Company Registration No. 07252851 (England and Wales)
UNWORK.COM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
UNWORK.COM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
UNWORK.COM LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UNWORK.COM LIMITED FOR THE YEAR ENDED 31 DECEMBER 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Unwork.Com Limited for the year ended 31 December 2016 set out on pages to 5 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/
This report is made solely to the Board of Directors of Unwork.Com Limited, as a body, in accordance with the terms of our engagement letter dated 14 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Unwork.Com Limited
and state those matters that we have agreed to state to the Board of Directors of Unwork.Com Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Unwork.Com Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Unwork.Com 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 profit of Unwork.Com Limited. You consider that Unwork.Com Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Unwork.Com 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.
Gerald Edelman
16 May 2017
Chartered Accountants
73 Cornhill
London
EC3V 3QQ
UNWORK.COM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
216
1,202
Current assets
Debtors
4
154,953
306,045
Cash at bank and in hand
257,493
82,812
412,446
388,857
Creditors: amounts falling due within one year
5
(402,662)
(141,875)
Net current assets
9,784
246,982
Total assets less current liabilities
10,000
248,184
Capital and reserves
Called up share capital
6
10,000
10,000
Profit and loss reserves
-
238,184
Total equity
10,000
248,184
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime
and in accordance with the provisions of FRS102 Section 1A - small entities.
The financial statements were approved and signed by the director and authorised for issue on 16 May 2017
Mr P Ross
Director
Company Registration No. 07252851
UNWORK.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
Unwork.Com Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
73 Cornhill, London, EC3V 3QQ.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
These financial statements have been prepared in accordance with the provisions of FRS 102 section 1A small entities. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 January 2015.
The transition to FRS 102 Section 1A small entities has not resulted of changes in accounting policies to those used previously.
1.2
Turnover
Turnover represents consultancy work provided and management charges which are recognised as income in the period when the service is provided.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, 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.
UNWORK.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2015 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2016 and 31 December 2016
7,774
Depreciation and impairment
At 1 January 2016
6,572
Depreciation charged in the year
986
At 31 December 2016
7,558
Carrying amount
At 31 December 2016
216
At 31 December 2015
1,202
UNWORK.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
152,705
149,237
Corporation tax recoverable
-
286
Amounts due from group undertakings
-
99,354
Other debtors
2,248
57,168
154,953
306,045
5
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
54,072
56,052
Amounts due to group undertakings
183,573
-
Corporation tax
56,886
50,184
Other taxation and social security
22,418
26,290
Other creditors
85,713
9,349
402,662
141,875
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1,000,000 Ordinary shares of 1p each
10,000
10,000
7
Parent company
The ultimate parent company at reporting date was Dianoia Ventures Limited. After the reporting date, all the shareholding was transferred to Ungroup Limited, a company registered in England and Wales, registered address being 7 St Johns Mews, St Johns Road, Hampton Wick, Kingston upon Thames, Surrey, KT1 4AN.