Business Checkmate Limited
Business Checkmate Limited
Registered number: 07934469
Unaudited Financial Statements
For The Year Ended 28 February 2017
Indigo Green Accountants Limited
Chartered Accountants
Rose Cottage
Shirlheath
Kingsland
Herefordshire
HR6 9RJ
Business Checkmate Limited
Unaudited Financial Statements
For The Year Ended 28 February 2017
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
Business Checkmate Limited
Balance Sheet
As at
28 February 2017
Balance Sheet
Registered number:
07934469
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
( |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS | (3,579) | 839 | |||
Page 1
Business Checkmate Limited
Balance Sheet (continued)
As at
28 February 2017
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Business Checkmate Limited
Notes to the Unaudited Accounts
For The Year Ended 28 February 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying Company accounting policies.
1.2.
Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Page 3
Business Checkmate Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
1.6.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable and receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
1.7.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Average number of employees
Average number of employees, including directors, during the year was as follows:
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Office and administration |
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Page 4
Business Checkmate Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
5.
Tangible Assets
Office Equipment | |
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£ | |
Cost | |
As at |
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Disposals |
( |
As at |
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Depreciation | |
As at |
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Provided during the period |
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Disposals |
( |
As at |
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Net Book Value | |
As at |
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As at |
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6.
Debtors
2017 | 2016 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Corporation tax recoverable assets |
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Other taxes and social security |
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Director's loan account | 4,873 | - | |
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Page 5
Business Checkmate Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
7.
Creditors: Amounts Falling Due Within One Year
2017 | 2016 | ||
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£ | £ | ||
Corporation tax |
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VAT |
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Other creditors |
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Accruals and deferred income |
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Director's loan account | - |
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8.
Creditors: Amounts Falling Due After More Than One Year
2017 | 2016 | ||
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£ | £ | ||
Other creditors |
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9.
Deferred Taxation
2017 | 2016 | ||
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£ | £ | ||
Deferred taxation |
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Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
Page 6
Business Checkmate Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
11.
Transactions With and Loans to Directors
Included within Debtors are the following loans to directors:
As at |
Amounts advanced | Amounts repaid | As at |
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£ | £ | £ | £ | |
Mrs Rachel Carr |
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The above loan is unsecured, interest free and repayable on demand. The loan has been fully repaid since the balance sheet date.
12.
Dividends
2017 | 2016 | ||
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£ | £ | ||
On equity shares: | |||
Interim dividend paid |
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- | 13,000 | ||
13.
Related Party Transactions
Mr P. Carr
Director's husband
Included within Other Creditors greater than 1 year is a loan provided by Mr P. Carr. At the balance sheet date the balance due to Mr P. Carr was £15,200. The loan was provided interest free and is not due to be repaid for a minimum of 12 months from the balance sheet date.
14.
Ultimate Controlling Party
The company's ultimate controlling party is by virtue of her ownership of 100% of the issued share capital in the company.
15.
Transition to FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
16.
General Information
Business Checkmate Limited Registered number 07934469 is a limited by shares company incorporated in England & Wales. The Registered Office is 4 Lower Burlton Barns, Tillington, Hereford, Herefordshire, HR4 7RD.
Page 7