S-Thetics Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06156840

S-Thetics Limited

Filleted Unaudited Financial Statements

31 March 2023

S-Thetics Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

S-Thetics Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of S-Thetics Limited

Year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S-Thetics Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of S-Thetics Limited in accordance with the terms of our engagement letter dated 1 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of S-Thetics Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S-Thetics Limited and its director for our work or for this report.

It is your duty to ensure that S-Thetics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S-Thetics Limited. You consider that S-Thetics Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of S-Thetics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CAS Chartered accountants

151 Askew Road London W12 9AU

29 December 2023

S-Thetics Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		349,488	323,966

Current assets

Stocks		42,000	38,000
Debtors	6	11,929	7,148
Cash at bank and in hand		195,244	184,960
		---------	---------
		249,173	230,108

Creditors: amounts falling due within one year	7	171,225		169,680
		---------		---------
Net current assets			77,948	60,428
			---------	---------
Total assets less current liabilities			427,436	384,394

Creditors: amounts falling due after more than one year	8	113,953	174,267
		---------	---------
Net assets		313,483	210,127
		---------	---------

Capital and reserves

Called up share capital	100	1
Profit and loss account	313,383	210,126
	---------	---------
Shareholders funds	313,483	210,127
	---------	---------

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 comprehensive income has not been delivered.

For the year ending 31 March 2023 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 .

S-Thetics Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 29 December 2023 , and are signed on behalf of the board by:

Dr S Balaratnam
Director

Company registration number: 06156840

S-Thetics Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Marlborough House, 45 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1LZ.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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 & fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2022	60,003	783,549	843,552
Additions	–	141,534	141,534
	--------	---------	---------
At 31 March 2023	60,003	925,083	985,086
	--------	---------	---------
Depreciation
At 1 April 2022	48,391	471,195	519,586
Charge for the year	2,540	113,472	116,012
	--------	---------	---------
At 31 March 2023	50,931	584,667	635,598
	--------	---------	---------
Carrying amount
At 31 March 2023	9,072	340,416	349,488
	--------	---------	---------
At 31 March 2022	11,612	312,354	323,966
	--------	---------	---------

6. Debtors

	2023	2022
	£	£
Other debtors	11,929	7,148
	--------	-------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	30,000	30,000
Trade creditors	7,423	55,526
Corporation tax	68,876	25,551
Social security and other taxes	61	–
Other creditors	64,865	58,603
	---------	---------
	171,225	169,680
	---------	---------

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	107,913	125,500
Other creditors	6,040	48,767
	---------	---------
	113,953	174,267
	---------	---------

9. Director's advances, credits and guarantees

At the year end the company owed the director Dr S Balaratnam £17,419 (2022: £11,157).

10. Related party transactions

During the year, the company paid Dr S Balaratnam £54,000 (2022: £49,500) and Mr J Langridge £54,000 (2022: £49,500) in dividends.