Registered number
05746389
Seneca IP Ltd
Filleted Accounts
31 March 2024
Seneca IP Ltd
Registered number: 05746389
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 71,408 4,669
Current assets
Stocks 249,743 325,634
Debtors 4 340,160 56,189
Cash at bank and in hand 280,690 454,979
870,593 836,802
Creditors: amounts falling due within one year 5 (514,594) (601,338)
Net current assets 355,999 235,464
Total assets less current liabilities 427,407 240,133
Creditors: amounts falling due after more than one year 6 (38,622) -
Provisions for liabilities (16,685) -
Net assets 372,100 240,133
Capital and reserves
Called up share capital 100 100
Profit and loss account 372,000 240,033
Shareholders' funds 372,100 240,133
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J D Hedger
Director
Approved by the board on 10 October 2024
Seneca IP Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in this respect is recognised by reference to the stage of completion.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 25% straight line
Leasehold improvements 10 years straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
Taxation represents the sum of tax currently payable.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 - 27,919 27,919
Additions 15,530 64,373 79,903
At 31 March 2024 15,530 92,292 107,822
Depreciation
At 1 April 2023 - 23,250 23,250
Charge for the year 1,553 11,611 13,164
At 31 March 2024 1,553 34,861 36,414
Net book value
At 31 March 2024 13,977 57,431 71,408
At 31 March 2023 - 4,669 4,669
4 Debtors 2024 2023
£ £
Trade debtors 82,069 55,609
Other debtors 258,091 580
340,160 56,189
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,651 62
Obligations under finance lease and hire purchase contracts 15,309 -
Trade creditors 15,864 5,651
Taxation and social security costs 258,396 191,295
Other creditors 223,374 404,330
514,594 601,338
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 38,622 -
7 Other information
Seneca IP Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Speedwell Mill
Old Coach Road
Tansley, Matlock
Derbyshire
DE4 5FY
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