Clout Creative Ltd - Accounts to registrar (filleted) - small 17.3
Clout Creative Ltd - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2017 |
for |
Clout Creative Ltd |
Clout Creative Ltd (Registered number: 08862049) |
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 |
Clout Creative Ltd |
Company Information |
for the Year Ended 30 June 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Business Advisers |
Coburg House |
1 Coburg Street |
Gateshead |
Tyne & Wear |
NE8 1NS |
Clout Creative Ltd (Registered number: 08862049) |
Balance Sheet |
30 June 2017 |
2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Profit and loss account |
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 by: |
Clout Creative Ltd (Registered number: 08862049) |
Notes to the Financial Statements |
for the Year Ended 30 June 2017 |
1. | STATUTORY INFORMATION |
Clout Creative Ltd is a |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for services rendered, stated net of discounts and of Value Added Tax. |
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable |
that future economic benefits will flow to the entity. |
Rendering of services: |
The company provides creative and design services. When the outcome of a transaction for the rendering of |
services can be estimated reliably in terms of revenue, costs, and its stage of completion, the company |
recognises revenue on the sales of services in the reporting period in which the services are rendered by |
reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of |
completion is determined on the basis of the actual completion of a proportion of the total services to be |
rendered. |
When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to |
the extent of the recoverable expenses recognised. |
Stocks |
Work in progress is valued at cost. Cost includes a relevant proportion of overheads according to the stage of |
completion. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments on non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting |
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss |
is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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. |
Research and development |
Expenditure on research is written off in the year in which it is incurred. |
Clout Creative Ltd (Registered number: 08862049) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
3. | ACCOUNTING POLICIES - continued |
Employee benefits |
Short term employee benefits are recognised as an expense in the period in which they are incurred. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | FIRST YEAR ADOPTION |
This is the first year that the company has presented its results under FRS 102 (Section 1A). The last |
financial statements prepared under the previous FRSSE 2015 were for the year ended 30 June 2016. The |
date of transition to FRS 102 was 1 July 2016. There were no adjustments to the company's balance sheet at |
1 July 2016 and 30 June 2016 on transition to FRS 102. |