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Financial Statements |
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for the Year Ended 30 June 2019 |
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for |
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CODEHOUSE LIMITED |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 June 2019 |
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for |
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CODEHOUSE LIMITED |
CODEHOUSE LIMITED (REGISTERED NUMBER: 06359395) |
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Contents of the Financial Statements |
for the year ended 30 June 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CODEHOUSE LIMITED |
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Company Information |
for the year ended 30 June 2019 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
CODEHOUSE LIMITED (REGISTERED NUMBER: 06359395) |
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Balance Sheet |
30 June 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
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Investments | 6 |
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Current assets |
Debtors | 7 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 8 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities | 10 |
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Net assets |
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Capital and reserves |
Called up share capital | 11 |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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CODEHOUSE LIMITED (REGISTERED NUMBER: 06359395) |
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Notes to the Financial Statements |
for the year ended 30 June 2019 |
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1. | Statutory information |
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Codehouse Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared on a going concern basis. At the balance sheet date the company |
had net assets of £1,114,580. The directors have reviewed projected performance and cashflow and subject to |
the companies ability to achieve its predicted results, the company will be able to satisfy its cash obligations for |
the foreseeable future. The going concern basis is therefore considered appropriate by the directors. |
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The financial statements do not include any adjustments that would be required if the going concern concept |
was not deemed appropriate. |
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Preparation of consolidated financial statements |
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The |
company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 |
not to prepare group accounts. |
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Key source of estimation, uncertainty and judgement |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and |
are based on experience and other factors, including expectations of future events that are believed to be |
reasonable under the circumstances. |
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There is estimation uncertainty in calculating accrued income. Income is recognised as services are performed |
with accrued income recognised for services performed to date at the year end. Accrued income is calculated |
based on the specific terms of individual agreements. Whilst every attempt is made to ensure that accrued |
income is recorded as accurately as possible, there remains a risk that the accrued income does not match the |
level of income ultimately invoiced. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out regularly. Whilst every attempt is made to ensure that bad debt provisions are as accurate as |
possible, there remains a risk that the provisions do not match the level of debts which ultimately provide to be |
uncollectable. |
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There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out |
regularly. Whilst every attempt is made to ensure the depreciation policy is as accurate as possible, there |
remains a risk that the policy does not match the useful life of the assets. |
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Turnover |
Turnover is derived from the company's principal activity, being IT development and installation. |
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Turnover represents amounts receivable in accordance with underlying agreements. Turnover is recognised |
when work required under those agreements is performed and is exclusive of Value Added Tax. |
CODEHOUSE LIMITED (REGISTERED NUMBER: 06359395) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2019 |
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2. | Accounting policies - continued |
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Tangible fixed assets |
All fixed assets are initially recorded at cost. |
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Depreciation if calculated so as to write off the cost of an asset, less its estimated residual value, over the |
useful economic life of that asset as follows: |
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Fixtures and fittings 15% per annum on net book value |
Equipment 25% per annum on net book value |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial |
recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the |
effective interest rate method. A provision is established when there is objective evidence that the company will |
not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
and bank overdrafts. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company |
after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of direct issue costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred taxation is provided on the liability method to take account of timing differences between the treatment |
of certain items for accounts purposes and their treatment for tax purposes. Tax deferred for accelerated is |
accounted for in respect of all material timing differences. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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3. | Employees and directors |
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The average number of employees during the year was
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CODEHOUSE LIMITED (REGISTERED NUMBER: 06359395) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2019 |
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4. | Auditors' remuneration |
2019 | 2018 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
5,500 |
4,500 |
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5. | Tangible fixed assets |
Fixtures |
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fittings | Equipment | Totals |
£ | £ | £ |
Cost |
At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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Depreciation |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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Net book value |
At 30 June 2019 |
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At 30 June 2018 |
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6. | Fixed asset investments |
Shares in |
group |
undertakings |
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Cost |
At 1 July 2018 |
and 30 June 2019 |
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Net book value |
At 30 June 2019 |
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At 30 June 2018 |
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The company's wholly owned subsidiary undertakings are Codehouse (Private) Limited, a company |
incorporated in Sri Lanka, and Codehouse (Aus) Pty Limited, a company incorporated in Australia. |
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7. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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CODEHOUSE LIMITED (REGISTERED NUMBER: 06359395) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2019 |
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8. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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10. | Provisions for liabilities |
2019 | 2018 |
£ | £ |
Deferred tax | 21,816 | 21,475 |
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Deferred tax |
£ |
Balance at 1 July 2018 |
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Charge to Income Statement during year |
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Balance at 30 June 2019 |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | 1 | 31,200 | 31,600 |
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12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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CODEHOUSE LIMITED (REGISTERED NUMBER: 06359395) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2019 |
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13. | Related party disclosures |
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The company's wholly owned subsidiary undertakings charged £226,135 (2018: £218,274) during the year for |
consultancy fees. |
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Included within other debtors is £359,220 (2018: £329,932) relating to a loan due from a wholly owned |
subsidiary. The loan is interest free and repayable on demand. |
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Included within other creditors is £86,225 (2018: £92,545) relating to a loan due from a wholly owned |
subsidiary. The loan is interest free and repayable on demand. |
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During the year a resolutions were passed which resulted in the company buying back 400 of its own shares |
with a nominal value of £1 from an owner with a participating interest. This has resulted in the creation of a |
capital redemption reserve with retained earnings being decreased by the total consideration paid for the |
shares. |