Bigfocus Limited - Period Ending 2017-03-31
Bigfocus Limited - Period Ending 2017-03-31
Registration number:
Bigfocus Limited
for the Year Ended 31 March 2017
Ground Floor Suite 4
Scotts Sufferance Wharf
1 Mill Street
London
SE1 2DE
Bigfocus Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Bigfocus Limited
Company Information
Directors |
Mr Frank Cornelli Mrs Tracey Teresa Cornelli |
Registered office |
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Accountants |
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Page 1 |
Bigfocus Limited
(Registration number: 03442042)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Bigfocus Limited
(Registration number: 03442042)
Balance Sheet as at 31 March 2017
Approved and authorised by the
.........................................
Mr Frank Cornelli
Director
Page 3 |
Bigfocus Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in Other.
The address of its registered office is:
England
The principal place of business is:
C/O MONTGOMERY SWANN RL
Scott's Sufferance Wharf
1 Mill Street
London
London
SE1 2DE
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable from the renting of properties.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
Bigfocus Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 5 |
Bigfocus Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Investment properties |
2017 |
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At 1 April |
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There has been no valuation of investment property by an independent valuer.
Debtors |
2017 |
2016 |
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Other debtors related company loans |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
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Bank loans and overdrafts |
- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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|
|
2 |
|
2 |
Page 6 |
Bigfocus Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Other borrowings |
- |
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Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £Nil (2016 - £ |
- |
50,000 |
Transition to FRS 102 |
Balance Sheet at 1 April 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
991,364 |
(991,364) |
- |
- |
Investment property |
- |
991,364 |
1,008,636 |
2,000,000 |
991,364 |
- |
1,008,636 |
2,000,000 |
|
Current assets |
||||
Debtors |
135,000 |
- |
- |
135,000 |
Cash at bank and in hand |
102,111 |
- |
- |
102,111 |
237,111 |
- |
- |
237,111 |
|
Creditors: Amounts falling due within one year |
(255,891) |
- |
- |
(255,891) |
Net current liabilities |
(18,780) |
- |
- |
(18,780) |
Total assets less current liabilities |
972,584 |
- |
1,008,636 |
1,981,220 |
Creditors: Amounts falling due after more than one year |
(415,418) |
- |
- |
(415,418) |
Page 7 |
Bigfocus Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Provisions for liabilities |
- |
- |
(182,860) |
(182,860) |
Net assets |
557,166 |
- |
825,776 |
1,382,942 |
Capital and reserves |
||||
Called up share capital |
2 |
- |
- |
2 |
Profit and loss account |
557,164 |
- |
825,776 |
1,382,940 |
Total equity |
557,166 |
- |
825,776 |
1,382,942 |
Page 8 |
Bigfocus Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
||||
Tangible assets |
991,364 |
(991,364) |
- |
- |
Investment property |
- |
991,364 |
1,008,636 |
2,000,000 |
991,364 |
- |
1,008,636 |
2,000,000 |
|
Current assets |
||||
Debtors |
135,000 |
- |
- |
135,000 |
Cash at bank and in hand |
169,833 |
- |
- |
169,833 |
304,833 |
- |
- |
304,833 |
|
Creditors: Amounts falling due within one year |
(152,563) |
- |
- |
(152,563) |
Net current assets |
152,270 |
- |
- |
152,270 |
Total assets less current liabilities |
1,143,634 |
- |
1,008,636 |
2,152,270 |
Creditors: Amounts falling due after more than one year |
(415,418) |
- |
- |
(415,418) |
Provisions for liabilities |
- |
- |
(182,860) |
(182,860) |
Net assets |
728,216 |
- |
825,776 |
1,553,992 |
Capital and reserves |
||||
Called up share capital |
2 |
- |
- |
2 |
Profit and loss account |
728,214 |
- |
825,776 |
1,553,990 |
Total equity |
728,216 |
- |
825,776 |
1,553,992 |
Page 9 |