Registered number |
06929465 |
INTERCONTINENTAL LITERARY AGENCY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
INTERCONTINENTAL LITERARY AGENCY LIMITED | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 | ||
Notes to the financial statements | 2 - 7 | ||
|
|||||||
Balance Sheet | |||||||
as at |
|||||||
Company Registration No. | 06929465 | ||||||
Notes | 2017 | 2016 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 |
|
|
||||
Tangible assets | 4 |
|
|
||||
Investments | 5 |
|
|
||||
|
|
||||||
Current assets | |||||||
Debtors | 6 |
|
|
||||
Cash at bank and in hand |
|
|
|||||
|
|
||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
||||
Net current assets |
|
|
|||||
Net assets |
|
|
|||||
Capital and reserves | |||||||
Called up share capital |
|
|
|||||
Profit and loss account |
|
|
|||||
Shareholders' funds |
|
|
|||||
|
|||||||
|
|||||||
|
|||||||
|
|||||||
………………………………….. | |||||||
N J Hogg | |||||||
Director | |||||||
Approved by the board on |
|||||||
|
||||||||
NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 31 DECEMBER 2017 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
|
||||||||
Turnover | ||||||||
|
||||||||
Intangible fixed assets | ||||||||
|
||||||||
Tangible fixed assets | ||||||||
|
||||||||
Plant and machinery | 20% straight line | |||||||
Investments | ||||||||
|
||||||||
Financial instruments | ||||||||
The company only enters into basic financial statements 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. 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 of impairments found, an impairment loss is recognised in profit and loss accounts. 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. |
||||||||
Debtors | ||||||||
|
||||||||
Cash and cash equivalents | ||||||||
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and 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. | ||||||||
Creditors | ||||||||
|
||||||||
Taxation | ||||||||
The tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||
Current tax | ||||||||
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit 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. | ||||||||
Provisions | ||||||||
|
||||||||
Employee benefits | ||||||||
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
||||||||
Foreign currency translation | ||||||||
|
||||||||
Retirement benefits | ||||||||
|
||||||||
2 | Employees | 2017 | 2016 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
|
|
||||||
3 | Intangible fixed assets | £ | ||||||
Goodwill: | ||||||||
Cost | ||||||||
At 1 January 2017 |
|
|||||||
At 31 December 2017 |
|
|||||||
Amortisation | ||||||||
At 1 January 2017 |
|
|||||||
Provided during the year |
|
|||||||
At 31 December 2017 |
|
|||||||
Net book value | ||||||||
At 31 December 2017 |
|
|||||||
At 31 December 2016 |
|
|||||||
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years. | ||||||||
4 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2017 |
|
|||||||
Additions |
|
|||||||
At 31 December 2017 |
|
|||||||
Depreciation | ||||||||
At 1 January 2017 |
|
|||||||
Charge for the year |
|
|||||||
At 31 December 2017 |
|
|||||||
Net book value | ||||||||
At 31 December 2017 |
|
|||||||
At 31 December 2016 |
|
|||||||
5 | Investments | |||||||
Other | ||||||||
investments | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2017 | 6,000 | |||||||
At 31 December 2017 | 6,000 | |||||||
6 | Debtors | 2017 | 2016 | |||||
£ | £ | |||||||
Director's current account | 775,037 | 37,456 | ||||||
Other debtors |
|
|
||||||
|
|
|||||||
7 | Creditors: amounts falling due within one year | 2017 | 2016 | |||||
£ | £ | |||||||
Trade creditors |
|
|
||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- | ||||||
Corporation tax |
|
|
||||||
Other taxes and social security costs |
|
|
||||||
Other creditors |
|
|
||||||
|
|
|||||||
8 | Loans to directors | |||||||
Description and conditions | B/fwd | Paid | Repaid | C/fwd | ||||
£ | £ | £ | £ | |||||
|
||||||||
|
|
|
( |
|
||||
37,456 | 825,037 | (87,456) | 775,037 | |||||
The director's loan account has been cleared within nine months of the year end. | ||||||||
9 | Related party transactions | |||||||
Dividends of £325,456 (2016 : £492,823) were paid during the year to Runic Holdings Ltd which is the holding company. | ||||||||
10 | Other information | |||||||
Intercontinental Literary Agency Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |