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FIT WITH PURPOSE LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 30 September 2018 |
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FIT WITH PURPOSE LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 30 September 2018 |
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FIT WITH PURPOSE LIMITED (REGISTERED NUMBER: 08233619) |
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Contents of the Financial Statements |
for the year ended 30 September 2018 |
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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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FIT WITH PURPOSE LIMITED |
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Company Information |
for the year ended 30 September 2018 |
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Director: |
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Registered office: |
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Registered number: |
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FIT WITH PURPOSE LIMITED (REGISTERED NUMBER: 08233619) |
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Balance Sheet |
30 September 2018 |
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2018 | 2017 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
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Creditors |
Amounts falling due within one year | 5 |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Capital and reserves |
Called up share capital | 6 |
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Retained earnings | 7 |
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( |
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Shareholders' funds |
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( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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FIT WITH PURPOSE LIMITED (REGISTERED NUMBER: 08233619) |
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Notes to the Financial Statements |
for the year ended 30 September 2018 |
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1. | Statutory information |
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Fit With Purpose 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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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
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Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as |
otherwise stated). |
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Financial reporting standard 102 - reduced disclosure exemptions |
FRS 102 grants certain first-time adoption exemptions from the full requirements of FRS 102 in the transition period. |
The Company has not taken any of the exemptions in these financial statements. |
FIT WITH PURPOSE LIMITED (REGISTERED NUMBER: 08233619) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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3. | Accounting policies - continued |
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Significant judgements and estimates |
In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions |
in determining the carrying amounts of assets and liabilities. The directors judgements, estimates and assumptions are |
based on the best and most reliable evidence available at the time when the decisions are made, and are based on |
historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in |
making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are |
recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the |
revision and future periods, if the revision affects both current and future periods. |
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Critical judgements in applying the Company's accounting policies |
The critical judgement that the director has made in the process of applying the Company's accounting policies that have |
the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
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(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the director has considered both external |
and internal sources of information such as market conditions, counterparty credit ratings and experience of |
recoverability. There have been no indicators or impairments identified during the current financial year. |
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Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of |
causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed |
below. |
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(i) Recoverability of receivables |
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing |
recoverability the director considers factors such as the aging of the receivables, past experience and recoverability, and |
the credit profile of individual or groups of customers. |
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Turnover |
Turnover represents amounts receivable for services. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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FIT WITH PURPOSE LIMITED (REGISTERED NUMBER: 08233619) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Going concern |
These financial statements have been prepared on a going concern basis. |
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The current economic conditions present increased risks for all businesses. In response to such conditions, the director |
has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at |
least 12 months from the date of signing the financial statements, and the extent to which they might affect the |
preparation of the financial statements on a going concern basis. |
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Based on assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to |
meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
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In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the |
Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
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The director has a reasonable expectation that the Company has adequate resources to continue in operational existence |
for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's |
ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in |
preparing these financial statements. |
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Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is |
probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the |
obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present |
obligation at the end of the reporting taking into account the risks and uncertainties surrounding the obligation. |
Provisions are discounted when the time value of money is material. |
FIT WITH PURPOSE LIMITED (REGISTERED NUMBER: 08233619) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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3. | Accounting policies - continued |
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Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the |
financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and |
other receivables, trade and other payables, loans and borrowings. The company has chosen to apply the provisions of |
Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
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Financial assets / liabilities - classified as basic financial instruments |
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(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original |
maturities of three months or less. |
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(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts |
that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of |
any impairment. |
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At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount |
may be impaired. A provision for impairment 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. The amount of the provision is the |
difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the |
effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
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(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any |
transaction price, including any transaction costs. |
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4. | Debtors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Other debtors |
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5. | Creditors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Taxation and social security |
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Other creditors |
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FIT WITH PURPOSE LIMITED (REGISTERED NUMBER: 08233619) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2018 |
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6. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |
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7. | Reserves |
Retained |
earnings |
£ |
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At 1 October 2017 | ( |
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Profit for the year |
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Dividends | ( |
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At 30 September 2018 |
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8. | Related party disclosures |
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During the year, total dividends of £2,000 (2017 - £5,000) were paid to the director . |
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At the balance sheet date the company is owed £10,826 (2017: - £807) from the director. |
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9. | Ultimate controlling party |
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The ultimate controlling party is
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