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COMPANY REGISTRATION NUMBER: 14315966
SCIOM Limited
Filleted Unaudited Financial Statements
31 July 2024
SCIOM Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
330,387
257,369
Current assets
Stocks
28,994
Debtors
6
140,455
17,722
Cash at bank and in hand
13,758
8,033
---------
--------
183,207
25,755
Creditors: amounts falling due within one year
7
823,000
342,036
---------
---------
Net current liabilities
639,793
316,281
---------
---------
Total assets less current liabilities
( 309,406)
( 58,912)
Creditors: amounts falling due after more than one year
8
36,000
---------
--------
Net liabilities
( 309,406)
( 94,912)
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 309,506)
( 95,012)
---------
--------
Shareholders deficit
( 309,406)
( 94,912)
---------
--------
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 income statement has not been delivered.
For the year ending 31 July 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 .
SCIOM Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr K Patel
Director
Company registration number: 14315966
SCIOM Limited
Notes to the Financial Statements
Year ended 31 July 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 4 Martinfield Business Centre, Welwyn Garden City, Hertfordshire, AL7 1HG, 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
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:
Long leasehold property
-
5% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
150,272
98,506
11,683
6,837
267,298
Additions
9,859
84,035
15,527
7,360
116,781
---------
---------
--------
--------
---------
At 31 July 2024
160,131
182,541
27,210
14,197
384,079
---------
---------
--------
--------
---------
Depreciation
At 1 August 2023
8,288
1,050
591
9,929
Charge for the year
8,007
28,277
4,108
3,371
43,763
---------
---------
--------
--------
---------
At 31 July 2024
8,007
36,565
5,158
3,962
53,692
---------
---------
--------
--------
---------
Carrying amount
At 31 July 2024
152,124
145,976
22,052
10,235
330,387
---------
---------
--------
--------
---------
At 31 July 2023
150,272
90,218
10,633
6,246
257,369
---------
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
12,572
Other debtors
127,883
17,722
---------
--------
140,455
17,722
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,296
25,326
Amounts owed to group undertakings and undertakings in which the company has a participating interest
548,441
245,001
Social security and other taxes
12,667
Other creditors
236,596
71,709
---------
---------
823,000
342,036
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
36,000
----
--------
9. Going concern
At 31 July 2024 the company's liabilities exceed its assets by £309,406 (2023: £94,912). The company's directors have stated that they will continue to financially support the company to enable it to continue trading for the foreseeable future.
10. Controlling party
Throughout the period the company's immediate and ultimate parent company is Novumgen Limited which was incorporated in the United Kingdom.
11. Related party transactions
During the year the company was provided with an interest free loan from a related party, the amount due at the balance sheet date was £150,700 (2023: £36,000).