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No description of principal activity
2018-04-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
11,812
11,812
11,812
xbrli:pure
xbrli:shares
iso4217:GBP
10037208
2018-04-01
2019-03-31
10037208
2019-03-31
10037208
2017-04-01
2018-03-31
10037208
2018-03-31
10037208
bus:Director6
2018-04-01
2019-03-31
10037208
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-04-01
2019-03-31
10037208
core:WithinOneYear
2019-03-31
10037208
core:WithinOneYear
2018-03-31
10037208
core:ShareCapital
2019-03-31
10037208
core:ShareCapital
2018-03-31
10037208
core:RetainedEarningsAccumulatedLosses
2019-03-31
10037208
core:RetainedEarningsAccumulatedLosses
2018-03-31
10037208
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2019-03-31
10037208
bus:SmallEntities
2018-04-01
2019-03-31
10037208
bus:AuditExempt-NoAccountantsReport
2018-04-01
2019-03-31
10037208
bus:FullAccounts
2018-04-01
2019-03-31
10037208
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
10037208
bus:PrivateLimitedCompanyLtd
2018-04-01
2019-03-31
COMPANY REGISTRATION NUMBER:
10037208
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2019
|
Statement of financial position |
1 |
|
|
|
Notes to the financial statements |
2 |
|
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2019
Fixed assets
|
Intangible assets |
5 |
|
11,812 |
|
– |
|
|
|
|
|
|
Current assets
|
Debtors |
6 |
1,060,599 |
|
1,034,287 |
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
977,826) |
|
(
1,030,503) |
|
|
------------ |
|
------------ |
|
|
Net current assets |
|
82,773 |
|
3,784 |
|
|
-------- |
|
------- |
|
Total assets less current liabilities |
|
94,585 |
|
3,784 |
|
|
-------- |
|
------- |
|
Net assets |
|
94,585 |
|
3,784 |
|
|
-------- |
|
------- |
|
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
1,000 |
|
1,000 |
|
Profit and loss account |
|
93,585 |
|
2,784 |
|
|
-------- |
|
------- |
|
Shareholders funds |
|
94,585 |
|
3,784 |
|
|
-------- |
|
------- |
|
|
|
|
|
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 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 31 March 2019 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 were approved by the
board of directors
and authorised for issue on
24 May 2019
, and are signed on behalf of the board by:
Company registration number:
10037208
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ, United Kingdom.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
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.
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.
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 recorded at the fair value at the acquisition date.
Research and development
Research expenditure is written off in the period 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.
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
11
(2018:
7
).
5.
Intangible assets
|
Development costs |
|
£ |
|
Cost |
|
|
Additions |
11,812 |
|
-------- |
|
At 31 March 2019 |
11,812 |
|
-------- |
|
Amortisation |
|
|
At 1 April 2018 and 31 March 2019 |
– |
|
-------- |
|
Carrying amount |
|
|
At 31 March 2019 |
11,812 |
|
-------- |
|
At 31 March 2018 |
– |
|
-------- |
|
|
6.
Debtors
|
2019 |
2018 |
|
£ |
£ |
|
Trade debtors |
1,054,342 |
1,024,417 |
|
Other debtors |
6,257 |
9,870 |
|
------------ |
------------ |
|
1,060,599 |
1,034,287 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2019 |
2018 |
|
£ |
£ |
|
Bank loans and overdrafts |
603,191 |
721,488 |
|
Trade creditors |
6,375 |
12,654 |
|
Corporation tax |
46,540 |
21,574 |
|
Social security and other taxes |
153,438 |
64,383 |
|
Other creditors |
100,000 |
110,000 |
|
Other creditors |
68,282 |
100,404 |
|
--------- |
------------ |
|
977,826 |
1,030,503 |
|
--------- |
------------ |
|
|
|
