RECOGNITION_SERVICES_LIMI - Accounts


Company Registration No. 05900327 (England and Wales)
RECOGNITION SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
RECOGNITION SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RECOGNITION SERVICES LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
7,393
6,137
Current assets
Debtors
3
12,951
14,610
Cash at bank and in hand
45,445
41,802
58,396
56,412
Creditors: amounts falling due within one year
4
(29,243)
(37,437)
Net current assets
29,153
18,975
Total assets less current liabilities
36,546
25,112
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
36,446
25,012
Total equity
36,546
25,112

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 6 December 2017
Mr G Robb
Director
Company Registration No. 05900327
RECOGNITION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 2 -
1
Accounting policies
Company information

Recognition Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Pioneer Court, Morton Palms, Darlington, DL1 4WD.

1.1
Accounting convention

These financial statements for the year ended 31 August 2017 are the first financial statements of Recognition Services Limited that have been prepared under the historical cost convention and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The date of transition to FRS 102 was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover represents the amount receivable for goods and services net of VAT.

Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods or the completion of services), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RECOGNITION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from connected companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2016
24,296
Additions
5,913
Disposals
(192)
At 31 August 2017
30,017
Depreciation and impairment
At 1 September 2016
18,159
Depreciation charged in the year
4,502
Eliminated in respect of disposals
(37)
At 31 August 2017
22,624
Carrying amount
At 31 August 2017
7,393
At 31 August 2016
6,137
RECOGNITION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 4 -
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
12,817
10,005
Other debtors
134
4,605
12,951
14,610
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,709
4,432
Corporation tax
7,110
9,427
Other taxation and social security
4,279
4,428
Other creditors
11,145
19,150
29,243
37,437
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
90Ordinary A of £1 each
90
90
10Ordinary C of £1 each
10
10
100
100
2017-08-312016-09-01falseCCH SoftwareCCH Accounts Production 2018.100No description of principal activity06 December 2017Mr G Robb059003272016-09-012017-08-31059003272017-08-31059003272016-08-3105900327core:OtherPropertyPlantEquipment2017-08-3105900327core:OtherPropertyPlantEquipment2016-08-3105900327core:CurrentFinancialInstruments2017-08-3105900327core:CurrentFinancialInstruments2016-08-3105900327core:ShareCapital2017-08-3105900327core:ShareCapital2016-08-3105900327core:RetainedEarningsAccumulatedLosses2017-08-3105900327core:RetainedEarningsAccumulatedLosses2016-08-3105900327core:ShareCapitalOrdinaryShares2017-08-3105900327core:ShareCapitalOrdinaryShares2016-08-3105900327bus:Director12016-09-012017-08-3105900327core:PlantMachinery2016-09-012017-08-3105900327core:OtherPropertyPlantEquipment2016-08-3105900327core:OtherPropertyPlantEquipment2016-09-012017-08-3105900327bus:OrdinaryShareClass12016-09-012017-08-3105900327bus:OrdinaryShareClass22016-09-012017-08-3105900327bus:OrdinaryShareClass12017-08-3105900327bus:OrdinaryShareClass22017-08-3105900327bus:PrivateLimitedCompanyLtd2016-09-012017-08-3105900327bus:FRS1022016-09-012017-08-3105900327bus:AuditExemptWithAccountantsReport2016-09-012017-08-3105900327bus:SmallCompaniesRegimeForAccounts2016-09-012017-08-3105900327bus:FullAccounts2016-09-012017-08-31xbrli:purexbrli:sharesiso4217:GBP