Sequence Limited
Sequence Limited
Registered number: 06764722
Unaudited Financial Statements
For The Year Ended 31 December 2017
Sequence Limited
Unaudited Financial Statements
For The Year Ended 31 December 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—7 |
Sequence Limited
Statement of Financial Position
For The Year Ended 31 December 2017
Statement of Financial Position
Registered number:
06764722
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 as restated |
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets |
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| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | (247,982) | (219,400) | |||
Page 1
Sequence Limited
Statement of Financial Position (continued)
For The Year Ended 31 December 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Sequence Limited
Notes to the Financial Statements
For The Year Ended 31 December 2017
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The company has net current liabilities of £334,300 (2016: £346,969) . The directors believe that company has the support of its parent company and investors, as such the going concern basis remains appropriate.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of five years, which represents management's estimate of the useful economic life of the goodwill. Goodwill is assessed for impairment where there are indicators arising in the period.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Office Equipment |
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| Computer Equipment |
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1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Sequence Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.9.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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Page 4
Sequence Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
7.
Tangible Assets
| Office Equipment | |
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| Additions |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
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8.
Debtors
| 2017 | 2016 as restated |
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Amounts owed by group undertakings |
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Page 5
Sequence Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
9.
Creditors: Amounts Falling Due Within One Year
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| Trade creditors |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to group undertakings |
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| Amounts owed to parent undertaking |
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| Amounts owed to related parties |
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10.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 as restated |
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| Other creditors |
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12.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | Other | |||
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| 2017 | 2016 | 2017 | 2016 | |
| £ | £ | £ | £ | |
| Within 1 year | 30,000 | 30,000 | 20,000 | 20,000 |
| Between 1 and 5 years | 90,000 | 120,000 | 60,000 | 80,000 |
| 120,000 | 150,000 | 80,000 | 100,000 | |
Page 6
Sequence Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
13.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans due to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| Mr Simon Powell |
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| Mr Richard Baker |
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The above loans are unsecured, interest free and repayable on demand.
14.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Inspiretec Group Limted (Company No. 09224445) a company incorporated in England and Wales, and controls 100% of the shares of Sequence Limited .
Copies of the group accounts may be obtained from company, 3 The Quadrangle, Vision Court, Caxton Place Cardiff CF23 8HA .
15.
General Information
Sequence Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06764722 . The registered office is 3 The Quadrangle, Vision Court,, Caxton Place, Cardiff, CF23 8HA.
The principal activity is that of provision of website design services.
Page 7