Wambiz Ltd - Accounts to registrar (filleted) - small 17.3
Wambiz Ltd - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
WAMBIZ LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
WAMBIZ LTD (REGISTERED NUMBER: 08123681) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WAMBIZ LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Sovereign House |
12 Warwick Street |
Coventry |
West Midlands |
CV5 6ET |
WAMBIZ LTD (REGISTERED NUMBER: 08123681) |
BALANCE SHEET |
30 JUNE 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
ACCRUALS AND DEFERRED INCOME |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors on |
WAMBIZ LTD (REGISTERED NUMBER: 08123681) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
1. | STATUTORY INFORMATION |
Wambiz Ltd is a |
registered number and registered office address can be found on the Company Information page. |
The company's place of business is Faraday Wharf, Holt Street, Birmingham Science Park, Aston, Birmingham, |
B7 4BB. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling which is the functional currency of the company and rounded |
to the nearest £. |
The financial statements have been prepared on a going concern basis as the directors believe that current and |
future sources of funding or support will be more than adequate for the company's needs.The directors also |
believe that the company's sales will continue to grow and performance will improve as a direct result. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Sales of new apps |
65% of the income is recognised once the app has been developed and it has gone live in the app store. |
The remaining 35% is recognised throughout the course of the 12 month contract. |
Renewals |
The income for renewals is spread evenly over the 12 month contract. |
Intangible assets |
Intangible assets of computer software development costs are initially measured at cost. Such costs are |
capitalised due to the fact that they represent a lasting asset for the company through which it will obtain future |
economic benefits. |
After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any |
accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful life of ten years. |
Tangible fixed assets |
Plant and machinery etc | - |
Current taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or |
past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and |
laws that have been enacted or substantively enacted by the balance sheet date. |
WAMBIZ LTD (REGISTERED NUMBER: 08123681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash |
generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its |
recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued |
amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 July 2016 |
and 30 June 2017 |
AMORTISATION |
At 1 July 2016 |
Amortisation for year |
At 30 June 2017 |
NET BOOK VALUE |
At 30 June 2017 |
At 30 June 2016 |
WAMBIZ LTD (REGISTERED NUMBER: 08123681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 July 2016 |
Additions |
At 30 June 2017 |
DEPRECIATION |
At 1 July 2016 |
Charge for year |
At 30 June 2017 |
NET BOOK VALUE |
At 30 June 2017 |
At 30 June 2016 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Tax |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | £0.00 | 5 | 14 | 13 |
year. |
9. | RELATED PARTY DISCLOSURES |
All transactions with related parties were undertaken under normal market conditions apart from the below |
market rate of interest paid to a director on the loan outstanding to the company. Interest was paid at 1% and |
amounted to £3,501 for the year under review. |
At 30th June 2017, the amount outstanding on this loan was £54,877, included within Other Creditors due within |
1 year. Interest on this loan amounting to £7,235 was included in accrued expenses at 30th June 2017. |
10. | ULTIMATE CONTROLLING PARTY |
The company is not under the control of any one individual. |
WAMBIZ LTD (REGISTERED NUMBER: 08123681) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
11. | FIRST YEAR ADOPTION OF FRS 102 (1A) |
The company has adopted FRS 102 1a for the first time for the year commencing 1 July 2016. |
The balance sheet at 30 June 2017 reflects the new FRS 102 regime. |
The comparative balance sheet at 30 June 2016 required no restatement. |
The net assets at the date of transition of 1 July 2016 required no restatement. |
There are changes to accounting policies in line with FRS 102 but none of these directly effect the balance sheet |
at 30 June 2016, the comparative balance sheet at 30 June 2015 or the net assets at the date of transition of 1 |
July 2016. |