Registered number
03705682
TECHNOINFO LIMITED
Filleted Accounts
29 February 2024
M JAFFER & CO
Chartered Certified Accountants
Devonshire House
582 Honeypot Lane
Stanmore
London. HA7 1JS
TECHNOINFO LIMITED
Registered number: 03705682
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 20,058 23,289
Current assets
Debtors 4 926 120,305
Cash at bank 1,117,372 1,254,613
1,118,298 1,374,918
Creditors: amounts falling due within one year 5 (100,550) (106,929)
Net current assets 1,017,748 1,267,989
Net assets 1,037,806 1,291,278
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,037,804 1,291,276
Shareholders' funds 1,037,806 1,291,278
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.
Ms Natalia Mikulinskaya
Director
Approved by the board on 25 December 2024
TECHNOINFO 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 (as applied to small entities by section 1A of the standard).
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:
Plant and machinery 15% straight line
Motor Vehicle 15% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Going concern
The directors have considered the impact of recent worldwide events in relation to the Covid-19 pandemic and on going impact on the company's operations. They are confident that the company has adequate reserves to enable it to meet its running costs and liabilities as they fall due for at least 12 months from the date of approval of these financial statements.
The company has taken out a Bounce Back Loan amounting to £50,000 to ensure that sufficient cash resources remain available should the government restrictions remain in place for a longer than currently predicted. The Bounce Back Loan was repaid on 25 June 2021.
On the above basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 10
3 Tangible fixed assets
Plant and machinery etc Motor vehicle Total
£ £ £
Cost
At 1 March 2023 173,700 69,792 243,492
Additions 1,976 - 1,976
Disposals - (69,792) (69,792)
At 29 February 2024 175,676 - 175,676
Depreciation
At 1 March 2023 150,411 69,792 220,203
Charge for the year 5,207 (69,792) (64,585)
At 29 February 2024 155,618 - 155,618
Net book value
At 29 February 2024 20,058 - 20,058
At 28 February 2023 23,289 - 23,289
4 Debtors 2024 2023
£ £
Other debtors 926 120,305
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other taxes and social security costs 1,945 4,542
Other creditors 98,605 102,387
100,550 106,929
6 Loan to director
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Ms Natalia Mikulinskaya
Interest attached to this loan is
agreed at 2.5% per annum.
Repayable after the year ended.
45,523 (45,523) -
Mr Evgeny Mikulinsky (appointment on 15 November 2023)
Interest attached to this loan is
agreed at 2.5% per annum.
Repayable after the year ended.
45,523 (45,523) -
91,046 - (91,046) -
7 Other information
TECHNOINFO LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
London
HA7 1JS
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