Designaweigh Limited - Period Ending 2017-06-30

Designaweigh Limited - Period Ending 2017-06-30


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Registration number: 05162817

Designaweigh Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2017

 

Designaweigh Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Designaweigh Limited

Registration number: 05162817

Balance Sheet as at 30 June 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

2,800

3,600

Tangible assets

5

1,265

1,241

 

4,065

4,841

Current assets

 

Debtors

6

50,483

17,394

Cash at bank and in hand

 

23,410

34,354

 

73,893

51,748

Creditors: Amounts falling due within one year

7

(35,589)

(22,427)

Net current assets

 

38,304

29,321

Total assets less current liabilities

 

42,369

34,162

Provisions for liabilities

(252)

(248)

Net assets

 

42,117

33,914

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

42,116

33,913

Total equity

 

42,117

33,914

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Designaweigh Limited

Registration number: 05162817

Balance Sheet as at 30 June 2017 (continued)

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

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.

Approved and authorised by the Board on 26 March 2018 and signed on its behalf by:
 

A S Bartle

Director

 

Designaweigh Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wymondham Business Centre
1 Town Green
Wymondham
Norfolk
NR18 0PN
England

The principal place of business is:
1 Chestnut Cottage
Bunwell Road Spooner Row
Wymondham
Norfolk
NR18 9LH

2

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Designaweigh Limited

Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

20% reducing balance

 

Designaweigh Limited

Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. Under FRS 102 the period for writing off goodwill with no definitive useful life is 10 years and this will be applied from 1 April 2016. This is a change from the 20 years previously used under FRS10. No retrospective adjustment has been made in respect of this change to accounting estimate. Provision is made for any impairment.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

 

Designaweigh Limited

Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2016

8,000

8,000

At 30 June 2017

8,000

8,000

Amortisation

At 1 July 2016

4,400

4,400

Amortisation charge

800

800

At 30 June 2017

5,200

5,200

Carrying amount

At 30 June 2017

2,800

2,800

At 30 June 2016

3,600

3,600

 

Designaweigh Limited

Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2016

1,991

1,991

Additions

499

499

Disposals

(198)

(198)

At 30 June 2017

2,292

2,292

Depreciation

At 1 July 2016

751

751

Charge for the year

316

316

Eliminated on disposal

(40)

(40)

At 30 June 2017

1,027

1,027

Carrying amount

At 30 June 2017

1,265

1,265

At 30 June 2016

1,241

1,241

6

Debtors

2017
£

2016
£

Trade debtors

37,584

5,316

Other debtors

12,899

12,078

Total current trade and other debtors

50,483

17,394

 

Designaweigh Limited

Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

5,391

-

Director's loan account

12,591

386

Taxation and social security

 

15,878

12,260

Other creditors

 

1,729

9,781

 

35,589

22,427

8

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1