Contents of the Financial Statements
for the Period Ended 31 March 2017
Balance sheet
As at 31 March 2017
| Notes | 2017 | 2016 |
| | £ | £ |
Fixed assets |
Intangible assets: | 3 | 16,469 | 5,958 |
Tangible assets: | 4 | 301 | 381 |
Total fixed assets: | | 16,770 | 6,339 |
Current assets |
Stocks: | | 11,366 | 4,238 |
Debtors: | 5 | 8,141 | 5,882 |
Cash at bank and in hand: | | | 24 |
Total current assets: | | 19,507 | 10,144 |
Creditors: amounts falling due within one year: | 6 | (25,287) | (19,216) |
Net current assets (liabilities): | | (5,780) | (9,072) |
Total assets less current liabilities: | | 10,990 | (2,733) |
Creditors: amounts falling due after more than one year: | 7 | | (1,281) |
Total net assets (liabilities): | | 10,990 | (4,014) |
Capital and reserves |
Called up share capital: | | 1 | 1 |
Profit and loss account: | | 10,989 | (4,015) |
Shareholders funds: | | 10,990 | (4,014) |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 March 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
This report was approved by the board of directors on 29 December 2017
and signed on behalf of the board by:
Name: J A Santhera-Sakaram
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 March 2017
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Turnover policy
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:Sale of goodsRevenue from the sale of goods is recognised when all of the following conditions are satisfied:-the Company has transferred the significant risks and rewards of ownership to the buyer;-the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;-the amount of revenue can be measured reliably;-it is probable that the Company will receive the consideration due under the transaction; and-the costs incurred or to be incurred in respect of the transaction can be measured reliably.Rendering of servicesRevenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:-the amount of revenue can be measured reliably;-it is probable that the Company will receive the consideration due under the contract;-the stage of completion of the contract at the end of the reporting period can be measured reliably; and-the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets and depreciation policy
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.Depreciation is provided on the following basis:Computer equipment-33%The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Intangible fixed assets and amortisation policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.The estimated useful lives range as follows:Trademarks -5 years
Valuation and information policy
StocksStocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.CreditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.Finance costsFinance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.DividendsEquity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.Interest incomeInterest income is recognised in the Statement of comprehensive income using the effective interest method.Borrowing costsAll borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.Research and developmentIn the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.Financial instrumentsThe Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Notes to the Financial Statements
for the Period Ended 31 March 2017
2. Employees
| 2017 | 2016 |
Average number of employees during the period | 1 | 1 |
Notes to the Financial Statements
for the Period Ended 31 March 2017
3. Intangible Assets
| Total |
Cost | £ |
At 01 April 2016 | 30,670 |
Additions | 16,938 |
At 31 March 2017 | 47,608 |
Amortisation | |
At 01 April 2016 | 24,712 |
Charge for year | 6,427 |
At 31 March 2017 | 31,139 |
Net book value | |
At 31 March 2017 | 16,469 |
At 31 March 2016 | 5,958 |
Notes to the Financial Statements
for the Period Ended 31 March 2017
4. Tangible Assets
| Total |
Cost | £ |
At 01 April 2016 | 1,559 |
Additions | 312 |
Disposals | (298) |
At 31 March 2017 | 1,573 |
Depreciation | |
At 01 April 2016 | 1,178 |
Charge for year | 214 |
On disposals | (120) |
At 31 March 2017 | 1,272 |
Net book value | |
At 31 March 2017 | 301 |
At 31 March 2016 | 381 |
Notes to the Financial Statements
for the Period Ended 31 March 2017
5. Debtors
| 2017 £ | 2016 £ |
Debtors due after more than one year: | 8,141 | 5,882 |
Notes to the Financial Statements
for the Period Ended 31 March 2017
6. Creditors: amounts falling due within one year note
Bank overdrafts £10,018 (2016-£nil)Bank loans £ 1,281 (2016-£3,589)Trade creditors £5,118 (2016-£2,846)Other taxation £3,975 (2016-£4,993)Other creditors £3,295 (2016-£6,188)Accruals £1,600 (2016-£1,600)
Notes to the Financial Statements
for the Period Ended 31 March 2017
7. Creditors: amounts falling due after more than one year note
Bank loans £nil (2016-£1,281)