Company Registration number 6045745
THE GENIUS WORKS LIMITED
Abbreviated Accounts
For the year ended
31st January 2015
31 January 2015
THE GENIUS WORKS LIMITED
Financial statements for the year ended 31st January 2015
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
THE GENIUS WORKS LIMITED
Abbreviated balance sheet as at
31st January 2015
31 January 2015
2015
2014
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
1,404
906
2
Current assets
Debtors
42,413
55,224
Cash at bank and in hand
79,359
15,295
121,772
70,519
Creditors:
amounts falling due within one year
(62,014)
(23,881)
Net current assets
59,758
46,638
Total assets less current liabilities
61,162
47,544
Capital and reserves
Called up share capital
100
100
3
Profit and loss account
61,062
47,444
Shareholders' funds
61,162
47,544
For the financial year ended 31st January 2015 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the board of directors on
27th October 2015
27 October 2015
and signed on its behalf.
__________________________ Peter Robert Fisk - Director
Company Registration No: 6045745
The notes on pages 2 to 3 form part of these financial statements.
1
THE GENIUS WORKS LIMITED
Notes to the abbreviated accounts for the year ended 31st January 2015
1
Accounting policies
a)
Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
b)
Turnover
Turnover represents the net value of sales of goods and services rendered during the year, excluding value added tax and foreign tax.
Income from writing publications is recognised on the date of publication.
Royalty income is recognised when the company becomes entitled to receive it.
c)
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Equipment, fixtures and fittings
straight line over 3 years
d)
Foreign currency translation
Transactions in foreign currencies are translated into Sterling using exchange rate prevailing on the date of the transaction. Assets and Liabilities are translated into Sterling using the rate prevailing at the balance sheet date. Foreign exchange differences are credited or charged to the profit and loss account.
e)
Hire purchase and lease transactions
Rentals under operating leases are charged to the profit and loss account as they fall due.
f)
Pension scheme
Company makes pension contributions into the personal pension scheme of the director. Contributions are charged to profit and loss account when the company incurs an obligation to make contributions.
2
THE GENIUS WORKS LIMITED
Notes to the abbreviated accounts for the year ended 31st January 2015 (continued)
2
Fixed assets
Tangible
fixed
assets
£
£
£
Cost:
At 1st February 2014
9,542
Additions
1,427
Disposals
(4,342)
At 31st January 2015
6,627
Depreciation:
At 1st February 2014
8,636
Provision for the year
929
Adjustments for disposals
(4,342)
At 31st January 2015
5,223
Net book value:
At 31st January 2015
1,404
At 31st January 2014
906
3
Called-up share capital
2015
2014
2015
2014
£
£
£
£
£
£
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
Ordinary shares of £1 each
100
100
4
Controlling party
The company is ultimately controlled by its director, Peter Robert Fisk.
3