Torchbearer Interactive Ltd Company accounts

Torchbearer Interactive Ltd Company accounts

TORCHBEARER INTERACTIVE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10437501
Torchbearer Interactive Ltd
Unaudited Financial Statements
31 October 2017
Torchbearer Interactive Ltd
Financial Statements
Year ended 31 October 2017
Contents
Page
Strategic report
1
Director's report
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
5
Statement of cash flows
6
Notes to the financial statements
7
Torchbearer Interactive Ltd
Strategic Report
Year ended 31 October 2017
This report was approved by the board of directors on 10 July 2018 and signed on behalf of the board by:
Mr Waugh
Director
Registered office:
The Media center
7 Northumberland Street
Huddersfield
HD1 1RL
Torchbearer Interactive Ltd
Director's Report
Year ended 31 October 2017
The director presents his report and the unaudited financial statements of the company for the year ended 31 October 2017 .
Director
The director who served the company during the year was as follows:
Mr Waugh
Dividends
The director does not recommend the payment of a dividend.
This report was approved by the board of directors on 10 July 2018 and signed on behalf of the board by:
Mr Waugh
Director
Registered office:
The Media center
7 Northumberland Street
Huddersfield
HD1 1RL
Torchbearer Interactive Ltd
Statement of Comprehensive Income
Year ended 31 October 2017
2017
Note
£
Turnover
4
22,633
Cost of sales
1,648
--------
Gross profit
20,985
Distribution costs
1,560
Administrative expenses
15,924
--------
Operating profit
5
3,501
--------
Profit before taxation
3,501
Tax on profit
8
981
-------
Profit for the financial year and total comprehensive income
2,520
-------
All the activities of the company are from continuing operations.
Torchbearer Interactive Ltd
Statement of Financial Position
31 October 2017
2017
Note
£
Fixed assets
Tangible assets
9
3,158
Current assets
Debtors
10
67
Cash at bank and in hand
513
----
580
Creditors: amounts falling due within one year
11
1,218
-------
Net current liabilities
638
-------
Total assets less current liabilities
2,520
-------
Capital and reserves
Profit and loss account
2,520
-------
Shareholders funds
2,520
-------
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 10 July 2018 , and are signed on behalf of the board by:
Mr Waugh
Director
Company registration number: 10437501
Torchbearer Interactive Ltd
Statement of Changes in Equity
Year ended 31 October 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 November 2016
3
–
3
Profit for the year
2,520
2,520
----
-------
-------
Total comprehensive income for the year
–
2,520
2,520
User defined investments by and distributions to owners movement 1
(3)
–
(3)
----
----
----
Total investments by and distributions to owners
( 3)
–
( 3)
----
-------
-------
At 31 October 2017
–
2,520
2,520
----
-------
-------
Torchbearer Interactive Ltd
Statement of Cash Flows
Year ended 31 October 2017
2017
£
Cash flows from operating activities
Profit for the financial year
2,520
Adjustments for:
Depreciation of tangible assets
1,552
Tax on profit
981
Changes in:
Trade and other debtors
( 67)
-------
Cash generated from operations
4,986
-------
Net cash from operating activities
4,986
-------
Cash flows from financing activities
Proceeds from borrowings
237
-------
Net cash from financing activities
237
-------
Net increase in cash and cash equivalents
5,223
Cash and cash equivalents at beginning of year
–
-------
Cash and cash equivalents at end of year
5,223
-------
Torchbearer Interactive Ltd
Notes to the Financial Statements
Year ended 31 October 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Media center, 7 Northumberland Street, Huddersfield, HD1 1RL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2017
£
Depreciation of tangible assets
1,552
-------
6. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2017
No.
The aggregate payroll costs incurred during the year, relating to the above, were:
2017
£
Wages and salaries
11,070
--------
7. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2017
£
8. Tax on profit
Major components of tax expense
2017
£
Current tax:
UK current tax expense
981
----
Tax on profit
981
----
9. Tangible assets
Fixtures and fittings
User defined asset
Total
£
£
£
Cost
At 1 November 2016 and 31 October 2017
4,702
8
4,710
-------
----
-------
Depreciation
At 1 November 2016
–
–
–
Charge for the year
1,552
–
1,552
-------
----
-------
At 31 October 2017
1,552
–
1,552
-------
----
-------
Carrying amount
At 31 October 2017
3,150
8
3,158
-------
----
-------
10. Debtors
2017
£
Director's loan account
67
----
11. Creditors: amounts falling due within one year
2017
£
Corporation tax
981
Director loan accounts
237
-------
1,218
-------