Registration number:
The App Accounting Group Limited
trading as
for the Year Ended 31 January 2019
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Company Information
Director |
Mr Christopher Clark |
Registered office |
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Page 1 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
(Registration number: 07483229)
Balance Sheet as at 31 January 2019
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2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr Christopher Clark
Director
Page 2 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
The Port House
Marina Keep
Port Solent
Portsmouth
PO6 4TH
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Page 3 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
Judgements
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 and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Significant judgements |
There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have any significant effect on the amounts recognised in the financial statements. |
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 4 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer Equipment |
20% straight line |
Fixtures and fittings |
25% straight line |
Leasehold improvements |
Straight line over the period of the lease |
Office equipment |
25% straight line |
Intangible assets
Research and development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
33.33% straight line |
Development costs |
16.66-33.33%% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable than an outflow of resources will be required to settle the obligation: and the amounts of the obligation can be estimated reliably.
In particular:
accruals include an amount for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. This is measured at the salary cost payable for the period of absence.
Provision is not made for future operating leases/payments.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 6 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
Financial instruments
Classification
Recognition and measurement
Such assets are subsequently carried at amortised cost using the effective interest method.
Other financial assets are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.
Basic financial liabilities, including trade and other payables, and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Impairment
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
Intangible assets |
Internally generated software development costs |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 February 2018 |
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Additions acquired separately |
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- |
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At 31 January 2019 |
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Amortisation |
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At 1 February 2018 |
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Amortisation charge |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
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At 31 January 2018 |
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The amount of research and development expenditure recognised as an expense during the period is £
Page 8 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 February 2018 |
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Additions |
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At 31 January 2019 |
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Depreciation |
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At 1 February 2018 |
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Charge for the year |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
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At 31 January 2018 |
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Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2018 |
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Provision |
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Carrying amount |
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At 31 January 2019 |
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At 31 January 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Page 9 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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2nd Floor The Port House
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Ordinary |
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England and Wales |
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2nd Floor The Port House
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Ordinary |
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England and Wales |
The principal activity of Boox Limited is |
The principal activity of Liquid Friday Accounting Limited is |
Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 10 |
The App Accounting Group Limited
trading as Boox and Liquid Bureau
Notes to the Financial Statements for the Year Ended 31 January 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Other borrowings |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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105.30 |
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105.30 |
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Other borrowings |
- |
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