Dooboojo Limited - Filleted accounts

DOOBOOJO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2017

Company Registration Number: 05244365

DOOBOOJO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 11

DOOBOOJO LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2017
DIRECTORS
Mrs R Lynchsmith
Mr D Lynchsmith
SECRETARY
Mrs R Lynchsmith
REGISTERED OFFICE
2a West Bar Street
Banbury
Oxfordshire
OX16 9RR
COMPANY REGISTRATION NUMBER
05244365 England and Wales

DOOBOOJO LIMITED
BALANCE SHEET
AS AT 30 September 2017
			Notes		2017				2016
					£				£
FIXED ASSETS
Intangible assets			6				19,000				38,000
Tangible assets			7				18,277				10,497
							37,277				48,497
CURRENT ASSETS
Stock					6,500				6,500
Debtors			8		77,395				46,254
Cash at bank and in hand					67,676				60,699
					151,571				113,453
CREDITORS: Amounts falling due within one year			9		80,294				97,449
NET CURRENT ASSETS							71,277				16,004
TOTAL ASSETS LESS CURRENT LIABILITIES							108,554				64,501
CREDITORS: Amounts falling due after more than one year			10				7,042				18,004
Provisions for liabilities and charges							3,259				1,854
NET ASSETS							98,253				44,643
CAPITAL AND RESERVES
Called up share capital							2				2
Distributable profit and loss account							98,251				44,641
SHAREHOLDERS' FUNDS							98,253				44,643
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr D Lynchsmith						Mrs R Lynchsmith
Director						Director
Date approved by the board: 13 June 2018

DOOBOOJO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1	GENERAL INFORMATION
	Dooboojo Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principle place of business is:
	2a West Bar Street
	Banbury
	Oxfordshire
	OX16 9RR
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of printing services provided as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Intangible fixed assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 5 years.
	If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Plant and machinery					Reducing balance basis at 20% per annum
	Office equipment					Reducing balance basis at 20% per annum
	Fixtures and fittings					Reducing balance basis at 20% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Financial Instruments
	The company only enters into basic financial instruments 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 in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
	Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Stock

	Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
	The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Work in progress

Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises materials, direct labour and an appropriate proportion of production overheads relevant to the stage of production.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.
	Loans receivable are measured initially at fair value, net of transaction costs.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using 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.

	Current and deferred tax assets and liabilities are not discounted.
	Borrowing costs
	All borrowing costs are recognised in profit or loss in the period in which they are incurred.
	Provisions
	A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	TRANSITION TO FRS 102
	This is the first year in which the financial statements have been prepared under FRS 102. Note 13 gives an explanation of the effects of the transition.
4	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
5	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2017		2016
	Average number of employees								6		6
6	INTANGIBLE FIXED ASSETS
											Goodwill
											£
	Cost
	At 1 October 2016										95,000
	At 30 September 2017										95,000
	Accumulated amortisation and impairments
	At 1 October 2016										57,000
	Charge for year										19,000
	At 30 September 2017										76,000
	Net book value
	At 1 October 2016										38,000
	At 30 September 2017										19,000
	Goodwill relates to the acquisition of the business from an independent party. It is being amortised over its useful economic life, estimated to be 5 years.
7	TANGIBLE ASSETS
					Plant and machinery		Office equipment		Fixtures and fittings		Total
					£		£		£		£
	Cost
	At 1 October 2016				5,000		8,556		4,962		18,518
	Additions				10,970		-		-		10,970
	At 30 September 2017				15,970		8,556		4,962		29,488
	Accumulated depreciation
	At 1 October 2016				2,440		3,593		1,988		8,021
	Charge for year				1,602		993		595		3,190
	At 30 September 2017				4,042		4,586		2,583		11,211
	Net book value
	At 1 October 2016				2,560		4,963		2,974		10,497
	At 30 September 2017				11,928		3,970		2,379		18,277
8	DEBTORS
									2017		2016
									£		£
	Trade debtors								53,866		38,782
	Prepayments and accrued income								6,862		7,472
	Other debtors								16,667		-
									77,395		46,254
9	CREDITORS: Amounts falling due within one year
									2017		2016
									£		£
	Bank loans and overdrafts								23,240		19,048
	Trade creditors								3,249		5,398
	Taxation and social security								32,599		27,730
	Accruals and deferred income								7,557		5,480
	Other creditors								13,649		39,793
									80,294		97,449
10	CREDITORS: Amounts falling due after more than one year
									2017		2016
									£		£
	Bank loans and overdrafts								7,042		18,004
11	SECURED DEBTS
	The company has two bank loans with National Westminster Bank Plc. At the year end date the total amount owed was £18,757 (2016 - £37,052). The loans are secured by way of a fixed and floating charge over the assets and undertakings of the company.
12	CONTINGENCIES AND COMMITMENTS
	Other Commitments
	Amounts falling due under operating leases:								2017		2016
									£		£
	In less than one year								43,533		49,877
	In more than one but less than five years								123,504		138,006
	In more than five years								60,000		80,000
									227,037		267,883
13	RECONCILIATIONS ON ADOPTION OF FRS 102
	These financial statements for the year ended 30 September 2017 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 October 2015.
	Profit and loss for the year ended 30 September 2016										£
	Profit for the year under former UK GAAP										55,089
	Profit for the year under FRS 102										55,089
	Balance sheet at 30 September 2016										£
	Equity under former UK GAAP										44,643
	Equity under FRS 102										44,643
	Balance sheet at 1 October 2015										£
	Equity under former UK GAAP										47,154
	Equity under FRS 102										47,154