Company Registration No. 2772978 (England and Wales)
DISKCHARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
DISKCHARM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,368
36,690
Current assets
Debtors
4
76,894
83,689
Cash at bank and in hand
16,979
55,604
93,873
139,293
Creditors: amounts falling due within one year
5
(51,475)
(60,579)
Net current assets
42,398
78,714
Total assets less current liabilities
71,766
115,404
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
71,764
115,402
Total equity
71,766
115,404
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2017 and are signed on its behalf by:
Mr S Willcox
Director
Company Registration No. 2772978
DISKCHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Diskcharm Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Craven House, 16 Northumberland Avenue, London, United Kingdom, WC2N 5AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
10% straight line on cost
Land and buildings
25% straight line on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DISKCHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction,
Interest is recognised using the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction,
where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.6
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.7
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account in the year they are payable.
1.8
These accounts have been prepared on a going concern basis, on the grounds that the
c
ompany will have
sufficient funding to meet its liabilities as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2016: 5).
DISKCHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
2
Employees
(Continued)
- 4 -
3
Tangible fixed assets
Land and buildings
Fixtures, fittings and equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 April 2016
2,636
107,801
11,805
122,242
Additions
-
9,689
-
9,689
Disposals
-
(1,072)
-
(1,072)
At 31 March 2017
2,636
116,418
11,805
130,859
Depreciation and impairment
At 1 April 2016
1,182
72,565
11,805
85,552
Depreciation charged in the year
263
15,676
-
15,939
At 31 March 2017
1,445
88,241
11,805
101,491
Carrying amount
At 31 March 2017
1,191
28,177
-
29,368
At 31 March 2016
1,454
35,236
-
36,690
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
61,749
26,739
Other debtors
15,145
56,950
76,894
83,689
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
17,261
31,769
Corporation tax
13,276
13,763
Other taxation and social security
8,051
1,416
Other creditors
12,887
13,631
51,475
60,579
DISKCHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
2
2
2
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
Between one and five years
95,000
133,000
8
Controlling party
The ultimate controlling parties are Mr S Willcox and Mrs E Hamilton-Willcox shareholders and directors of the company.
9
Related party transactions
No guarantees have been given or received.
As at 31st March 2017, the company owed Mr S Willcox, a director and shareholder of the company £1,627 (2016: Mr S Willcox owed £31,621).
During the year the company was recharged expenses of £49,676 (2016: £50,832) by SMEL Limited, a company in which Mr and Mrs S Willcox have an interest and are directors. At the balance sheet date, the company owed SMEL Limited £5,284 (2016: £5,284)