false
false
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true
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No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
02589414
2017-04-01
2018-03-31
02589414
2018-03-31
02589414
2017-03-31
02589414
2016-04-01
2017-03-31
02589414
2017-03-31
02589414
core:PlantMachinery
2017-04-01
2018-03-31
02589414
bus:Director1
2017-04-01
2018-03-31
02589414
core:PlantMachinery
2017-03-31
02589414
core:PlantMachinery
2018-03-31
02589414
core:WithinOneYear
2018-03-31
02589414
core:WithinOneYear
2017-03-31
02589414
core:AfterOneYear
2018-03-31
02589414
core:AfterOneYear
2017-03-31
02589414
core:ShareCapital
2018-03-31
02589414
core:ShareCapital
2017-03-31
02589414
core:RetainedEarningsAccumulatedLosses
2018-03-31
02589414
core:RetainedEarningsAccumulatedLosses
2017-03-31
02589414
core:PlantMachinery
2017-03-31
02589414
bus:SmallEntities
2017-04-01
2018-03-31
02589414
bus:AuditExemptWithAccountantsReport
2017-04-01
2018-03-31
02589414
bus:FullAccounts
2017-04-01
2018-03-31
02589414
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
02589414
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
02589414
core:OfficeEquipment
2017-04-01
2018-03-31
02589414
core:OfficeEquipment
2017-03-31
02589414
core:OfficeEquipment
2018-03-31
02589414
core:EntitiesControlledByKeyManagementPersonnel
2017-04-01
2018-03-31
COMPANY REGISTRATION NUMBER:
02589414
Meantime Information Technologies Limited
|
|
Filleted Unaudited Financial Statements
|
|
Meantime Information Technologies Limited
|
|
Year ended 31 March 2018
Statement of financial position
|
1 to 2
|
|
|
Notes to the financial statements
|
3 to 7
|
|
|
Meantime Information Technologies Limited
|
|
Statement of Financial Position
|
|
31 March 2018
Fixed assets
Tangible assets
|
5
|
|
3,988
|
4,777
|
|
|
|
|
|
Current assets
Stocks
|
100
|
|
100
|
Debtors
|
6
|
261,008
|
|
261,754
|
Cash at bank and in hand
|
268,292
|
|
100
|
|
-----------
|
|
-----------
|
|
529,400
|
|
261,954
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
137,208
|
|
102,005
|
|
-----------
|
|
-----------
|
Net current assets
|
|
392,192
|
159,949
|
|
|
-----------
|
-----------
|
Total assets less current liabilities
|
|
396,180
|
164,726
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
61,685
|
15,250
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
469
|
584
|
|
|
-----------
|
-----------
|
Net assets
|
|
334,026
|
148,892
|
|
|
-----------
|
-----------
|
|
|
|
|
Meantime Information Technologies Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2018
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
333,926
|
148,792
|
|
|
-----------
|
-----------
|
Shareholders funds
|
|
334,026
|
148,892
|
|
|
-----------
|
-----------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
26 July 2018
, and are signed on behalf of the board by:
Company registration number:
02589414
Meantime Information Technologies Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Harling Bank, Kirkby Lonsdale, Cumbria, LA6 2DJ. The address of the principal place of business is Unit 2.1 Riverside Business Park, Natland Road, Kendal, LA9 7SX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
|
Plant and machinery
|
-
|
15% reducing balance
|
|
Office equipment
|
-
|
25% reducing balance
|
|
|
|
|
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2017:
9
).
5.
Tangible assets
|
Plant and machinery
|
Equipment
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2017
|
4,288
|
52,294
|
56,582
|
Additions
|
–
|
500
|
500
|
|
--------
|
---------
|
---------
|
At 31 March 2018
|
4,288
|
52,794
|
57,082
|
|
--------
|
---------
|
---------
|
Depreciation
|
|
|
|
At 1 April 2017
|
3,964
|
47,841
|
51,805
|
Charge for the year
|
49
|
1,240
|
1,289
|
|
--------
|
---------
|
---------
|
At 31 March 2018
|
4,013
|
49,081
|
53,094
|
|
--------
|
---------
|
---------
|
Carrying amount
|
|
|
|
At 31 March 2018
|
275
|
3,713
|
3,988
|
|
--------
|
---------
|
---------
|
At 31 March 2017
|
324
|
4,453
|
4,777
|
|
--------
|
---------
|
---------
|
|
|
|
|
6.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Trade debtors
|
43,821
|
98,022
|
Other debtors
|
217,187
|
163,732
|
|
-----------
|
-----------
|
|
261,008
|
261,754
|
|
-----------
|
-----------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
23,928
|
17,377
|
Trade creditors
|
61
|
60
|
Corporation tax
|
67,758
|
11,116
|
Social security and other taxes
|
24,040
|
40,541
|
Other creditors
|
21,421
|
32,911
|
|
-----------
|
-----------
|
|
137,208
|
102,005
|
|
-----------
|
-----------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
61,685
|
15,250
|
|
---------
|
---------
|
|
|
|
9.
Directors' advances, credits and guarantees
Mr F J Pearson
owed by the company £181,772 (2017: £132,329) at the year end. The maximum balance outstanding was £181,772 (2017: £136,329). Beneficial loan interest has been calculated on the overdrawn loan account at the official rate of interest. The beneficial loan interest credited to the profit and loss account in the year was £2,506 (2017: £1,762).
10.
Related party transactions
Mr F J Pearson
is the managing director of Masonbell Limited. Masonbell Limited received services from Meantime Information Technologies Limited
totalling £Nil (2017: £Nil) during the year. Meantime Information Technologies Limited
paid Masonbell Limited for consultancy services received £– (2017: £7,714) during the year. At the year end Masonbell Limited owed
Meantime Information Technologies Limited
£Nil (2017: £Nil). No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.