Registration number:
Infinity Developments Limited
trading as
for the Year Ended 30 June 2017
3A Market Place
Hitchin
Hertfordshire
SG5 1DR
Infinity Developments Limited
trading as Idnet
Contents
Company Information |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Infinity Developments Limited
trading as Idnet
Company Information
Directors |
Mr Simon Nicholas Davies Mr Timothy James Davies |
Company secretary |
Mr Simon Nicholas Davies |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Infinity Developments Limited
trading as Idnet
Statement of Comprehensive Income for the Year Ended 30 June 2017
Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 2 |
Infinity Developments Limited
trading as Idnet
(Registration number: 03105579)
Abridged Balance Sheet as at 30 June 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 3 |
Infinity Developments Limited
trading as Idnet
(Registration number: 03105579)
Abridged Balance Sheet as at 30 June 2017
Approved and authorised by the
.........................................
Mr Simon Nicholas Davies
Company secretary and director
.........................................
Mr Timothy James Davies
Director
Page 4 |
Infinity Developments Limited
trading as Idnet
Statement of Changes in Equity for the Year Ended 30 June 2017
Share capital |
Profit and loss account |
Total |
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At 1 July 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 June 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 July 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 June 2016 |
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Page 5 |
Infinity Developments Limited
trading as Idnet
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
1 Flint Road
Letchworth
Hertfordshire
SG6 1HJ
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
33.33% straight line |
Fixtures and Fittings |
20% straight line |
Motor Vehicles |
25% reducing balance |
Page 6 |
Infinity Developments Limited
trading as Idnet
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 7 |
Infinity Developments Limited
trading as Idnet
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Total |
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Cost or valuation |
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At 1 July 2016 |
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At 30 June 2017 |
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Amortisation |
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At 1 July 2016 |
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Amortisation charge |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 8 |
Infinity Developments Limited
trading as Idnet
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Tangible assets |
Total |
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Cost or valuation |
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At 1 July 2016 |
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Additions |
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At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Page 9 |