Banjimak Consulting Limited Company Accounts

Banjimak Consulting Limited Company Accounts


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COMPANY REGISTRATION NUMBER: 08515273
Banjimak Consulting Limited
Filleted Unaudited Financial Statements
31 May 2017
Banjimak Consulting Limited
Financial Statements
Year ended 31st May 2017
Contents
Page
Statement of Financial Position
1
Notes to the Financial Statements
3
Banjimak Consulting Limited
Statement of Financial Position
31 May 2017
2017
2016
Note
£
£
£
£
Fixed Assets
Tangible assets
5
1,707
637
Current Assets
Debtors
6
60,631
16,091
Cash at bank and in hand
14,819
10,622
---------
---------
75,450
26,713
Creditors: amounts falling due within one year
7
25,596
26,570
---------
---------
Net Current Assets
49,854
143
---------
----
Total Assets Less Current Liabilities
51,561
780
---------
----
Net Assets
51,561
780
---------
----
Capital and Reserves
Called up share capital
100
100
Profit and loss account
51,461
680
---------
----
Shareholders Funds
51,561
780
---------
----
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 comprehensive income has not been delivered.
For the year ending 31st May 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 .
Banjimak Consulting Limited
Statement of Financial Position (continued)
31 May 2017
These financial statements were approved by the board of directors and authorised for issue on 28 February 2018 , and are signed on behalf of the board by:
Mr O Makanjuola
Director
Company registration number: 08515273
Banjimak Consulting Limited
Notes to the Financial Statements
Year ended 31st May 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 Emstrey House (North), Shrewsbury Business Park, Shrewsbury, SY2 6LG.
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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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 & Fittings
-
33% 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.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 1 ).
5. Tangible Assets
Fixtures and fittings
Total
£
£
Cost
At 1st June 2016
1,400
1,400
Additions
1,436
1,436
-------
-------
At 31st May 2017
2,836
2,836
-------
-------
Depreciation
At 1st June 2016
763
763
Charge for the year
366
366
-------
-------
At 31st May 2017
1,129
1,129
-------
-------
Carrying amount
At 31st May 2017
1,707
1,707
-------
-------
At 31st May 2016
637
637
-------
-------
6. Debtors
2017
2016
£
£
Trade debtors
9,018
3,715
Other debtors
51,613
12,376
---------
---------
60,631
16,091
---------
---------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
11,636
18,077
Social security and other taxes
12,952
7,485
Other creditors
1,008
1,008
---------
---------
25,596
26,570
---------
---------
8. 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
£
£
£
£
Mr O Makanjuola
11,147
51,252
( 11,147)
51,252
---------
---------
---------
---------
2016
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr O Makanjuola
3,715
11,147
( 3,715)
11,147
-------
---------
-------
---------
Interest has been charged on the loan at rates of 3% and 2.50%, the loan is repayable upon demand.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st June 2015.
No transitional adjustments were required in equity or profit or loss for the year.