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Registration number: 03936355

Layton Technologies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Layton Technologies Limited

(Registration number: 03936355)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,940

16,411

Tangible assets

5

52,660

57,628

 

63,600

74,039

Current assets

 

Stocks

373,583

371,357

Debtors

6

400,864

418,520

Cash at bank and in hand

 

321,228

36,503

 

1,095,675

826,380

Creditors: Amounts falling due within one year

7

(788,719)

(572,368)

Net current assets

 

306,956

254,012

Total assets less current liabilities

 

370,556

328,051

Creditors: Amounts falling due after more than one year

7

(204,036)

(292,499)

Net assets

 

166,520

35,552

Capital and reserves

 

Called up share capital

8

108,960

108,960

Share premium reserve

5,642

5,642

Retained earnings

51,918

(79,050)

Shareholders' funds

 

166,520

35,552

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Layton Technologies Limited

(Registration number: 03936355)
Balance Sheet as at 31 March 2024

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.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
Mr Philip Dale
Director

   
     
 

Layton Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 33
Parkhall Industrial Estate
Parkhall Road
Stoke On Trent
Staffordshire
ST3 5XA

These financial statements were authorised for issue by the Board on 17 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Contract revenue recognition

Turnover represents the value of services provided under contracts to the extent that there is a right to
consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of
the service provided to date based on a proportion of the total expected consideration at completion. Where
payments are received from customers in advance of services provided, the amounts are recorded as Deferred
Income and included as part of Creditors due within one year.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Layton Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

10% on straight line

Plant & Machinery

25% & 5% on reducing balance

Fixtures & fittings

25% on reducing balance

Intangible assets

Intangble assets are initially measured at cost. After initial recognition , intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licenses are being amortised evenly over their estimated useful life of ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 trade debtors 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.

 

Layton Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

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.

 

Layton Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third
parties, loans to related parties and investments in non-puttable ordinary shares.

 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in profit or loss.

 Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective
interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss
is the current effective interest rate determined under the contract.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 11).

 

Layton Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

54,703

54,703

At 31 March 2024

54,703

54,703

Amortisation

At 1 April 2023

38,292

38,292

Amortisation charge

5,471

5,471

At 31 March 2024

43,763

43,763

Carrying amount

At 31 March 2024

10,940

10,940

At 31 March 2023

16,411

16,411

5

Tangible assets

Land and buildings
£

Fixtures & Fittings
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 April 2023

66,707

145,677

153,336

365,720

At 31 March 2024

66,707

145,677

153,336

365,720

Depreciation

At 1 April 2023

66,707

140,628

100,757

308,092

Charge for the year

-

1,262

3,706

4,968

At 31 March 2024

66,707

141,890

104,463

313,060

Carrying amount

At 31 March 2024

-

3,787

48,873

52,660

At 31 March 2023

-

5,049

52,579

57,628

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Layton Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

59,921

124,689

Prepayments

22,181

49,223

Other debtors

318,762

244,608

 

400,864

418,520

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

88,463

85,199

Trade creditors

 

138,744

216,579

Taxation and social security

 

16,129

13,026

Accruals and deferred income

 

412,023

180,368

Other creditors

 

133,360

77,196

 

788,719

572,368

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

204,036

292,499

 

Layton Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

108,960

108,960

108,960

108,960

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

104,036

192,499

Other borrowings

100,000

100,000

204,036

292,499

Current loans and borrowings

2024
£

2023
£

Bank borrowings

88,463

85,199

 

Layton Technologies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Philip Dale

(2,669)

21,191

(4,818)

13,704

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Philip Dale

705

15,626

(19,000)

(2,669)