2Bitpunks Ltd
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Notes to the Accounts |
for the period from 15 February 2016 to 28 February 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
25% Reducing balance method |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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Additions |
9,460 |
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At 28 February 2017 |
9,460 |
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Depreciation |
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Charge for the period |
2,365 |
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At 28 February 2017 |
2,365 |
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Net book value |
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At 28 February 2017 |
7,095 |
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3 |
Creditors: amounts falling due within one year |
2017 |
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£ |
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Trade creditors |
1,332 |
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Corporation tax |
938 |
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Other taxes and social security costs |
236 |
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Other creditors |
15,565 |
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18,071 |
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4 |
Controlling party |
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The controlling party is Mr L Clare (director) by virtue of his 100% ownership of the issued sjare capital.
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5 |
Other information |
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2Bitpunks Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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131 Manchester Road |
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Manchester |
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United Kingdom |
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M27 4FH |