Company Registration No. 10984349 (England and Wales)
Springchat Ltd
Unaudited accounts
for the year ended 30 September 2023
Springchat Ltd
Unaudited accounts
Contents
Springchat Ltd
Company Information
for the year ended 30 September 2023
Company Number
10984349 (England and Wales)
Registered Office
Unit 1 Hoyle Street
Manchester
M12 6HG
England
Accountants
Enso Accountants Ltd
Springchat Ltd
Statement of financial position
as at 30 September 2023
Tangible assets
12,278
9,433
Cash at bank and in hand
(10,497)
485,862
Creditors: amounts falling due within one year
(144,485)
(128,648)
Net current (liabilities)/assets
(106,788)
366,576
Total assets less current liabilities
(94,510)
376,009
Creditors: amounts falling due after more than one year
(26,327)
(44,833)
Net (liabilities)/assets
(120,837)
331,176
Called up share capital
250
280
Share premium
1,147,531
1,137,073
Profit and loss account
(1,268,618)
(806,177)
Shareholders' funds
(120,837)
331,176
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 June 2024 and were signed on its behalf by
Khalid TAYAN
Director
Company Registration No. 10984349
Springchat Ltd
Notes to the Accounts
for the year ended 30 September 2023
Springchat Ltd is a private company, limited by shares, registered in England and Wales, registration number 10984349. The registered office is Unit 1 Hoyle Street, Manchester, M12 6HG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Reducing Balance
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Springchat Ltd
Notes to the Accounts
for the year ended 30 September 2023
The management has assessed the company's ability to continue as a going concern for the foreseeable future, typically at least twelve months from the date of the financial statements. This assessment is based on the company's current financial position, operational performance, cash flow forecasts, and available credit facilities. The company's financial statements reflect the ongoing operations of the business and the ability to meet its financial obligations as they become due. In making this assessment, management has made certain assumptions about future performance, including market conditions, economic trends, and the company's ability to execute its strategic plans.
Management continuously monitors and evaluates potential risks and uncertainties that could impact the company's ability to continue as a going concern. Appropriate actions will be taken to mitigate these risks if necessary. Any material uncertainties or events that could cast significant doubt on the company's ability to continue as a going concern are disclosed in the financial
statements.
Based on the assessment conducted, management concludes that the company is a going concern and will continue to operate
in the foreseeable future.
Short-term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognized at transaction price net of any transaction costs and subsequently measured at amortized cost determined using the effective interest method.
The company establishes and maintains relationships with reputable financial institutions for its banking needs. These relationships include maintaining operating accounts, investment accounts, and credit facilities as necessary. Bank
reconciliations are performed regularly to reconcile cash balances in the company's records with bank statements. Any discrepancies are investigated and resolved promptly. If applicable, procedures for managing petty cash funds are established,
including guidelines for reimbursement, documentation of expenses, and periodic reconciliations.
The cash at bank and in hand policy complies with relevant accounting standards and regulations regarding the recording, reconciliation, and reporting of cash balances in financial statements.
All cash transactions, including bank statements, reconciliations, and supporting documentation, are properly documented and retained as part of the company's financial records.
Short-term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognized at transaction price including any transaction costs and subsequently measured at amortized cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Springchat Ltd
Notes to the Accounts
for the year ended 30 September 2023
4
Tangible fixed assets
Computer equipment
At 30 September 2023
27,351
At 30 September 2023
15,073
At 30 September 2023
12,278
At 30 September 2022
9,433
Amounts falling due within one year
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
7,305
10,934
Taxes and social security
137,180
115,143
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Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
8,572
19,000
8
Average number of employees
During the year the average number of employees was 7 (2022: 7).