Snowing Data Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 June 2018
Company Registration No. 05092236 (England and Wales)
Snowing Data Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Snowing Data Limited
Balance Sheet
As at 30 June 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
22
33
Current assets
Debtors
5
20,486
10,069
Creditors: amounts falling due within one year
6
(21,951)
(21,864)
Net current liabilities
(1,465)
(11,795)
Total assets less current liabilities
(1,443)
(11,762)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(2,443)
(12,762)
Total equity
(1,443)
(11,762)
The director 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 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his 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 and signed by the director and authorised for issue on 25 March 2019
A.M. Burrows
Director
Company Registration No. 05092236
Snowing Data Limited
Notes to the Financial Statements
For the year ended 30 June 2018
Page 2
1
Accounting policies
Company information
Snowing Data Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in existence for the foreseeable future, supported by the bank overdraft which the director does not believe will be withdrawn. Should the overdraft be withdrawn, the director will repay his loan account to meet any liabilities of the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
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:
Fixtures, fittings & equipment
33.3% reducing balance
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
.
1.5
Cash at bank and in hand
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.
1.6
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
Snowing Data Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2018
1
Accounting policies
(Continued)
Page 3
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017: 1).
3
Director's remuneration
2018
2017
£
£
Remuneration paid to directors
8,000
5,000
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2017 and 30 June 2018
2,810
Depreciation and impairment
At 1 July 2017
2,777
Depreciation charged in the year
11
At 30 June 2018
2,788
Carrying amount
At 30 June 2018
22
At 30 June 2017
33
Snowing Data Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2018
Page 4
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
10,102
-
Corporation tax recoverable
1,870
2,707
Other debtors
8,514
7,362
20,486
10,069
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
17,635
19,619
Trade creditors
687
-
Other taxation and social security
1,828
-
Other creditors
1,801
2,245
21,951
21,864
The bank borrowings are secured by a debenture in favour of the bank.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
8
Directors' transactions
Included within other debtors are amounts due form the director, A.M. Burrows of £8,514 (2017: £7,362). Interest at the official HMRC rate of 2.5% (2017: 3%/2.5%) per annum amounting to £642 (2017: £144) was charged on this loan during the period.