Limetools Limited - Accounts

Limetools Limited - Accounts

LIMETOOLS LIMITED - Company Information

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Registered Number: 08516058
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 May 2023

for

LIMETOOLS LIMITED

Limetools Limited
Contents Page
For the year ended 31 May 2023
Report to the directors on the preparation of the unaudited statutory accounts of Limetools Limited for the year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Limetools Limited for the year ended 31 May 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Limetools Limited, as a body, in accordance with the terms of our engagement letter dated 20 November 2023 Our work has been undertaken solely to prepare for your approval the accounts of Limetools Limited and state those matters that we have agreed to state to the Board of Directors of Limetools Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Limetools Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Limetools Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Limetools Limited. You consider that Limetools 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 accounts of Limetools 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 accounts
31 May 2023



....................................................
PSF Accounting
St Johns Innovation Centre
Cowley Road
Cambridge
CB4 0WS
20 November 2023
1
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Intangible fixed assets 3 350,299    400,342 
Tangible fixed assets 4 772    1,286 
351,071    401,628 
Current assets      
Debtors: amounts falling due within one year (10,752)   (4,555)
Cash at bank and in hand 11,541    58,296 
789    53,741 
Creditors: amount falling due within one year (10,245)   (4,191)
Net current liabilities (9,456)   49,550 
 
Total assets less current liabilities 341,615    451,178 
Creditors: amount falling due after more than one year (145,577)   (127,577)
Net assets 196,038    323,601 
 

Capital and reserves 		     
Called up share capital 5 11,412    11,412 
Share premium account 265,188    265,188 
Profit and loss account (80,562)   47,001 
Shareholder's funds 196,038    323,601 
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 20 November 2023 and were signed on its behalf by:


-------------------------------
John Howard Dale
Director
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General Information
Limetools Limited is a private company, limited by shares, registered in England and Wales, registration number 08516058, registration address Studio 5, The Old Brewery, 91a Southcote Road, Bournemouth, Dorset, BH1 3SN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Tax losses being carried forward as at the end of the year was £252,898.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Straight Line
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 6).
3.

Intangible fixed assets

Cost Research and Development   Total
  £   £
At 01 June 2022 500,428    500,428 
Additions -    - 
Disposals -    - 
At 31 May 2023 500,428    500,428 
Amortisation
At 01 June 2022 100,086    100,086 
Charge for year 50,043    50,043 
On disposals -    - 
At 31 May 2023 150,129    150,129 
Net book values
At 31 May 2023 350,299    350,299 
At 31 May 2022 400,342    400,342 


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 June 2022 2,929    2,929 
Additions -    - 
Disposals -    - 
At 31 May 2023 2,929    2,929 
Depreciation
At 01 June 2022 1,643    1,643 
Charge for year 514    514 
On disposals -    - 
At 31 May 2023 2,157    2,157 
Net book values
Closing balance as at 31 May 2023 772    772 
Opening balance as at 01 June 2022 1,286    1,286 


5.

Share Capital

Allotted, called up and fully paid
2023
£		   2022
£
114,120 Class A shares of £0.10 each 11,412    11,412 
11,412    11,412 

3