Registered number
NI632560
Sector 3 Solutions Ltd
Filleted Accounts
31 December 2024
Sector 3 Solutions Ltd
Registered number: NI632560
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 301,864 139,156
Tangible assets 4 2,945 5,712
304,809 144,868
Current assets
Stocks 75,000 -
Debtors 5 149,010 249,291
Cash at bank and in hand 27,696 27,327
251,706 276,618
Creditors: amounts falling due within one year 6 (386,025) (205,786)
Net current (liabilities)/assets (134,319) 70,832
Total assets less current liabilities 170,490 215,700
Creditors: amounts falling due after more than one year 7 (124,962) -
Net assets 45,528 215,700
Capital and reserves
Called up share capital 100 100
Profit and loss account 45,428 215,600
Shareholders' funds 45,528 215,700
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.
Simon Lennon
Director
Approved by the board on 11 August 2025
Sector 3 Solutions Ltd
Notes to the Accounts
for the period from 1 August 2023 to 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 equipment over 5 years
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 41 24
3 Intangible fixed assets £
Intellectual property
Cost
At 1 August 2023 193,911
Additions 193,447
At 31 December 2024 387,358
Amortisation
At 1 August 2023 54,755
Provided during the period 30,739
At 31 December 2024 85,494
Net book value
At 31 December 2024 301,864
At 31 July 2023 139,156
Intellectual property is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and equipment
£
Cost
At 1 August 2023 9,223
At 31 December 2024 9,223
Depreciation
At 1 August 2023 3,511
Charge for the period 2,767
At 31 December 2024 6,278
Net book value
At 31 December 2024 2,945
At 31 July 2023 5,712
5 Debtors 2024 2023
£ £
Trade debtors 89,822 249,291
Amounts owed by group undertakings 32,000 -
Other debtors 27,188 -
149,010 249,291
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 125,530 37,607
Trade creditors 58,729 35,419
Directors loan account 15,013 15,013
Taxation and social security costs 151,815 117,747
Other creditors 34,938 -
386,025 205,786
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 124,962 -
8 Other information
Sector 3 Solutions Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Unit HF6
Howard Building
Twin Spires Centre
Belfast
BT13 2JF
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