Company Registration No. 08032986 (England and Wales)
Codification Ltd
Unaudited accounts
for the year ended 31 December 2024
Codification Ltd
Unaudited accounts
Contents
Codification Ltd
Company Information
for the year ended 31 December 2024
Directors
Richard William Smith
Susan Smith
James Robert Parratt
Company Number
08032986 (England and Wales)
Registered Office
The Core
Bath Lane
Newcastle Upon Tyne
NE4 5TF
United Kingdom
Accountants
Shipleys Tax - Chartered Accountants
32 Park Cross Street
Leeds
West Yorkshire
LS1 2QH
Codification Ltd
Statement of financial position
as at 31 December 2024
Tangible assets
2,129
13,221
Cash at bank and in hand
671,884
326,971
Creditors: amounts falling due within one year
(649,438)
(49,843)
Net current assets
905,788
890,618
Total assets less current liabilities
907,917
903,839
Creditors: amounts falling due after more than one year
(3,985)
(13,960)
Provisions for liabilities
Deferred tax
(2,782)
(3,882)
Net assets
901,150
885,997
Called up share capital
2
2
Fair value reserve
32,631
65,262
Profit and loss account
868,517
820,733
Shareholders' funds
901,150
885,997
For the year ending 31 December 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by
Richard William Smith
Director
Company Registration No. 08032986
Codification Ltd
Notes to the Accounts
for the year ended 31 December 2024
Codification Ltd is a private company, limited by shares, registered in England and Wales, registration number 08032986. The registered office is The Core, Bath Lane, Newcastle Upon Tyne, NE4 5TF, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
2-3 Years
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Codification Ltd
Notes to the Accounts
for the year ended 31 December 2024
The company operates an EMI share option scheme. The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an appropriate option pricing model.
Where the terms of an equity-settled award are modified or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
4
Tangible fixed assets
Computer equipment
At 31 December 2024
55,974
Charge for the year
12,330
At 31 December 2024
53,845
At 31 December 2023
13,221
Codification Ltd
Notes to the Accounts
for the year ended 31 December 2024
Amounts falling due within one year
Trade debtors
377,950
134,831
Accrued income and prepayments
49,862
4,037
Other debtors
455,530
474,622
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,179
10,205
Trade creditors
572,331
2,055
Taxes and social security
22,560
5,503
Loans from directors
2,669
2,930
Deferred income
3,932
7,385
Bank loans relate to the Bounce Back Loan Scheme offered during the Covid-19 pandemic. The scheme provides a government-backed guarantee of 100% against the outstanding facility balance (principle and interest).
7
Creditors: amounts falling due after more than one year
2024
2023
Loans due after one year relate to the Bounce Back Loan Scheme offered during the Covid-19 pandemic. The scheme provides a government-backed guarantee of 100% against the outstanding facility balance (principle and interest).
8
Deferred taxation
2024
2023
Accelerated capital allowances
2,782
3,882
Provision at start of year
3,882
6,437
Credited to the profit and loss account
(1,100)
(2,555)
Provision at end of year
2,782
3,882
Allotted, called up and fully paid:
2,000,000 Ordinary shares of £0.000001 each
2
2
Codification Ltd
Notes to the Accounts
for the year ended 31 December 2024
10
Average number of employees
During the year the average number of employees was 2 (2023: 4).