Company Registration No. 13155997 (England and Wales)
Schain Technologies Limited
Unaudited accounts
for the year ended 31 January 2024
Schain Technologies Limited
Unaudited accounts
Contents
Schain Technologies Limited
Company Information
for the year ended 31 January 2024
Directors
S K R Ekambram
Sravan K R Ekambram
Company Number
13155997 (England and Wales)
Registered Office
59 Vauxhall Drive
Woodley
Reading
RG5 4EB
England
Accountants
Insight Accountex Ltd
18 Fuller Road
Dagenham
Essex
RM8 2TT
Schain Technologies Limited
Statement of financial position
as at 31 January 2024
Tangible assets
10,674
19,322
Cash at bank and in hand
361
37,144
Creditors: amounts falling due within one year
(1,019)
(12,646)
Net current (liabilities)/assets
(658)
25,161
Total assets less current liabilities
10,016
44,483
Creditors: amounts falling due after more than one year
(1,473)
(5,777)
Called up share capital
1
1
Profit and loss account
8,542
38,705
Shareholders' funds
8,543
38,706
For the year ending 31 January 2024 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 directors acknowledge their 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 of Directors and authorised for issue on 15 September 2024 and were signed on its behalf by
S K R Ekambram
Director
Company Registration No. 13155997
Schain Technologies Limited
Notes to the Accounts
for the year ended 31 January 2024
Schain Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 13155997. The registered office is 59 Vauxhall Drive, Woodley, Reading, RG5 4EB, 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.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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:
Plant & machinery
Over three years on straight-line basis
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 recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Schain Technologies Limited
Notes to the Accounts
for the year ended 31 January 2024
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 February 2023
14,073
18,750
32,823
At 31 January 2024
15,169
18,750
33,919
At 1 February 2023
8,813
4,688
13,501
Charge for the year
5,056
4,688
9,744
At 31 January 2024
13,869
9,376
23,245
At 31 January 2024
1,300
9,374
10,674
At 31 January 2023
5,260
14,062
19,322
Schain Technologies Limited
Notes to the Accounts
for the year ended 31 January 2024
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
-
6,313
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
1,473
5,777
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).