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No description of principal activity
2016-07-01
Sage Accounts Production Advanced 2017 Update 2 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
02872928
2016-07-01
2017-06-30
02872928
2017-06-30
02872928
2016-06-30
02872928
2015-07-01
2016-06-30
02872928
2016-06-30
02872928
core:PlantMachinery
2016-07-01
2017-06-30
02872928
bus:RegisteredOffice
2016-07-01
2017-06-30
02872928
bus:LeadAgentIfApplicable
2016-07-01
2017-06-30
02872928
bus:Director1
2016-07-01
2017-06-30
02872928
core:PlantMachinery
2016-06-30
02872928
core:PlantMachinery
2017-06-30
02872928
core:WithinOneYear
2017-06-30
02872928
core:WithinOneYear
2016-06-30
02872928
core:AfterOneYear
2017-06-30
02872928
core:AfterOneYear
2016-06-30
02872928
core:ShareCapital
2017-06-30
02872928
core:ShareCapital
2016-06-30
02872928
core:RetainedEarningsAccumulatedLosses
2017-06-30
02872928
core:RetainedEarningsAccumulatedLosses
2016-06-30
02872928
core:PlantMachinery
2016-06-30
02872928
bus:FRS102
2016-07-01
2017-06-30
02872928
bus:AuditExempt-NoAccountantsReport
2016-07-01
2017-06-30
02872928
bus:FullAccounts
2016-07-01
2017-06-30
02872928
bus:SmallCompaniesRegimeForAccounts
2016-07-01
2017-06-30
02872928
bus:PrivateLimitedCompanyLtd
2016-07-01
2017-06-30
02872928
core:OfficeEquipment
2016-07-01
2017-06-30
02872928
core:OfficeEquipment
2016-06-30
COMPANY REGISTRATION NUMBER:
02872928
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 30 JUNE 2017
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2 to 3
|
|
|
Notes to the financial statements
|
4 to 7
|
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
Registered office
|
The Tabernacle
|
|
Millers Way
|
|
London
|
|
W6 7NH
|
|
|
Accountants
|
BSG Valentine (UK) LLP
|
|
Chartered Accountants
|
|
Lynton House
|
|
7 - 12 Tavistock Square
|
|
London
|
|
WC1H 9BQ
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
30 June 2017
Fixed assets
Tangible assets
|
5
|
|
93,393
|
|
103,770
|
|
|
|
|
|
|
Current assets
Debtors
|
6
|
76,016
|
|
59,761
|
|
Cash at bank and in hand
|
26,397
|
|
908
|
|
|
---------
|
|
--------
|
|
|
102,413
|
|
60,669
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
7,680)
|
|
(
3,995)
|
|
|
---------
|
|
--------
|
|
Net current assets
|
|
94,733
|
|
56,674
|
|
|
---------
|
|
---------
|
Total assets less current liabilities
|
|
188,126
|
|
160,444
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
(
85,347)
|
|
(
85,347)
|
|
|
---------
|
|
---------
|
Net assets
|
|
102,779
|
|
75,097
|
|
|
---------
|
|
---------
|
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
135,422
|
|
135,422
|
Profit and loss account
|
|
(
32,643)
|
|
(
60,325)
|
|
|
---------
|
|
---------
|
Members funds
|
|
102,779
|
|
75,097
|
|
|
---------
|
|
---------
|
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 30 June 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
.
STATEMENT OF FINANCIAL POSITION (continued)
|
|
30 June 2017
These financial statements were approved by the
board of directors
and authorised for issue on
23 October 2017
, and are signed on behalf of the board by:
Company registration number:
02872928
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 30 JUNE 2017
1.
General information
The company is a private company limited by shares, registered in UK. The address of the registered office is The Tabernacle, Millers Way, London, W6 7NH.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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. 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:
|
Advertising panels
|
-
|
10% reducing balance
|
|
Furniture and equipment
|
-
|
20% straight line
|
|
|
|
|
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2016:
2
).
5.
Tangible assets
|
Advertising panels
|
Furniture and equipment
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 July 2016
|
1,116,246
|
14,141
|
1,130,387
|
Additions
|
–
|
497
|
497
|
Disposals
|
–
|
(
14,638)
|
(
14,638)
|
|
------------
|
--------
|
------------
|
At 30 June 2017
|
1,116,246
|
–
|
1,116,246
|
|
------------
|
--------
|
------------
|
Depreciation
|
|
|
|
At 1 July 2016
|
1,012,476
|
14,141
|
1,026,617
|
Charge for the year
|
10,377
|
497
|
10,874
|
Disposals
|
–
|
(
14,638)
|
(
14,638)
|
|
------------
|
--------
|
------------
|
At 30 June 2017
|
1,022,853
|
–
|
1,022,853
|
|
------------
|
--------
|
------------
|
Carrying amount
|
|
|
|
At 30 June 2017
|
93,393
|
–
|
93,393
|
|
------------
|
--------
|
------------
|
At 30 June 2016
|
103,770
|
–
|
103,770
|
|
------------
|
--------
|
------------
|
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Prepayments and accrued income
|
189
|
1,900
|
Director's loan account
|
61,274
|
43,308
|
Corporation tax repayable
|
|
|
|
--------
|
--------
|
|
76,016
|
59,761
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
2,750
|
–
|
Corporation tax
|
519
|
193
|
Social security and other taxes
|
3,886
|
150
|
Other creditors
|
525
|
3,652
|
|
-------
|
-------
|
|
7,680
|
3,995
|
|
-------
|
-------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
85,347
|
85,347
|
|
--------
|
--------
|
|
|
|
9.
Director's advances, credits and guarantees
At the year end the company was owed £61,274 by the director (2016: £43,308). This amount is charged at an interest rate of 3.25% and is repayable on demand. At the year end the company owed Jeffersons Limited £2,750 (2016: £Nil), a company in which the director has a material interest. This amount is interest free and repayable on demand.
10.
Related party transactions
Amounts due to Lexington Media Holdings Limited (the parent company) as at 30 June 2017 amounted to £85,347 (2016: £85,347). This is a long term interest free loan.
11.
Controlling party
At 30 June 2017 the director considers the ultimate holding company to be Lexington Media Holdings Limited, a company registered in England and Wales. Lexington Media Holdings Limited is the parent company of the largest and smallest group that Posmark Limited is a member. Group accounts are not prepared as the group has taken advantage of the exemptions available to a small sized group. The company is under the control of Mr R Fawcett, the director, who owns 100% of the issued share capital of the ultimate parent company.
12.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.