Guardware Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04127246

Guardware Limited

Filleted Unaudited Abridged Financial Statements

31 March 2019

Guardware Limited

Abridged Financial Statements

Year Ended 31 March 2019

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Guardware Limited

Abridged Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed Assets

Tangible assets	5		517	1,031

Current Assets

Debtors	38,166	19,500
Cash at bank and in hand	66	149,686
	--------	---------
	38,232	169,186

Creditors: amounts falling due within one year	13,303		66,146
	--------		---------
Net Current Assets		24,929	103,040
		--------	---------
Total Assets Less Current Liabilities		25,446	104,071

Provisions

Taxation including deferred tax	98	196
	--------	---------
Net Assets	25,348	103,875
	--------	---------

Capital and Reserves

Called up share capital	6	1,000	1,000
Profit and loss account		24,348	102,875
		--------	---------
Shareholders Funds		25,348	103,875
		--------	---------

These abridged 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 abridged 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

Guardware Limited

Abridged Statement of Financial Position (continued)

31 March 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2019 , and are signed on behalf of the board by:

Mr I D P McKinley

Director

Company registration number: 04127246

Guardware Limited

Notes to the Abridged 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 Baslow House, School Lane, Baslow, Derbyshire, DE45 1RZ.

2. Statement of compliance

These abridged 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.

Impairment of current 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.

Revenue recognition

Revenue is recognised by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are met: (a) the amount of revenue can be measured reliably; (b) it is probable that the economic benefits associated with the transaction will flow to the entity; (c) the stage of completion of the transaction at the end of the reporting period can be measured reliably; and (d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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 and Fittings	-	25% reducing balance
Equipment	-	3 years straight line

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 abridged 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tangible assets

	£
Cost
At 1 April 2018 and 31 March 2019	4,151
	-------
Depreciation
At 1 April 2018	3,120
Charge for the year	514
	-------
At 31 March 2019	3,634
	-------
Carrying amount
At 31 March 2019	517
	-------
At 31 March 2018	1,031
	-------

6. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

7. Directors' advances, credits and guarantees

During the year, the directors made interest-free loans to the company as follows:

	Balance at 31 March 2018	Advanced during the year	Repaid during the year	Balance at 31 March 2019
	£	£	£	£
I & M McKinley	5,055	(22,508)	21,896	4,443