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REGISTERED NUMBER: 08968608 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 March 2024

for

Snap Micro Ltd

Snap Micro Ltd (Registered number: 08968608)

Contents of the Financial Statements
For The Year Ended 31 March 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Snap Micro Ltd

Company Information
For The Year Ended 31 March 2024







DIRECTOR: M P Green





REGISTERED OFFICE: T12 Allen House
The Maltings
Station Road
Sawbridgeworth
Hertfordshire
CM21 9JX





REGISTERED NUMBER: 08968608 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

Snap Micro Ltd (Registered number: 08968608)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,237 26,863

CURRENT ASSETS
Debtors 5 31,054 10,397
Cash at bank 38,567 37,326
69,621 47,723
CREDITORS
Amounts falling due within one year 6 54,351 41,916
NET CURRENT ASSETS 15,270 5,807
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,507

32,670

CREDITORS
Amounts falling due after more than one
year

7

(19,259

)

(22,870

)

PROVISIONS FOR LIABILITIES 10 (5,309 ) (5,834 )
NET ASSETS 11,939 3,966

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 11,839 3,866
SHAREHOLDERS' FUNDS 11,939 3,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 September 2024 and were signed by:



M P Green - Director


Snap Micro Ltd (Registered number: 08968608)

Notes to the Financial Statements
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Snap Micro Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.


Snap Micro Ltd (Registered number: 08968608)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants relating to revenue shall be recognised on a systemic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 20,064 30,968 51,032
DEPRECIATION
At 1 April 2023 9,169 15,000 24,169
Charge for year 1,634 3,992 5,626
At 31 March 2024 10,803 18,992 29,795
NET BOOK VALUE
At 31 March 2024 9,261 11,976 21,237
At 31 March 2023 10,895 15,968 26,863

Snap Micro Ltd (Registered number: 08968608)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 30,968
DEPRECIATION
At 1 April 2023 15,000
Charge for year 3,992
At 31 March 2024 18,992
NET BOOK VALUE
At 31 March 2024 11,976
At 31 March 2023 15,968

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 26,647 4,278
Other debtors 4,407 6,119
31,054 10,397

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 3,555 3,500
Hire purchase contracts 17,267 18,245
Trade creditors 3,280 5,830
Taxation and social security 23,919 12,107
Other creditors 6,330 2,234
54,351 41,916

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 8) 19,259 22,870

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable after
more than five years 5,038 8,870
5,038 8,870

Snap Micro Ltd (Registered number: 08968608)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024


8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 3,555 3,500

Amounts falling due between one and two years:
Bank loans - 1-2 years 3,555 3,500

Amounts falling due between two and five years:
Bank loans - 2-5 years 10,666 10,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable after
more than five years 5,038 8,870
5,038 8,870

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 17,267 18,245

The hire purchase obligation is secured against the asset concerned.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 5,309 5,834

Deferred
tax
£   
Balance at 1 April 2023 5,834
Credit to Statement of Income and Retained Earnings during year (525 )
Balance at 31 March 2024 5,309

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary £0.10 50 50
500 Ordinary A £0.10 50 50
100 100