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No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
05086391
2016-04-01
2017-03-31
05086391
2017-03-31
05086391
2015-04-01
2016-03-31
05086391
2016-03-31
05086391
core:PlantMachinery
2016-04-01
2017-03-31
05086391
core:FurnitureFittings
2016-04-01
2017-03-31
05086391
core:MotorVehicles
2016-04-01
2017-03-31
05086391
bus:Director1
2016-04-01
2017-03-31
05086391
core:PlantMachinery
2017-03-31
05086391
core:FurnitureFittings
2017-03-31
05086391
core:MotorVehicles
2017-03-31
05086391
core:WithinOneYear
2017-03-31
05086391
core:WithinOneYear
2016-03-31
05086391
core:ShareCapital
2017-03-31
05086391
core:ShareCapital
2016-03-31
05086391
core:RetainedEarningsAccumulatedLosses
2017-03-31
05086391
core:RetainedEarningsAccumulatedLosses
2016-03-31
05086391
bus:FRS102
2016-04-01
2017-03-31
05086391
bus:AuditExempt-NoAccountantsReport
2016-04-01
2017-03-31
05086391
bus:FullAccounts
2016-04-01
2017-03-31
05086391
bus:SmallCompaniesRegimeForAccounts
2016-04-01
2017-03-31
05086391
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
05086391
1
2016-04-01
2017-03-31
COMPANY REGISTRATION NUMBER:
05086391
Filleted Unaudited Financial Statements
|
|
Year ended 31 March 2017
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
2
|
|
|
Statement of Financial Position
|
|
31 March 2017
Current assets
Stocks
|
5,000
|
|
5,000
|
Debtors
|
5
|
62,099
|
|
35,429
|
Cash at bank and in hand
|
95,397
|
|
58,403
|
|
---------
|
|
--------
|
|
162,496
|
|
98,832
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
215,028
|
|
228,176
|
|
---------
|
|
---------
|
Net current liabilities
|
|
52,532
|
129,344
|
|
|
--------
|
---------
|
Total assets less current liabilities
|
|
(
52,532)
|
(
129,344)
|
|
|
--------
|
---------
|
Net liabilities
|
|
(
52,532)
|
(
129,344)
|
|
|
--------
|
---------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
200
|
200
|
Profit and loss account
|
|
(
52,732)
|
(
129,544)
|
|
|
--------
|
---------
|
Shareholders deficit
|
|
(
52,532)
|
(
129,344)
|
|
|
--------
|
---------
|
|
|
|
|
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 income statement has not been delivered.
For the year ending 31 March 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
22 December 2017
, and are signed on behalf of the board by:
Company registration number:
05086391
Notes to the Financial Statements
|
|
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Friars Street, Suffolk, Sudbury, CO10 2AA. The business address is Unit 26, Rippers Court, Station Road, Sible Hedingham, Essex, CO9 3PY.
2.
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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
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.
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:
|
Plant and machinery
|
-
|
50% straight line
|
|
Fixtures and fittings
|
-
|
33% straight line
|
|
Motor vehicles
|
-
|
25% 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.
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.
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.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2016:
2
).
4.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 April 2016 and 31 March 2017
|
42,036
|
1,803
|
14,095
|
57,934
|
|
--------
|
-------
|
--------
|
--------
|
Depreciation
|
|
|
|
|
At 1 April 2016 and 31 March 2017
|
42,036
|
1,803
|
14,095
|
57,934
|
|
--------
|
-------
|
--------
|
--------
|
Carrying amount
|
|
|
|
|
At 31 March 2017
|
–
|
–
|
–
|
–
|
|
--------
|
-------
|
--------
|
--------
|
At 31 March 2016
|
–
|
–
|
–
|
–
|
|
--------
|
-------
|
--------
|
--------
|
|
|
|
|
|
5.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
31,451
|
25,376
|
Other debtors
|
30,648
|
10,053
|
|
--------
|
--------
|
|
62,099
|
35,429
|
|
--------
|
--------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Trade creditors
|
51,081
|
25,263
|
Other creditors
|
163,947
|
202,913
|
|
---------
|
---------
|
|
215,028
|
228,176
|
|
---------
|
---------
|
|
|
|
7.
Director's advances, credits and guarantees
Included in Other Creditors is a balance of £453 due to the director on their loan account. No interest is charged on this balance.
8.
Related party transactions
Scholtz Limited and Engineered Optical Solutions Limited are both companies also under control of the director. During the year Scholtz Limited provided £227,127 of goods & services to Tagon Limited, £59,187 (gross) was owed at the year end. Tagon Limited invoiced Engineered Optical Solutions Limited £5,116 for goods and services. Included in other debtors is a loan balance of £8,627 due from Scholtz Limited.
9.
Controlling party
The company is controlled by the director who owns the majority share of the called up and fully paid share capital.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.