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COMPANY REGISTRATION NUMBER: 05019214
Algo Stack Ltd
Filleted Unaudited Financial Statements
31 January 2024
Algo Stack Ltd
Financial Statements
Year ended 31 January 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 5
Algo Stack Ltd
Balance Sheet
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
12,638
11,817
Current assets
Debtors
6
380,843
171,439
Cash at bank and in hand
1,027,145
1,359,446
------------
------------
1,407,988
1,530,885
Creditors: amounts falling due within one year
7
372,478
580,414
------------
------------
Net current assets
1,035,510
950,471
------------
---------
Total assets less current liabilities
1,048,148
962,288
Creditors: amounts falling due after more than one year
8
13,950
24,111
------------
---------
Net assets
1,034,198
938,177
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,034,098
938,077
------------
---------
Shareholders funds
1,034,198
938,177
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Algo Stack Ltd
Balance Sheet (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
Mr Venugopal Juvvadi Director
Company registration number: 05019214
Algo Stack Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wework Aldgate Tower, 2 Leman Street, London, E1 8FA, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 13 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 February 2023
32,422
32,422
Additions
8,368
8,368
Disposals
( 6,906)
( 6,906)
--------
--------
At 31 January 2024
33,884
33,884
--------
--------
Depreciation
At 1 February 2023
20,605
20,605
Charge for the year
7,548
7,548
Disposals
( 6,907)
( 6,907)
--------
--------
At 31 January 2024
21,246
21,246
--------
--------
Carrying amount
At 31 January 2024
12,638
12,638
--------
--------
At 31 January 2023
11,817
11,817
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
313,075
171,439
Other debtors
67,768
---------
---------
380,843
171,439
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,162
9,911
Trade creditors
116,451
85,187
Corporation tax
61,680
116,331
Social security and other taxes
184,185
182,274
Other creditors
186,711
---------
---------
372,478
580,414
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,950
24,111
--------
--------
9. Directors' advances, credits and guarantees
During the year, dividend paid to the directors amounted to £100,000(2023-£80,000). At the end of the year amount owed to the directors amounted to Nil (2023-£126,620) At the end of the year, the amount owed by the directors was £67,767 (2023-Nil) The amount owed by the directors was repaid within nine months of the end of the accounting period.