| Keep Thinking Big Ltd |
| Registered number: |
08618010 |
| Statement of Financial Position |
| as at 31 December 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Current assets |
| Debtors |
3 |
|
4,380 |
|
|
7,253 |
| Cash at bank and in hand |
|
|
1,599 |
|
|
871 |
|
|
|
5,979 |
|
|
8,124 |
|
| Creditors: amounts falling due within one year |
4 |
|
(26,534) |
|
|
(30,383) |
|
| Net current liabilities |
|
|
|
(20,555) |
|
|
(22,259) |
|
| Net liabilities |
|
|
|
(20,555) |
|
|
(22,259) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(20,655) |
|
|
(22,359) |
|
| Shareholders' funds |
|
|
|
(20,555) |
|
|
(22,259) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The 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. |
| The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr A B Lynch |
| Director |
| Approved by the board on 27 September 2018 |
|
| Keep Thinking Big Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
|
|
|
Transition to FRS 102 |
|
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in the notes below. |
|
|
Going concern |
|
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the director of the company is funding the company in the form of a director’s loan. The director is planning to continue this financial support for the company for the foreseeable future. |
|
|
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 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. |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
- |
|
2,543 |
|
Prepayments |
- |
|
330 |
|
Other debtors |
4,380 |
|
4,380 |
|
|
|
|
|
|
4,380 |
|
7,253 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
1,025 |
|
2,917 |
|
Accruals |
930 |
|
7,133 |
|
Other creditors |
24,579 |
|
20,333 |
|
|
|
|
|
|
26,534 |
|
30,383 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Other information |
|
|
Keep Thinking Big Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
25 Farringdon Street |
|
London |
|
England |
|
EC4A 4AB |
|
| 6 |
Transition to FRS 102 |
|
|
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2016.
No transitional adjustments were required in equity or profit or loss for the year. |
