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REGISTERED NUMBER:
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Labrador Ltd |
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Unaudited Financial Statements for the Year Ended 31 October 2017 |
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REGISTERED NUMBER:
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Labrador Ltd |
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Unaudited Financial Statements for the Year Ended 31 October 2017 |
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Labrador Ltd (Registered number: 08489878) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2017 |
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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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Labrador Ltd |
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Company Information |
for the Year Ended 31 October 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Labrador Ltd (Registered number: 08489878) |
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Balance Sheet |
31 October 2017 |
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31.10.17 | 31.10.16 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
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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 Board of Directors on
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Labrador Ltd (Registered number: 08489878) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2017 |
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1. | STATUTORY INFORMATION |
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Labrador Ltd is a
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office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting |
policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK |
and Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements |
is sterling. All amounts in the financial statements have been rounded to the nearest £1. |
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These financial statements for the year ended 31 October 2017 are the first financial statements of Labrador Ltd prepared in accordance |
with FRS 102. The date of transition to FRS 102 was 1 May 2015. In the transition to FRS 102 from the Financial Reporting Standard for |
Smaller Entities (effective January 2015) the company has made no measurement and recognition adjustments. |
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Going concern |
The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding |
or support will be more than adequate for the company's needs. In assessing going concern, the directors have a reasonable expectation that |
the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from |
the date of approval of these financial statements. |
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Turnover |
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably |
measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax |
and other sales taxes. |
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Revenue from the sale of services is recognised in the period in which the services are provided. |
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Intangible assets |
Research and development costs |
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Expenditure on research activities is recognised within profit or loss as an expense is incurred. |
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Development costs are capitalised only where they can be identified with a specific product or project that will generate probable future |
economic benefits, the costs can be reliably measured and all the criteria under FRS 102 are met. They are amortised on a straight line basis |
to profit or loss over their estimated useful life. |
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All other development costs are expensed as incurred. |
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Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance is |
written off to profit or loss. |
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Capitalised development costs are not treated as a realised loss under section 844(1) of the Companies Act as the directors believe that they |
are subject to the permitted exception in section 844(3) as the costs have been capitalised in accordance with applicable accounting |
standards. |
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Capitalised development costs are not treated as a realised loss for the purpose of determining the company's distributable profits as the |
costs meet the conditions permitting them to be treated as an asset under FRS 102. |
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All intangible assets are considered to have a finite useful life. The estimated useful lives are as follows: |
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Website and operational platform - 3 - 5 years |
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At each reporting date the company assesses whether there is any indication of impairment. If such indications exists, the recoverable |
amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is |
recognised immediately as an expense within profit or loss. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes |
expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the |
manner intended by management. |
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At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable |
amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is |
recognised immediately as an expense within the profit or loss. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less estimated residual value of each asset over |
its expected useful life, as follows: - |
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- Computer equipment - over 3 years on a straight line basis. |
- Plant & machinery - over 3 years on a straight line basis. |
Labrador Ltd (Registered number: 08489878) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Basic financial instruments |
Trade and other debtors / creditors |
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Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are |
recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised |
cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing |
transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments |
discounted at a market rate of interest for a similar debt instrument. |
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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 evidence of impairment is found an impairment loss is recognised within profit or loss. |
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For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying |
amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
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Current and deferred taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it |
relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other |
comprehensive income. |
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Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively |
enacted at the balance sheet date. |
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Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences |
arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances |
are greater or smaller than the corresponding income or expense. |
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Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or |
substantively enacted at the balance sheet date. |
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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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Foreign currencies |
Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the |
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional |
currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss. |
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Liabilities and equity |
Convertible debt |
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On the initial issue of convertible debt, the company allocates the proceeds between the liability component and the equity component. To |
make the allocation, the company first determines the amount of the liability component as fair value of a similar liability that does not |
have a conversion feature. The residual amount is allocated as the equity component. Any transaction costs are allocated between the debt |
component on the basis of their relative fair values. |
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The liability component of the instrument is subsequently measured on an mortised cost basis, Any initial allocations are not revised in |
subsequent periods. |
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Pensions |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the |
company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment |
obligation. |
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The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in creditors as a liability in |
the balance sheet. The assets of the plan are held separately from the company in independent administered funds. |
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3. | STAFF NUMBERS |
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The average number of employees during the year was
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Labrador Ltd (Registered number: 08489878) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Website and |
operational |
platform |
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COST |
At 1 November 2016 |
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Additions |
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At 31 October 2017 |
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AMORTISATION |
At 1 November 2016 |
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Amortisation for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2016 |
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Additions |
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At 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Charge for year |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Convertible loan | 91,060 | - |
Labrador Ltd (Registered number: 08489878) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
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9. | RELATED PARTY DISCLOSURES |
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During the year the company received loans totalling £253 (2016: £5,315) from directors of the company. During the year, the company |
made repayments to the directors of £5,593 (2016: £2,267). As at 31 October 2017, Labrador Ltd owed £1,368 (2016: £6,708) to the |
directors. All balances attract a nil rate of interest and are repayable on demand. |