DICTATE 2US LIMITED Company Accounts

DICTATE2US LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03268673

DICTATE 2US LIMITED

Filleted Unaudited Financial Statements

30 April 2017

DICTATE 2US LIMITED

Financial Statements

Year Ended 30 April 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

DICTATE 2US LIMITED

Officers and Professional Advisers

The Board of Directors	G S Leigh
	J P Pfeffer
	N L Sugarman
	D J Leigh

Company Secretary	G S Leigh

Registered Office	41 Greek Street
	Stockport
	Cheshire
	SK3 8AX

Accountants	Downham Mayer Clarke Limited
	Chartered Accountants
	41 Greek Street
	Stockport
	Cheshire
	SK3 8AX

DICTATE 2US LIMITED

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of DICTATE 2US LIMITED

Year Ended 30 April 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Downham Mayer Clarke Limited Chartered Accountants

41 Greek Street Stockport Cheshire SK3 8AX

31 January 2018

DICTATE 2US LIMITED

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	5		93,411	120,362

Current Assets

Stocks		1,544	1,544
Debtors	6	252,474	247,157
Cash at bank and in hand		451,068	154,112
		---------	---------
		705,086	402,813

Creditors: amounts falling due within one year	7	437,063		329,252
		---------		---------
Net Current Assets			268,023	73,561
			---------	---------
Total Assets Less Current Liabilities			361,434	193,923
			---------	---------
Net Assets			361,434	193,923
			---------	---------

Capital and Reserves

Called up share capital	100	100
Profit and loss account	361,334	193,823
	---------	---------
Members Funds	361,434	193,923
	---------	---------

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 30 April 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 .

DICTATE 2US LIMITED

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 31 January 2018 , and are signed on behalf of the board by:

G S Leigh
Director

Company registration number: 03268673

DICTATE 2US LIMITED

Notes to the Financial Statements

Year Ended 30 April 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 41 Greek Street, Stockport, Cheshire, SK3 8AX.

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 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

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.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	20% straight line

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 9 (2016: 8 ).

5. Tangible Assets

	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£
Cost
At 1 May 2016	5,567	171,693	5,331	182,591
Additions	787	–	2,759	3,546
	-------	---------	-------	---------
At 30 April 2017	6,354	171,693	8,090	186,137
	-------	---------	-------	---------
Depreciation
At 1 May 2016	1,887	58,859	1,483	62,229
Charge for the year	670	28,208	1,619	30,497
	-------	---------	-------	---------
At 30 April 2017	2,557	87,067	3,102	92,726
	-------	---------	-------	---------
Carrying amount
At 30 April 2017	3,797	84,626	4,988	93,411
	-------	---------	-------	---------
At 30 April 2016	3,680	112,834	3,848	120,362
	-------	---------	-------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	46,099	35,881
Other debtors	206,375	211,276
	---------	---------
	252,474	247,157
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	1,454	7,756
Corporation tax	124,329	77,975
Social security and other taxes	27,971	24,645
Other creditors	283,309	218,876
	---------	---------
	437,063	329,252
	---------	---------

8. Related Party Transactions

The company was under the control of the directors throughout the current and previous year. As at the period end the company was owed £102,293 (2016 - £102,293) by Dictate 2US LLP, a company under common control. No interest was received on the loans and the balance is repayable on demand. During the period dividends paid to the directors and members of their close family amounted to £304,802 (2016 - £308,828).

9. Transition to FRS 102

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

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