Registered number
06831772
Layer 9 Limited
Unaudited Filleted Accounts
29 February 2024
Layer 9 Limited
Registered number: 06831772
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 10,402 8,664
Current assets
Debtors 4 731,860 215,365
Cash at bank and in hand 97,346 452,755
829,206 668,120
Creditors: amounts falling due within one year 5 (335,059) (210,148)
Net current assets 494,147 457,972
Total assets less current liabilities 504,549 466,636
Creditors: amounts falling due after more than one year 6 (21,847) (31,303)
Net assets 482,702 435,333
Capital and reserves
Called up share capital 2,500 2,500
Profit and loss account 480,202 432,833
Shareholders' funds 482,702 435,333
The directors are 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 directors acknowledge their 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.
Massimo Pandolfo Colin Desouza
Director Director
Approved by the board on 29 November 2024
Layer 9 Limited
Notes to the Accounts
for the year ended 29 February 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 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Computer equipment 33.33% straight line
Office equipment 25.00% 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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous 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. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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
Plant and machinery etc
£
Cost
At 1 March 2023 20,658
Additions 7,184
At 29 February 2024 27,842
Depreciation
At 1 March 2023 11,994
Charge for the year 5,446
At 29 February 2024 17,440
Net book value
At 29 February 2024 10,402
At 28 February 2023 8,664
4 Debtors 2024 2023
£ £
Trade debtors 639,869 141,680
Corporation tax repayable 32 -
Other debtors 91,959 73,685
731,860 215,365
Other debtors includes overdrawn director's loan account of Mr Colin Desouza which amounted to £32,641. The amount remained outstanding after the year end and was charged the nominal rate of interest.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,728 10,000
Trade creditors 54,134 29,149
Corporation tax 39,249 52,810
Other taxes and social security costs 17,421 12,298
Other creditors 214,527 105,891
335,059 210,148
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,847 31,303
7 Other information
Layer 9 Limited is a private company limited by shares and incorporated in England. Its registered office is:
St. Johns Innovation Centre
Cowley Road
Cambridge
Cambridgeshire
CB4 0WS
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