Splitek Limited - Period Ending 2021-03-31

Splitek Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Splitek Limited

Company Information

Directors

Mr D E Herbert Mr L Kieruczenko

Registered office

Unity 5 Castleview Barn Woodmanton Farm Woodbury Devon EX5 1HQ

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Lane Torquay Devon TQ2 7FF

Splitek Limited

Balance Sheet

31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	5,025	2,945
Current assets
Debtors	5	6,066	91
Cash at bank and in hand		16,926	10,480
		22,992	10,571
Creditors: Amounts falling due within one year	6	(21,844)	(6,974)
Net current assets		1,148	3,597
Total assets less current liabilities		6,173	6,542
Provisions for liabilities		(1,000)	(560)
Net assets		5,173	5,982
Capital and reserves
Called up share capital	7	2	2
Profit and loss account		5,171	5,980
Shareholders' funds		5,173	5,982

For the financial year ending 31 March 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 December 2021 and signed on its behalf by:
 

......................................... Mr D E Herbert Director

......................................... Mr L Kieruczenko Director

Company Registration Number: 11148169

Splitek Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principal place of business is:
Unity 5
Castleview Barn
Woodmanton Farm
Woodbury
Devon
EX5 1HQ

These financial statements were authorised for issue by the Board on 13 December 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors.

COVID-19
The directors' of Splitek have considered the impact of COVID-19.

In the opinion of the directors', the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount can be reliably measured and it is probable that future economic benefits will flow to the entity.

Splitek Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

Tax

Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33% Straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

Splitek Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 April 2020	4,789	4,789
Additions	5,465	5,465
At 31 March 2021	10,254	10,254
Depreciation
At 1 April 2020	1,844	1,844
Charge for the year	3,385	3,385
At 31 March 2021	5,229	5,229
Carrying amount
At 31 March 2021	5,025	5,025
At 31 March 2020	2,945	2,945

5

Debtors

	2021 £	2020 £
Other debtors	5,154	91
Prepayments	912	-
	6,066	91

Splitek Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020  £
Due within one year
Corporation tax	7,200	5,800
Social security and other taxes	1,184	-
Other creditors	12,530	274
Accrued expenses	930	900
	21,844	6,974

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

8	Related party transactions

Summary of transactions with other related parties

Unity Five Ltd & Ecom6 Limited (Companies in which the Directors hold a material interest)
 
During the period the company provided services to Unity Five Limited & Ecom6 Limited totalling £56,652 (2020: £50,972). The amounts due from these related parties at the period end was £5,154.