false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-01-01
Sage Accounts Production Advanced 2018 - FRS
5,000
5,000
5,000
xbrli:pure
xbrli:shares
iso4217:GBP
8214757
2017-01-01
2017-12-31
8214757
2017-12-31
8214757
2015-10-01
2016-12-31
8214757
2016-12-31
8214757
bus:Director2
2017-01-01
2017-12-31
8214757
core:LandBuildings
2017-01-01
2017-12-31
8214757
core:WithinOneYear
2017-12-31
8214757
core:WithinOneYear
2016-12-31
8214757
core:AfterOneYear
2017-12-31
8214757
core:AfterOneYear
2016-12-31
8214757
core:ShareCapital
2017-12-31
8214757
core:ShareCapital
2016-12-31
8214757
core:RetainedEarningsAccumulatedLosses
2017-12-31
8214757
core:RetainedEarningsAccumulatedLosses
2016-12-31
8214757
core:LandBuildings
2017-12-31
8214757
bus:SmallEntities
2017-01-01
2017-12-31
8214757
bus:AuditExemptWithAccountantsReport
2017-01-01
2017-12-31
8214757
bus:FullAccounts
2017-01-01
2017-12-31
8214757
bus:SmallCompaniesRegimeForAccounts
2017-01-01
2017-12-31
8214757
bus:PrivateLimitedCompanyLtd
2017-01-01
2017-12-31
8214757
core:OtherRelatedParties
core:OtherTransactionType1
2017-01-01
2017-12-31
8214757
core:OtherRelatedParties
core:OtherTransactionType1
2017-12-31
COMPANY REGISTRATION NUMBER:
8214757
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 December 2017
Fixed assets
Tangible assets
|
5
|
|
5,000
|
|
–
|
|
|
|
|
|
|
Current assets
Stocks
|
69,398
|
|
29,939
|
|
Debtors
|
6
|
205,368
|
|
91,825
|
|
Cash at bank and in hand
|
77,907
|
|
55,674
|
|
|
---------
|
|
---------
|
|
|
352,673
|
|
177,438
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
74,522
|
|
158,999
|
|
|
---------
|
|
---------
|
|
Net current assets
|
|
278,151
|
|
18,439
|
|
|
---------
|
|
--------
|
Total assets less current liabilities
|
|
283,151
|
|
18,439
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
507,702
|
|
158,681
|
|
|
---------
|
|
---------
|
Net liabilities
|
|
(
224,551)
|
|
(
140,242)
|
|
|
---------
|
|
---------
|
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
|
100
|
Profit and loss account
|
|
(
224,651)
|
|
(
140,342)
|
|
|
---------
|
|
---------
|
Shareholders deficit
|
|
(
224,551)
|
|
(
140,242)
|
|
|
---------
|
|
---------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2017 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
.
Statement of Financial Position (continued)
|
|
31 December 2017
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2018
, and are signed on behalf of the board by:
Company registration number:
8214757
Notes to the Financial Statements
|
|
Year ended 31 December 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Artillery Business Park, Park Hall, Oswestry, Shropshire, SY11 4AD.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has received confirmation from its shareholder that he will not require repayment of his shareholder loan to the company for a period of at least one year from the date of signing of these accounts.
Accordingly the director believes that it is appropriate for the financial statements to be prepared on a going concern basis.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2016:
9
).
5.
Tangible assets
|
Land and buildings
|
|
£
|
Cost
|
|
At 1 January 2017
|
–
|
Additions
|
5,000
|
|
-------
|
At 31 December 2017
|
5,000
|
|
-------
|
Depreciation
|
|
At 1 January 2017 and 31 December 2017
|
–
|
|
-------
|
Carrying amount
|
|
At 31 December 2017
|
5,000
|
|
-------
|
At 31 December 2016
|
–
|
|
-------
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
64,796
|
89,304
|
Other debtors
|
140,572
|
2,521
|
|
---------
|
--------
|
|
205,368
|
91,825
|
|
---------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
2,573
|
–
|
Trade creditors
|
24,475
|
64,427
|
Social security and other taxes
|
4,199
|
21,851
|
Other creditors
|
43,275
|
72,721
|
|
--------
|
---------
|
|
74,522
|
158,999
|
|
--------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Related party loan
|
507,702
|
158,681
|
|
---------
|
---------
|
|
|
|
9.
Related party transactions
Included in other creditors falling due after one year is an amount owing to a shareholder,
Mr J Calderwood
of £ 507,702
(2016: £158,681). Interest is payable on the loan at a commercial rate.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the period.