12D (UK) Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 05679412

12D (UK) Limited

Unaudited Financial Statements

31 January 2017

LITHGOW PERKINS LLP

Chartered Accountants

Crown Chambers

Princes Street

Harrogate

12D (UK) Limited

Financial Statements

Year ended 31 January 2017

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

12D (UK) Limited

Officers and Professional Advisers

The board of directors	L J Gregory
	A L Gray

Company secretary	D A Gregory

Registered office	26-28 Hammersmith Grove
	London

Accountants	LITHGOW PERKINS LLP
	Chartered Accountants
	Crown Chambers
	Princes Street
	Harrogate

Bankers	Barclays Bank PLC
	Leicester

12D (UK) Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of 12D (UK) Limited

Year ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 12D (UK) Limited for the year ended 31 January 2017, which comprise the statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of 12D (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 14 May 2012. Our work has been undertaken solely to prepare for your approval the financial statements of 12D (UK) Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 12D (UK) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 12D (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 12D (UK) Limited. You consider that 12D (UK) 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 financial statements of 12D (UK) 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 financial statements.

LITHGOW PERKINS LLP Chartered Accountants

Crown Chambers Princes Street Harrogate

20 September 2017

12D (UK) Limited

Statement of Financial Position

31 January 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	6	120	150

Current assets

Debtors	7	44,186	26,060
Cash at bank and in hand		10,819	11,657
		----------	----------
		55,005	37,717

Creditors: amounts falling due within one year	8	220,071	193,009
		-----------	-----------
Net current liabilities		165,066	155,292
		-----------	-----------
Total assets less current liabilities		( 164,946)	( 155,142)
		-----------	-----------
Net liabilities		( 164,946)	( 155,142)
		-----------	-----------

12D (UK) Limited

Statement of Financial Position (continued)

31 January 2017

	2017	2016
Note	£	£

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		( 165,046)	( 155,242)
		-----------	-----------
Members deficit		( 164,946)	( 155,142)
		-----------	-----------

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 January 2017 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 20 September 2017 , and are signed on behalf of the board by:

L J Gregory

Director

Company registration number: 05679412

12D (UK) Limited

Notes to the Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26-28 Hammersmith Grove, London.

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'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

The turnover shown in the profit and loss account is the revenue from the performance of the exchange of transactions from the supply of goods and services during the year, exclusive of value added tax.

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.

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:

	Equipment	-	20% reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 3).

5. Profit before taxation

Loss before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	30	38
	-----	-----

6. Tangible assets

	Equipment
	£
Cost
At 1 Feb 2016 and 31 Jan 2017	17,719
	----------
Depreciation
At 1 February 2016	17,569
Charge for the year	30
	----------
At 31 January 2017	17,599
	----------
Carrying amount
At 31 January 2017	120
	----------
At 31 January 2016	150
	----------

7. Debtors

	2017	2016
	£	£
Trade debtors	42,795	24,599
Other debtors	1,391	1,461
	----------	----------
	44,186	26,060
	----------	----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	10,223	13,401
Social security and other taxes	1,699	1,532
Other creditors	208,149	178,076
	-----------	-----------
	220,071	193,009
	-----------	-----------

Included in creditors falling due within one year is a balance of £205,844 (2016: £175,844) due to 12D Solutions Pty Limited, a company in common control. This loan is interest-free and repayable on demand.

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	-----	-----	-----	-----

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
L J Gregory	( 378)	( 22)	–	( 400)
	-----	-----	-----	-----

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
L J Gregory	( 400)	( 3,458)	3,480	( 378)
	-----	--------	--------	-----

The loan is interest-free and repayable on demand.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.

12. Going concern

The company meets its day to day working capital requirements through the support of the directors and its creditors.