Company No:
Contents
Note | 28.02.2023 | 28.02.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
9,050 | 4,067 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
40,231 | 144,347 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current assets | 25,061 | 118,779 | ||
Total assets less current liabilities | 34,111 | 122,846 | ||
Creditors: amounts falling due after more than one year | 6 | (
|
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Share premium account |
|
|
||
Equity reserve |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Mask Logic Ltd (registered number:
Dr M Fink
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Mask Logic Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Floor 3, 1-4 Atholl Crescent, Edinburgh, EH3 8HA, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover generated from research and development of bespoke-fit reusable P3 facemask is recognised based on the stage of completion of each project determined with reference to associated costs incurred as a proportion of projected costs.
Turnover recognised in the profit and loss account but not yet invoiced is held on the balance sheet within accrued income. Turnover invoiced but not yet recognised in the profit and loss account is held on the balance sheet within deferred income.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Plant and machinery |
|
Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Year ended 28.02.2023 |
Period from 09.02.2021 to 28.02.2022 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Plant and machinery | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2022 |
|
|
|
||
Additions |
|
|
|
||
At 28 February 2023 |
|
|
|
||
Accumulated depreciation | |||||
At 01 March 2022 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 28 February 2023 |
|
|
|
||
Net book value | |||||
At 28 February 2023 |
|
|
|
||
At 28 February 2022 |
|
|
|
28.02.2023 | 28.02.2022 | ||
£ | £ | ||
Other debtors |
|
|
28.02.2023 | 28.02.2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
28.02.2023 | 28.02.2022 | ||
£ | £ | ||
Other creditors |
|
|
28.02.2023 | 28.02.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
28.02.2023 | 28.02.2022 | ||
£ | £ | ||
within one year |
|
|