false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-06-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
394,364
56,337
450,701
299,137
97,634
396,771
53,930
95,227
xbrli:pure
xbrli:shares
iso4217:GBP
03563803
2017-06-01
2018-05-31
03563803
2018-05-31
03563803
2017-05-31
03563803
2016-06-01
2017-05-31
03563803
2017-05-31
03563803
core:FurnitureFittings
2017-06-01
2018-05-31
03563803
core:MotorVehicles
2017-06-01
2018-05-31
03563803
bus:Director1
2017-06-01
2018-05-31
03563803
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2017-05-31
03563803
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-05-31
03563803
core:LandBuildings
core:ShortLeaseholdAssets
2017-05-31
03563803
core:FurnitureFittings
2017-05-31
03563803
core:MotorVehicles
2017-05-31
03563803
core:LandBuildings
core:ShortLeaseholdAssets
2018-05-31
03563803
core:FurnitureFittings
2018-05-31
03563803
core:MotorVehicles
2018-05-31
03563803
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2017-06-01
2018-05-31
03563803
core:WithinOneYear
2018-05-31
03563803
core:WithinOneYear
2017-05-31
03563803
core:AfterOneYear
2018-05-31
03563803
core:AfterOneYear
2017-05-31
03563803
core:ShareCapital
2018-05-31
03563803
core:ShareCapital
2017-05-31
03563803
core:RetainedEarningsAccumulatedLosses
2018-05-31
03563803
core:RetainedEarningsAccumulatedLosses
2017-05-31
03563803
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2017-05-31
03563803
core:FurnitureFittings
2017-05-31
03563803
core:MotorVehicles
2017-05-31
03563803
bus:SmallEntities
2017-06-01
2018-05-31
03563803
bus:AuditExemptWithAccountantsReport
2017-06-01
2018-05-31
03563803
bus:FullAccounts
2017-06-01
2018-05-31
03563803
bus:SmallCompaniesRegimeForAccounts
2017-06-01
2018-05-31
03563803
bus:PrivateLimitedCompanyLtd
2017-06-01
2018-05-31
COMPANY REGISTRATION NUMBER:
03563803
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MAY 2018
Statement of financial position
|
1 to 2
|
|
|
Notes to the financial statements
|
3 to 8
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 May 2018
Fixed assets
Intangible assets
|
5
|
53,930
|
95,227
|
Tangible assets
|
6
|
20,539
|
21,250
|
|
--------
|
---------
|
|
74,469
|
116,477
|
|
|
|
|
Current assets
Stocks
|
4,007
|
3,985
|
Debtors
|
7
|
32,727
|
134,067
|
Cash at bank and in hand
|
13,720
|
640
|
|
--------
|
---------
|
|
50,454
|
138,692
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
(
59,730)
|
(
122,160)
|
|
--------
|
---------
|
Net current (liabilities)/assets
|
(
9,276)
|
16,532
|
|
--------
|
---------
|
Total assets less current liabilities
|
65,193
|
133,009
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
(
19,373)
|
(
57,700)
|
|
--------
|
---------
|
Net assets
|
45,820
|
75,309
|
|
--------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
100
|
100
|
Profit and loss account
|
45,720
|
75,209
|
|
--------
|
--------
|
Shareholders funds
|
45,820
|
75,309
|
|
--------
|
--------
|
|
|
|
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 May 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
.
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 May 2018
These financial statements were approved by the
board of directors
and authorised for issue on
24 August 2018
, and are signed on behalf of the board by:
Company registration number:
03563803
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MAY 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 Chase Golf Club, Pottal Pool Road, Penkridge, Staffordshire, ST19 5RN.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. (i) Estimated useful lives and residual values of fixed assets Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.
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.
Corporation 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
The company recognises intangible assets as an asset if and only if it is probable that the expected future economic benefits will flow to the company and where the cost of value of the asset can be measured reliably. Development expenditure is recognised as an intangible asset in accordance with FRS 102, if and only if the company can demonstrate all of the following: (a) The technical feasibility of completing the intangible asset so that it will be available for use of sale. (b) Its intention to complete the intangible asset and use or sell it. (c) Its ability to use or sell the intangible asset. (d) How the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, it is to be used internally, the usefulness of the intangible asset. (e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. (f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development. Expenditure arising from research (or on the research phase of an internal project) and expenditure that does not meet the conditions of development expenditure above is recognised as an expense when it is incurred and written off to the profit and loss account. Development costs that are recognised as an intangible asset are amortised straight line over the estimated period of sale for which these units are expected to be sold as. The amortisation commences when the intangible asset is available to use. Development expenditure that is recognised as an intangible asset is reviewed at the end of each accounting period and where there is no commitment by a third party to purchase the asset at the end of its useful life or where there is not an active market for the asset and the residual value can not be determined by reference to that market; and it is not probable that such a market will exist at the end of the asset's useful life then the intangible asset is written off 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.
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:
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
Motor vehicles
|
-
|
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. 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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2017:
10
).
5.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
At 1 June 2017
|
394,364
|
Additions
|
56,337
|
|
---------
|
At 31 May 2018
|
450,701
|
|
---------
|
Amortisation
|
|
At 1 June 2017
|
299,137
|
Charge for the year
|
97,634
|
|
---------
|
At 31 May 2018
|
396,771
|
|
---------
|
Carrying amount
|
|
At 31 May 2018
|
53,930
|
|
---------
|
At 31 May 2017
|
95,227
|
|
---------
|
|
|
6.
Tangible assets
|
Short leasehold property
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 June 2017
|
3,123
|
111,833
|
5,000
|
119,956
|
Additions
|
–
|
2,939
|
–
|
2,939
|
|
-------
|
---------
|
-------
|
---------
|
At 31 May 2018
|
3,123
|
114,772
|
5,000
|
122,895
|
|
-------
|
---------
|
-------
|
---------
|
Depreciation
|
|
|
|
|
At 1 June 2017
|
3,123
|
90,794
|
4,789
|
98,706
|
Charge for the year
|
–
|
3,597
|
53
|
3,650
|
|
-------
|
---------
|
-------
|
---------
|
At 31 May 2018
|
3,123
|
94,391
|
4,842
|
102,356
|
|
-------
|
---------
|
-------
|
---------
|
Carrying amount
|
|
|
|
|
At 31 May 2018
|
–
|
20,381
|
158
|
20,539
|
|
-------
|
---------
|
-------
|
---------
|
At 31 May 2017
|
–
|
21,039
|
211
|
21,250
|
|
-------
|
---------
|
-------
|
---------
|
|
|
|
|
|
7.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Trade debtors
|
11,162
|
25,325
|
Other debtors
|
21,565
|
108,742
|
|
--------
|
---------
|
|
32,727
|
134,067
|
|
--------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
–
|
22,175
|
Trade creditors
|
158
|
8,277
|
Corporation tax
|
–
|
68
|
Social security and other taxes
|
23,173
|
57,241
|
Other creditors
|
36,399
|
34,399
|
|
--------
|
---------
|
|
59,730
|
122,160
|
|
--------
|
---------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2018
|
2017
|
|
£
|
£
|
Other creditors
|
19,373
|
57,700
|
|
--------
|
--------
|
|
|
|
10.
Related party transactions
During the year the company owed £38,745 to the directors (2017 £57,700) All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.