologies Research (UK) Limited

Company Information

Director

E M Kasenally

Registered office

184-186 Regent Street
London
W1B 5TW

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

C8 Technologies Research (UK) Limited

Director's Report for the Year Ended 30 April 2024

The director presents his annual report on the affairs of C8 Technologies Research (UK) Limited, together with the financial statements for the year ended 30 April 2024.

Principal activity

The principal activity of the company is business and financial software development.

Director of the company

The director who held office during the year and up to the date of authorisation of this report was as follows:

E M Kasenally

Going concern

These financial statements have been prepared on a going concern basis on the grounds that the director has indicated his willingness to provide adequate funds to enable the company to meet its liabilities as they fall due.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 25 September 2024
 

.........................................
E M Kasenally
Director

 

C8 Technologies Research (UK) Limited

(Registration number: 10731333)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

4

5,477

12,545

Current assets

 

Receivables

5

94,591

95,302

Cash at bank

6

6,620

3,083

 

101,211

98,385

Payables: Amounts falling due within one year

7

(290,837)

(297,026)

Net current liabilities

 

(189,626)

(198,641)

Net liabilities

 

(184,149)

(186,096)

Equity

 

Called up share capital

8

100

100

Retained earnings

8

(184,249)

(186,196)

Shareholders' deficit

 

(184,149)

(186,096)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The director has elected not to include a copy of the Income statement within the financial statements.

The financial statements of C8 Technologies Research (UK) Limited were approved and authorised for issue by the director on 25 September 2024
 

.........................................

E M Kasenally
Director

 

C8 Technologies Research (UK) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

1

General information

C8 Technologies Research (UK) Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

These financial statements have been prepared on a going concern basis on the grounds that the director has indicated his willingness to provide adequate funds to enable the company to meet its liabilities as they fall due.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

 

C8 Technologies Research (UK) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

C8 Technologies Research (UK) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

C8 Technologies Research (UK) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)

4

Property, plant and equipment

Computer equipment
 £

Cost

At 1 May 2023

24,537

At 30 April 2024

24,537

Depreciation

At 1 May 2023

11,992

Charge for the year

7,068

At 30 April 2024

19,060

Carrying amount

At 30 April 2024

5,477

At 30 April 2023

12,545

5

Receivables

2024
£

2023
£

Trade receivables

-

3,708

Other receivables

62,360

67,361

Prepayments

32,231

24,233

94,591

95,302

6

Cash and cash equivalents

2024
£

2023
£

Cash at bank

6,620

3,083

 

C8 Technologies Research (UK) Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024 (continued)

7

Payables

2024
£

2023
£

Due within one year

Trade payables

6,346

9,194

Other payables

239,350

246,769

Accruals

45,141

41,063

290,837

297,026

8

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

9

Related party transactions

At 30 April 2024 the company owed £236,546 (2023: £246,769) to E Kasenally, the director and shareholder. The loan is interest free and repayable on demand.