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Registration number: 07704196

Surface Imaging Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Surface Imaging Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Surface Imaging Solutions Limited

Company Information

Directors

Mr. N Miedzianowski-Sinclair

Mrs L J Miedzianowski-Sinclair

Registered office

9A Burroughs Gardens
London
NW4 4AU

Registered number

07704196

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Surface Imaging Solutions Limited

(Registration number: 07704196)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,242

3,412

Tangible assets

5

4,131

1,256

 

6,373

4,668

Current assets

 

Stocks

6

189,415

195,000

Debtors

7

358,594

304,651

Cash at bank and in hand

 

172,309

125,349

 

720,318

625,000

Creditors: Amounts falling due within one year

8

(426,181)

(279,726)

Net current assets

 

294,137

345,274

Total assets less current liabilities

 

300,510

349,942

Creditors: Amounts falling due after more than one year

8

(11,908)

(49,662)

Net assets

 

288,602

300,280

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

288,502

300,180

Shareholders' funds

 

288,602

300,280

 

Surface Imaging Solutions Limited

(Registration number: 07704196)
Balance Sheet as at 31 January 2024

For the financial 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.

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

.........................................
Mr. N Miedzianowski-Sinclair
Director

 

Surface Imaging Solutions Limited

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

1

General information

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

The address of its registered office is:
9A Burroughs Gardens
London
NW4 4AU
England

The principal place of business is:
Little Beeches Wycombe Lane
All Cannings
Devizes
Wiltshire
SN10 3NT

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.

These financial statements have been presented in sterling which is the functional currency of the entity and rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Surface Imaging Solutions Limited

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

Government grants

Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss account.

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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Computer equipment

33.33% on cost

Furniture & fittings

25% reducing balance

Intangible assets

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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:

Asset class

Amortisation method and rate

Website

5 years on costs

 

Surface Imaging Solutions Limited

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

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.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow
moving stocks. Net realisable value is based on selling price less anticipated costs to completion and
selling costs.

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.

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.

 

Surface Imaging Solutions Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Website
 £

Total
£

Cost or valuation

At 1 February 2023

5,850

5,850

At 31 January 2024

5,850

5,850

Amortisation

At 1 February 2023

2,438

2,438

Amortisation charge

1,170

1,170

At 31 January 2024

3,608

3,608

Carrying amount

At 31 January 2024

2,242

2,242

At 31 January 2023

3,412

3,412

 

Surface Imaging Solutions Limited

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

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

2,975

6,204

9,179

Additions

-

3,986

3,986

At 31 January 2024

2,975

10,190

13,165

Depreciation

At 1 February 2023

1,719

6,204

7,923

Charge for the year

314

797

1,111

At 31 January 2024

2,033

7,001

9,034

Carrying amount

At 31 January 2024

942

3,189

4,131

At 31 January 2023

1,256

-

1,256

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

189,415

195,000

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

347,460

302,491

Amounts owed by related parties

11

600

-

Prepayments

 

2,318

2,160

Other debtors

 

8,216

-

   

358,594

304,651

 

Surface Imaging Solutions Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

10

41,453

41,453

Trade creditors

 

317,614

86,387

Taxation and social security

 

14,636

104,394

Other creditors

 

52,478

47,492

 

426,181

279,726

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

11,908

49,662

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Surface Imaging Solutions Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,908

49,662

Current loans and borrowings

2024
£

2023
£

Bank borrowings

41,453

41,453

Bank borrowings

The Funding Circle Loan is denominated in Sterling with a nominal interest rate of 5%, and the final instalment is due on 14 May 2025. The carrying amount at year end is £53,361 (2023 - £91,115).

The Funding Circle Loan is governed by the Coronavirus Business Interruption Loan Scheme (CBILS).

11

Related party transactions

Transaction with directors

At the balance sheet date, the company owed £41,225 (2023: £32,883) to the directors.

Transaction with group companies

At the balance sheet date, the Corium Imaging Limited owed £600 (2023: Nil) to the company.