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Registered number: 12813014
Title Split Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
BusinessWise Accountancy & Tax Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12813014
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 117,680 276
Tangible Assets 5 21,770 12,040
139,450 12,316
CURRENT ASSETS
Debtors 6 23,867 22,990
Cash at bank and in hand 40,374 4,382
64,241 27,372
Creditors: Amounts Falling Due Within One Year 7 (155,339 ) (23,067 )
NET CURRENT ASSETS (LIABILITIES) (91,098 ) 4,305
TOTAL ASSETS LESS CURRENT LIABILITIES 48,352 16,621
Creditors: Amounts Falling Due After More Than One Year 8 - (15,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,531 ) (325 )
NET ASSETS 45,821 1,296
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 45,819 1,294
SHAREHOLDERS' FUNDS 45,821 1,296
Page 1
Page 2
For the year ending 29 February 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Rachel Knight
Director
15/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Title Split Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12813014 . The registered office is Office 3B New Winnings Court, Ormonde Drive , Denby Hall Business Park, Denby, DE5 8LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of 20 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on reducing balance
2.6. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 5)
10 5
4. Intangible Assets
Other Intellectual Property Total
£ £ £
Cost
As at 1 March 2023 276 - 276
Additions 88,598 35,000 123,598
As at 29 February 2024 88,874 35,000 123,874
Amortisation
As at 1 March 2023 - - -
Provided during the period 4,444 1,750 6,194
As at 29 February 2024 4,444 1,750 6,194
Net Book Value
As at 29 February 2024 84,430 33,250 117,680
As at 1 March 2023 276 - 276
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 225 4,218 12,292 16,735
Additions 2,844 3,605 8,877 15,326
As at 29 February 2024 3,069 7,823 21,169 32,061
Depreciation
As at 1 March 2023 55 856 3,784 4,695
Provided during the period 221 1,145 4,230 5,596
As at 29 February 2024 276 2,001 8,014 10,291
Net Book Value
As at 29 February 2024 2,793 5,822 13,155 21,770
As at 1 March 2023 170 3,362 8,508 12,040
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,309 7,796
Prepayments and accrued income 15,558 15,194
23,867 22,990
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 23,885 2,100
Bank loans and overdrafts 36,474 -
Corporation tax 8,798 -
Other taxes and social security 4,994 3,439
VAT 24,785 9,860
Other creditors 630 87
Credit card 6,154 -
Accruals and deferred income 18,628 1,200
Directors' loan accounts 30,991 6,381
155,339 23,067
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account - 15,000
- 15,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5