Felix Culpa Limited - Period Ending 2018-03-31

Felix Culpa Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 09501058

Felix Culpa Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Felix Culpa Limited

Company Information

Directors

Mr C B Netto Ms L J Portman

Registered office

Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Page 1

Felix Culpa Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	136	441
Current assets
Debtors	5	30,362	15,816
Cash at bank and in hand		15,050	51,259
		45,412	67,075
Creditors: Amounts falling due within one year	6	(26,916)	(28,314)
Net current assets		18,496	38,761
Net assets		18,632	39,202
Capital and reserves
Called up share capital		100	100
Profit and loss account		18,532	39,102
Total equity		18,632	39,202

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Felix Culpa Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 June 2018 and signed on its behalf by:
 

......................................... Mr C B Netto Director

Company Registration Number: 09501058

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Felix Culpa Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

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

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
48 Berrymede Rd
Chiswick
London
W4 5JD

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue based on its value of the service provided to date.

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 corporation 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.

Page 4

Felix Culpa Limited

Notes to the Financial Statements

Year Ended 31 March 2018

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
Office equipment	3 years straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 5

Felix Culpa Limited

Notes to the Financial Statements

Year Ended 31 March 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	916	916
At 31 March 2018	916	916
Depreciation
At 1 April 2017	475	475
Charge for the year	305	305
At 31 March 2018	780	780
Carrying amount
At 31 March 2018	136	136
At 31 March 2017	441	441

5

Debtors

	2018  £	2017  £
Trade debtors	15,225	-
Other debtors	15,137	12,816
Prepayments and accrued income	-	3,000
	30,362	15,816

6

Creditors

Creditors: amounts falling due within one year

		2018  £	2017  £
Due within one year
Social security and other taxes		9,685	6,829
Accrued expenses		1,750	1,750
Corporation tax		15,481	19,735
		26,916	28,314

Page 6

Felix Culpa Limited

Notes to the Financial Statements

Year Ended 31 March 2018

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

Advances to directors

2018	At 1 April 2017 £	Advances to director £	Repayments by director £	At 31 March 2018 £
Mr C B Netto and Ms L J Portman
Total interest free advances made during the year	(12,816)	(112,426)	110,104	(15,138)

Page 7