Sound Training for Reading Limited 31/07/2017 iXBRL

Sound Training for Reading Limited 31/07/2017 iXBRL

SOUND TRAINING FOR READING LTD - Company Information

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Sound Training for Reading Limited
Unaudited filleted financial statements
31 July 2017
Company number: 06977154
Sound Training for Reading Limited
Contents
Balance sheet
Notes to the financial statements
Sound Training for Reading Limited
Balance sheet
31 July 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 119,427 106,461
_______ _______
119,427 106,461
Current assets
Debtors 6 325,468 210,036
Cash at bank and in hand 980,204 704,673
_______ _______
1,305,672 914,709
Creditors: amounts falling due
within one year 7 ( 764,826) ( 509,025)
_______ _______
Net current assets 540,846 405,684
_______ _______
Total assets less current liabilities 660,273 512,145
_______ _______
Net assets 660,273 512,145
_______ _______
Capital and reserves
Called up share capital 150 150
Share premium account 99,950 99,950
Profit and loss account 560,173 412,045
_______ _______
Shareholders funds 660,273 512,145
_______ _______
For the year ending 31 July 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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 April 2018 , and are signed on behalf of the board by:
C M Parkinson
Director
Company registration number: 06977154
Sound Training for Reading Limited
Notes to the financial statements
Year ended 31 July 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Boho 4, Gibson House, Cleveland Street, Middlesbrough, TS2 1AY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Staff costs
The average number of persons employed by the company during the year amounted to 52 (2016: 44 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2016 71,531 188,046 259,577
Additions 80 70,490 70,570
_______ _______ _______
At 31 July 2017 71,611 258,536 330,147
_______ _______ _______
Depreciation
At 1 August 2016 53,268 99,848 153,116
Charge for the year 9,333 48,271 57,604
_______ _______ _______
At 31 July 2017 62,601 148,119 210,720
_______ _______ _______
Carrying amount
At 31 July 2017 9,010 110,417 119,427
_______ _______ _______
At 31 July 2016 18,263 88,198 106,461
_______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 292,751 170,558
Other debtors 32,717 39,478
_______ _______
325,468 210,036
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 52,308 37,464
Corporation tax 50,919 47,050
Social security and other taxes 51,808 50,211
Other creditors 609,791 374,300
_______ _______
764,826 509,025
_______ _______
8. Controlling party
The company is controlled by Mrs Catherine Mary Parkinson (director), by virtue of her shareholding.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.