COMPANY REGISTRATION NUMBER:
09333024
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Statement of Financial Position
|
|
31 March 2020
Fixed assets
Intangible assets
|
5
|
5,133
|
6,233
|
Tangible assets
|
6
|
3,422
|
4,139
|
|
-------
|
--------
|
|
8,555
|
10,372
|
|
|
|
|
Current assets
Debtors
|
801
|
–
|
Cash at bank and in hand
|
44,657
|
40,766
|
|
--------
|
--------
|
|
45,458
|
40,766
|
|
|
|
Creditors: amounts falling due within one year
|
8,334
|
8,369
|
|
--------
|
--------
|
Net current assets
|
37,124
|
32,397
|
|
--------
|
--------
|
Total assets less current liabilities
|
45,679
|
42,769
|
|
--------
|
--------
|
Net assets
|
45,679
|
42,769
|
|
--------
|
--------
|
|
|
|
Capital and reserves
Called up share capital
|
2
|
2
|
Profit and loss account
|
45,677
|
42,767
|
|
--------
|
--------
|
Shareholders funds
|
45,679
|
42,769
|
|
--------
|
--------
|
|
|
|
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
|
|
31 March 2020
These abridged financial statements were approved by the
board of directors
and authorised for issue on
23 December 2020
, and are signed on behalf of the board by:
Company registration number:
09333024
Notes to the Abridged Financial Statements
|
|
Year ended 31 March 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Staverton, Cheltenham, GL51 6TQ, UK.
2.
Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Income 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
|
-
|
10% 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.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment
|
-
|
25% straight line
|
|
|
|
|
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2019:
2
).
5.
Intangible assets
|
£
|
Cost
|
|
At 1 April 2019 and 31 March 2020
|
11,000
|
|
--------
|
Amortisation
|
|
At 1 April 2019
|
4,767
|
Charge for the year
|
1,100
|
|
--------
|
At 31 March 2020
|
5,867
|
|
--------
|
Carrying amount
|
|
At 31 March 2020
|
5,133
|
|
--------
|
At 31 March 2019
|
6,233
|
|
--------
|
|
|
6.
Tangible assets
|
£
|
Cost
|
|
At 1 April 2019
|
6,965
|
Additions
|
1,180
|
|
-------
|
At 31 March 2020
|
8,145
|
|
-------
|
Depreciation
|
|
At 1 April 2019
|
2,826
|
Charge for the year
|
1,897
|
|
-------
|
At 31 March 2020
|
4,723
|
|
-------
|
Carrying amount
|
|
At 31 March 2020
|
3,422
|
|
-------
|
At 31 March 2019
|
4,139
|
|
-------
|
|
|
7.
Directors' advances, credits and guarantees
There were no material transactions with Directors during the year that were not concluded under normal market conditions.