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No description of principal activity
2017-01-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
09823112
2017-01-01
2017-12-31
09823112
2017-12-31
09823112
2016-12-31
09823112
2015-10-14
2016-12-31
09823112
2016-12-31
09823112
core:FurnitureFittings
2017-01-01
2017-12-31
09823112
bus:Director1
2017-01-01
2017-12-31
09823112
core:WithinOneYear
2017-12-31
09823112
core:WithinOneYear
2016-12-31
09823112
core:ShareCapital
2017-12-31
09823112
core:ShareCapital
2016-12-31
09823112
core:RetainedEarningsAccumulatedLosses
2017-12-31
09823112
core:RetainedEarningsAccumulatedLosses
2016-12-31
09823112
core:BetweenOneFiveYears
2017-12-31
09823112
core:BetweenOneFiveYears
2016-12-31
09823112
bus:SmallEntities
2017-01-01
2017-12-31
09823112
bus:AuditExempt-NoAccountantsReport
2017-01-01
2017-12-31
09823112
bus:AbridgedAccounts
2017-01-01
2017-12-31
09823112
bus:SmallCompaniesRegimeForAccounts
2017-01-01
2017-12-31
09823112
bus:PrivateLimitedCompanyLtd
2017-01-01
2017-12-31
09823112
core:ComputerEquipment
2017-01-01
2017-12-31
COMPANY REGISTRATION NUMBER:
09823112
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Statement of Financial Position
|
|
31 December 2017
Fixed assets
Tangible assets
|
5
|
402,617
|
429,818
|
|
|
|
|
Current assets
Debtors
|
770,853
|
929,537
|
Cash at bank and in hand
|
25,734
|
148,205
|
|
---------
|
------------
|
|
796,587
|
1,077,742
|
|
|
|
Creditors: amounts falling due within one year
|
1,180,639
|
1,846,658
|
|
------------
|
------------
|
Net current liabilities
|
384,052
|
768,916
|
|
---------
|
---------
|
Total assets less current liabilities
|
18,565
|
(
339,098)
|
|
|
|
Provisions
|
16,038
|
6,415
|
|
--------
|
---------
|
Net assets/(liabilities)
|
2,527
|
(
345,513)
|
|
--------
|
---------
|
|
|
|
Capital and reserves
Called up share capital
|
1
|
1
|
Profit and loss account
|
2,526
|
(
345,514)
|
|
-------
|
---------
|
Shareholder funds/(deficit)
|
2,527
|
(
345,513)
|
|
-------
|
---------
|
|
|
|
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 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 member has not required the company to obtain an audit of its abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
|
|
31 December 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
7 September 2018
, and are signed on behalf of the board by:
Company registration number:
09823112
Notes to the Abridged Financial Statements
|
|
Year ended 31 December 2017
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Coddan Cpm, 3rd Floor 120 Baker Street, London, W1U 6TU, England.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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.
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:
|
Fixtures and fittings
|
-
|
20% straight line
|
|
Computer equipment
|
-
|
20% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 abridged 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
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
36
(2016:
13
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 January 2017
|
516,362
|
Additions
|
85,536
|
|
---------
|
At 31 December 2017
|
601,898
|
|
---------
|
Depreciation
|
|
At 1 January 2017
|
86,544
|
Charge for the year
|
112,737
|
|
---------
|
At 31 December 2017
|
199,281
|
|
---------
|
Carrying amount
|
|
At 31 December 2017
|
402,617
|
|
---------
|
At 31 December 2016
|
429,818
|
|
---------
|
|
|
6.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2017
|
2016
|
|
£
|
£
|
Not later than 1 year
|
362,160
|
316,890
|
Later than 1 year and not later than 5 years
|
724,320
|
1,327,920
|
|
------------
|
------------
|
|
1,086,480
|
1,644,810
|
|
------------
|
------------
|
|
|
|
7.
Related party transactions
The company is controlled by High Tech Chain Holdings Ltd, a company registered in Antigua and Barbuda, who own 100% of the called up share capital. A loan was owing to nChain Holdings Ltd at year-end amounting to £784,039 (2016: £1,280,904). The loan is unsecured and has no fixed terms of repayment. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.