Carbontime Limited Filleted accounts for Companies House (small and micro)

CARBONTIME LIMITED - Company Information

1 false false false false false false false false false true false false false false false false No description of principal activity 2021-10-07 Sage Accounts Production Advanced 2021 - FRS102_2021 194,358 87,462 9,718 97,180 97,178 106,896 23,057 19,933 469 20,402 2,655 3,124 xbrli:pure xbrli:shares iso4217:GBP 05417814 2021-10-07 2022-10-06 05417814 2022-10-06 05417814 2021-10-06 05417814 2020-10-07 2021-10-06 05417814 2021-10-06 05417814 core:PatentsTrademarksLicencesConcessionsSimilar 2021-10-07 2022-10-06 05417814 core:FurnitureFittings 2021-10-07 2022-10-06 05417814 bus:Director1 2021-10-07 2022-10-06 05417814 core:PatentsTrademarksLicencesConcessionsSimilar 2021-10-06 05417814 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-06 05417814 core:FurnitureFittings 2021-10-06 05417814 core:FurnitureFittings 2022-10-06 05417814 core:WithinOneYear 2022-10-06 05417814 core:WithinOneYear 2021-10-06 05417814 core:RetainedEarningsAccumulatedLosses 2022-10-06 05417814 core:RetainedEarningsAccumulatedLosses 2021-10-06 05417814 core:PatentsTrademarksLicencesConcessionsSimilar 2021-10-06 05417814 core:FurnitureFittings 2021-10-06 05417814 bus:Director1 2021-10-06 05417814 bus:Director1 2022-10-06 05417814 bus:Director1 2020-10-06 05417814 bus:Director1 2021-10-06 05417814 bus:Director1 2020-10-07 2021-10-06 05417814 bus:SmallEntities 2021-10-07 2022-10-06 05417814 bus:AuditExempt-NoAccountantsReport 2021-10-07 2022-10-06 05417814 bus:FullAccounts 2021-10-07 2022-10-06 05417814 bus:SmallCompaniesRegimeForAccounts 2021-10-07 2022-10-06 05417814 bus:PrivateLimitedCompanyLtd 2021-10-07 2022-10-06

COMPANY REGISTRATION NUMBER: 05417814

Carbontime Limited

Filleted Unaudited Financial Statements

6 October 2022

Carbontime Limited

Statement of Financial Position

6 October 2022

	2022	2021
Note	£	£

Fixed assets

Intangible assets	5	97,178	106,896
Tangible assets	6	2,655	3,124
		--------	---------
		99,833	110,020

Current assets

Cash at bank and in hand	172	145

Creditors: amounts falling due within one year	7	208,877	204,085
		---------	---------
Net current liabilities		208,705	203,940
		---------	---------
Total assets less current liabilities		( 108,872)	( 93,920)
		---------	--------
Net liabilities		( 108,872)	( 93,920)
		---------	--------

Capital and reserves

Profit and loss account	( 108,872)	( 93,920)
	---------	--------
Shareholders deficit	( 108,872)	( 93,920)
	---------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 6 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 3 July 2023 , and are signed on behalf of the board by:

Mr G R Levingston
Director

Company registration number: 05417814

Carbontime Limited

Notes to the Financial Statements

Year ended 6 October 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor 2 Glass Wharf, Bristol, England, BS2 0EL.

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.

Going concern

The accounts have been prepared on the going concern policy due to the continued financial support of the director.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents, trademarks and licences	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Fixtures and fittings	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 7 October 2021 and 6 October 2022	194,358
	---------
Amortisation
At 7 October 2021	87,462
Charge for the year	9,718
	---------
At 6 October 2022	97,180
	---------
Carrying amount
At 6 October 2022	97,178
	---------
At 6 October 2021	106,896
	---------

6. Tangible assets

	Fixtures and fittings
	£
Cost
At 7 October 2021 and 6 October 2022	23,057
	--------
Depreciation
At 7 October 2021	19,933
Charge for the year	469
	--------
At 6 October 2022	20,402
	--------
Carrying amount
At 6 October 2022	2,655
	--------
At 6 October 2021	3,124
	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Other creditors	208,877	204,085
	---------	---------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr G R Levingston	( 202,345)	( 5,752)	( 208,097)
	---------	-------	---------

	2021
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr G R Levingston	( 196,493)	( 5,852)	( 202,345)
	---------	-------	---------