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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 August 2016 |
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Genericmaths Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 August 2016 |
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for |
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Genericmaths Limited |
Genericmaths Limited (Registered number: 05198642) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2016 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Chartered Accountants' Report | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 5 |
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Genericmaths Limited |
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Company Information |
for the Year Ended 31 August 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Genericmaths Limited (Registered number: 05198642) |
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Report of the Directors |
for the Year Ended 31 August 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 August 2016. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2015 to the date of this |
report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Genericmaths Limited |
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The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Genericmaths Limited for the year ended 31 August 2016 which comprise the Profit and Loss |
Account, the Balance Sheet, and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Genericmaths Limited, as a body, in accordance with the terms of our engagement letter dated 23 November 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Genericmaths Limited and state those matters that we have agreed to state to the Board of Directors of Genericmaths Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Genericmaths Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Genericmaths Limited. You consider that Genericmaths Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Genericmaths Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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24 March 2017 |
Genericmaths Limited (Registered number: 05198642) |
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Balance Sheet |
31 August 2016 |
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31.8.16 | 31.8.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium | 8 |
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Profit and loss account | 8 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the Board of Directors on
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Genericmaths Limited (Registered number: 05198642) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Intangible fixed assets amortisation policy |
Intangible fixed assets comprise the cost of a license to market and provide the Conquer Maths software product, |
exclusively in the UK and in the Caribbean. |
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Intangible fixed assets are amortised at rates calculate to write off the assets on a straight line basis over their |
estimated useful lives, not ot exceed 10 years. Impairment of intangible assets is only reviewed where |
circumstances indicate that the carrying value of an asset may not be fully recoverable. The increased charge for |
the current year represents the incorporation of an adjustment of £7,104 accumulated differences in the charge |
made to the accounts, compared to the previously stated accounting policy. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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2. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 September 2015 |
and 31 August 2016 |
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AMORTISATION |
At 1 September 2015 |
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Charge for year |
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At 31 August 2016 |
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NET BOOK VALUE |
At 31 August 2016 |
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At 31 August 2015 |
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Genericmaths Limited (Registered number: 05198642) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2016 |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2015 |
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Additions |
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At 31 August 2016 |
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DEPRECIATION |
At 1 September 2015 |
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Charge for year |
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At 31 August 2016 |
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NET BOOK VALUE |
At 31 August 2016 |
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At 31 August 2015 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.16 | 31.8.15 |
£ | £ |
Trade debtors | 4,020 | 8,280 |
Other debtors | 35,472 | 105,890 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.16 | 31.8.15 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.8.16 | 31.8.15 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Genericmaths Limited (Registered number: 05198642) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2016 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.16 | 31.8.15 |
value: | £ | £ |
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Ordinary | £0.01 |
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8. | RESERVES |
Profit |
and loss | Share |
account | premium | Totals |
£ | £ | £ |
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At 1 September 2015 | ( |
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Deficit for the year | ( |
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At 31 August 2016 | ( |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 August 2016 and |
31 August 2015: |
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31.8.16 | 31.8.15 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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10. | POST BALANCE SHEET EVENTS |
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On 19 December 2016, the Company received a loan of £50,000 from Finance for Business North East, which is |
unsecured and is repayable over three years. This loan was secured to facilitate the ongoing growth of the |
Company, an to support the launch of a new product. |