false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-08-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
200,000
120,000
40,000
160,000
40,000
80,000
xbrli:pure
xbrli:shares
iso4217:GBP
09115286
2017-08-01
2018-07-31
09115286
2018-07-31
09115286
2017-07-31
09115286
2016-08-01
2017-07-31
09115286
2017-07-31
09115286
core:NetGoodwill
2017-08-01
2018-07-31
09115286
bus:RegisteredOffice
2017-08-01
2018-07-31
09115286
bus:LeadAgentIfApplicable
2017-08-01
2018-07-31
09115286
bus:Director1
2017-08-01
2018-07-31
09115286
core:NetGoodwill
2017-07-31
09115286
core:NetGoodwill
2018-07-31
09115286
core:WithinOneYear
2018-07-31
09115286
core:WithinOneYear
2017-07-31
09115286
core:ShareCapital
2018-07-31
09115286
core:ShareCapital
2017-07-31
09115286
core:RetainedEarningsAccumulatedLosses
2018-07-31
09115286
core:RetainedEarningsAccumulatedLosses
2017-07-31
09115286
core:UKTax
2017-08-01
2018-07-31
09115286
core:UKTax
2016-08-01
2017-07-31
09115286
core:NetGoodwill
2017-07-31
09115286
bus:SmallEntities
2017-08-01
2018-07-31
09115286
bus:AuditExemptWithAccountantsReport
2017-08-01
2018-07-31
09115286
bus:FullAccounts
2017-08-01
2018-07-31
09115286
bus:SmallCompaniesRegimeForAccounts
2017-08-01
2018-07-31
09115286
bus:PrivateLimitedCompanyLtd
2017-08-01
2018-07-31
09115286
core:OtherRelatedParties
2017-08-01
2018-07-31
COMPANY REGISTRATION NUMBER:
09115286
UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 JULY 2018
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2 to 3
|
|
|
Notes to the financial statements
|
4 to 7
|
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
Registered office
|
Barrow House
|
|
26 Barrow Street
|
|
St Helens
|
|
Merseyside
|
|
England
|
|
WA10 1RX
|
|
|
Accountants
|
ERC Accountants & Business Advisers Limited
|
|
Chartered accountants
|
|
Hanover Buildings
|
|
11-13 Hanover Street
|
|
Liverpool
|
|
L1 3DN
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 July 2018
FIXED ASSETS
Intangible assets
|
5
|
|
40,000
|
80,000
|
|
|
|
|
|
CURRENT ASSETS
Debtors
|
6
|
189,502
|
|
190,521
|
Cash at bank and in hand
|
5,931
|
|
5,912
|
|
----------
|
|
----------
|
|
195,433
|
|
196,433
|
|
|
|
|
|
CREDITORS: Amounts falling due within one year
|
7
|
402,191
|
|
415,947
|
|
----------
|
|
----------
|
NET CURRENT LIABILITIES
|
|
206,758
|
219,514
|
|
|
----------
|
----------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
(
166,758)
|
(
139,514)
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax
|
|
(
1,296)
|
(
3,708)
|
|
|
----------
|
----------
|
NET LIABILITIES
|
|
(
165,462)
|
(
135,806)
|
|
|
----------
|
----------
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
|
1
|
1
|
Profit and loss account
|
|
(
165,463)
|
(
135,807)
|
|
|
----------
|
----------
|
SHAREHOLDERS DEFICIT
|
|
(
165,462)
|
(
135,806)
|
|
|
----------
|
----------
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 July 2018 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 July 2018
These financial statements were approved by the
board of directors
and authorised for issue on
24 April 2019
, and are signed on behalf of the board by:
Company registration number:
09115286
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 JULY 2018
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Barrow House, 26 Barrow Street, St Helens, Merseyside, WA10 1RX, England.
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 accounts have been prepared on a going concern basis, despite the fact that liabilities exceed assets. The director has agreed not to seek repayment of his loan until the company has sufficient funds to do so. He therefore considers that it is appropriate to prepare the accounts on the going concern basis.
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.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
20% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
TAX ON LOSS
Major components of tax expense/(income)
Current tax:
Adjustments in respect of prior periods
|
(
61)
|
(
10,119)
|
|
|
|
Deferred tax:
Origination and reversal of timing differences
|
2,412
|
(
3,708)
|
|
-------
|
---------
|
Tax on loss
|
2,351
|
(
13,827)
|
|
-------
|
---------
|
|
|
|
5.
INTANGIBLE ASSETS
Cost
|
|
At 1 August 2017 and 31 July 2018
|
200,000
|
|
----------
|
Amortisation
|
|
At 1 August 2017
|
120,000
|
Charge for the year
|
40,000
|
|
----------
|
At 31 July 2018
|
160,000
|
|
----------
|
Carrying amount
|
|
At 31 July 2018
|
40,000
|
|
----------
|
At 31 July 2017
|
80,000
|
|
----------
|
|
|
6.
DEBTORS
Other debtors
|
189,502
|
190,521
|
|
----------
|
----------
|
|
|
|
7.
CREDITORS:
Amounts falling due within one year
Trade creditors
|
–
|
85
|
Other creditors
|
402,191
|
415,862
|
|
----------
|
----------
|
|
402,191
|
415,947
|
|
----------
|
----------
|
|
|
|
8.
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
No director received advances, credits or guarantees during the current or previous accounting periods.
9.
RELATED PARTY TRANSACTIONS
The following related party transactions were undertaken during the year: A director and shareholder withdrew £44,482 and introduced £30,751 (2017: withdrew £87,203 and introduced £36,159). At the balance sheet date the amount payable was £400,871 (2017: £414,602). A partnership considered a related party by virtue of the company's 25% interest received £13,600, had expenses of £4,500 (2017: transferred £24,147, paid expenses of £32,224 and had a loss split of £68,681). At the balance sheet date, the amount owed to the related party was £189,502 (2017: £180,402). No dividends were paid to the directors in respect of their shareholdings. No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.