Registration number:
3P Sense Limited
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3P Sense Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
3P Sense Limited
Company Information
Director |
J W Ndieyira |
Registered office |
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Accountants |
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3P Sense Limited
Statement of Financial Position as at 31 March 2024
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2023 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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J W Ndieyira
Director
Company registration number: 10062547
3P Sense Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is the production and sale of a prototype medical device.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a loss for the year ended 31 March 2024 and had a deficiency of net assets at that date of £140,160.
The company continues to develop a prototype medical device and the company's affairs are simplistic with expenses controllable. COVID-19 delayed matters but the director believes that the company will be able to commence sales within the next few years.
The company funds their working capital requirements through supplier credit and loans from former shareholders. No matters have been drawn to the attention of the director to suggest that this funding will not continue on acceptable terms in the future and the director believes that the company is well placed to manage its business risks successfully.
On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
3P Sense Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Research and development
Research and development expenditure is written off in the period in which it is incurred.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any 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 |
Trademarks, patents and licences |
Straight line over the active term of the agreement |
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.
3P Sense Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Intangible assets |
Trademarks, patents and licences |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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Amortisation charge |
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Amortisation eliminated on disposals |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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The director believes that there has been no impairment in the carrying value of intangible assets.
3P Sense Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Debtors |
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2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2023 |
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Trade creditors |
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Other creditors |
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