3
31/12/2021
2021-12-31
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No description of principal activities is disclosed
2021-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
12553883
2021-01-01
2021-12-31
12553883
2021-12-31
12553883
2020-04-09
2020-12-31
12553883
2020-12-31
12553883
bus:Director2
2021-01-01
2021-12-31
12553883
core:ShareCapital
2021-01-01
2021-12-31
12553883
core:CapitalRedemptionReserve
2021-01-01
2021-12-31
12553883
core:RetainedEarningsAccumulatedLosses
2021-01-01
2021-12-31
12553883
core:ShareCapital
2020-04-09
2020-12-31
12553883
core:RetainedEarningsAccumulatedLosses
2020-04-09
2020-12-31
12553883
core:WithinOneYear
2021-12-31
12553883
core:WithinOneYear
2020-12-31
12553883
core:ShareCapital
2021-12-31
12553883
core:ShareCapital
2020-12-31
12553883
core:CapitalRedemptionReserve
2021-12-31
12553883
core:RetainedEarningsAccumulatedLosses
2021-12-31
12553883
core:RetainedEarningsAccumulatedLosses
2020-12-31
12553883
bus:SmallEntities
2021-01-01
2021-12-31
12553883
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
12553883
bus:FullAccounts
2021-01-01
2021-12-31
12553883
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
12553883
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
Company registration number:
12553883
3W MEDICAL LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 December 2021
Kilworth Accountancy Limited
Oak Tree House
North Road
South Kilworth
Lutterworth
Leicestershire
LE17 6DU
3W MEDICAL LTD
CONTENTS
Statement of financial position
Statement of changes in equity
Notes to the financial statements
3W MEDICAL LTD
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021
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31/12/21
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31/12/20
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Note
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£
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£
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£
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£
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Current assets
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Debtors
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5
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81,634
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1,025,878
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|
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Cash at bank and in hand
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220,558
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1,794,796
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_______
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_______
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302,192
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2,820,674
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Creditors: amounts falling due
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within one year
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6
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(
300,835)
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(
2,453,013)
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_______
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_______
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Net current assets
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1,357
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367,661
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_______
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_______
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Total assets less current liabilities
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1,357
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367,661
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Provisions for liabilities
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-
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(
223,300)
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|
|
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|
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_______
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_______
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Net assets
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1,357
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144,361
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_______
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_______
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Capital and reserves
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Called up share capital
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750
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1,000
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Capital redemption reserve
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|
|
250
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-
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Profit and loss account
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|
357
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|
|
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143,361
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|
|
|
|
|
_______
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_______
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Shareholders funds
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1,357
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|
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144,361
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|
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_______
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_______
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For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
23 June 2022
, and are signed on behalf of the board by:
FC Oros
Director
Company registration number:
12553883
3W MEDICAL LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2021
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Called up share capital
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Capital redemption reserve
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Profit and loss account
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Total
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£
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£
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£
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£
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|
|
|
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|
|
|
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At 1 January 2020
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-
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-
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-
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-
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|
|
|
|
|
|
|
|
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|
Profit for the year
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3,543,361
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3,543,361
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_______
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_______
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_______
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_______
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|
|
Total comprehensive income for the year
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-
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-
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3,543,361
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3,543,361
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Issue of shares
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1,000
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|
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1,000
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Dividends paid and payable
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(
3,400,000)
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(
3,400,000)
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_______
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_______
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_______
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_______
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Total investments by and distributions to owners
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1,000
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-
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(
3,400,000)
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(
3,399,000)
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_______
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_______
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_______
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_______
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At 31 December 2020 and 1 January 2021
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1,000
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|
-
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143,361
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144,361
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|
|
|
|
|
|
|
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|
|
Profit for the year
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|
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379,193
|
379,193
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|
|
|
|
_______
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|
_______
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|
_______
|
_______
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|
|
Total comprehensive income for the year
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|
-
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|
-
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|
379,193
|
379,193
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|
|
|
|
|
|
|
|
|
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Dividends paid and payable
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|
|
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|
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(
521,864)
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(
521,864)
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Cancellation of subscribed capital
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|
(
250)
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|
250
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(
333)
|
(
333)
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_______
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_______
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_______
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_______
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Total investments by and distributions to owners
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(
250)
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250
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(
522,197)
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(
522,197)
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_______
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_______
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_______
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_______
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At 31 December 2021
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750
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|
250
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|
357
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1,357
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_______
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_______
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_______
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_______
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3W MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the Registered Office is Unit 3 Shaw Park Business Village, Shaw Road, Wolverhampton, West Mids., WV10 9LE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 measured at fair value through profit and loss account.The financial statements are prepared in sterling, which is the functional currency of the entity and are presented in round pounds.
Turnover
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.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. 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 or 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
3
(2020:
4
).
5.
Debtors
|
|
|
31/12/21
|
31/12/20
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
79,868
|
25,021
|
|
Other debtors
|
|
1,766
|
1,000,857
|
|
|
|
_______
|
_______
|
|
|
|
81,634
|
1,025,878
|
|
|
|
_______
|
_______
|
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
31/12/21
|
31/12/20
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
80,871
|
15,534
|
|
Corporation tax
|
|
88,947
|
831,679
|
|
Other creditors
|
|
131,017
|
1,605,800
|
|
|
|
_______
|
_______
|
|
|
|
300,835
|
2,453,013
|
|
|
|
_______
|
_______
|
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