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Registered number: 09064777
Circuitbyte Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 August 2024
MJK Accountants Ltd
Unit 9 Barnack Business Centre Blakey Road
Salisbury
Wiltshire
SP1 2LP
Contents
Page
Abridged Statement of Financial Position 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Statement of Financial Position
Registered number: 09064777
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 54,304 47,498
54,304 47,498
CURRENT ASSETS
Stocks 61,474 25,000
Debtors 287,530 140,946
Cash at bank and in hand 386,567 377,355
735,571 543,301
Creditors: Amounts Falling Due Within One Year (93,836 ) (130,459 )
NET CURRENT ASSETS (LIABILITIES) 641,735 412,842
TOTAL ASSETS LESS CURRENT LIABILITIES 696,039 460,340
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,576 ) (11,875 )
NET ASSETS 682,463 448,465
CAPITAL AND RESERVES
Called up share capital 5 1 1
Income Statement 682,462 448,464
SHAREHOLDERS' FUNDS 682,463 448,465
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 31 August 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr C J Matthews
Director
07/04/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Circuitbyte Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09064777 . The registered office is 7 Dean Hill Park, West Dean, Salisbury, Wiltshire, SP5 1ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% Striaght line
Plant & Machinery 25% Reducing balance
Fixtures & Fittings 15% Reducing balance
Computer Equipment 33% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was 13 (2023: 14)
13 14
4. Tangible Assets
Total
£
Cost
As at 1 September 2023 105,007
Additions 22,551
As at 31 August 2024 127,558
Depreciation
As at 1 September 2023 57,509
Provided during the period 15,745
As at 31 August 2024 73,254
Net Book Value
As at 31 August 2024 54,304
As at 1 September 2023 47,498
5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
6. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 19,250 19,250
Later than one year and not later than five years 7,344 26,594
26,594 45,844
7. Related Party Transactions
The company is jointly controlled by Mr C Matthews (director) and Mr R Steel (director) by virtue of the fact they equally own to company's entire issued share capital.
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