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Unaudited Financial Statements |
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for the Period 1 April 2016 to 30 April 2017 |
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for |
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Icontract Ventures Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period 1 April 2016 to 30 April 2017 |
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for |
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Icontract Ventures Limited |
Icontract Ventures Limited (Registered number: 10096501) |
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Contents of the Financial Statements |
for the period 1 April 2016 to 30 April 2017 |
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Page |
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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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Icontract Ventures Limited |
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Company Information |
for the period 1 April 2016 to 30 April 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Icontract Ventures Limited (Registered number: 10096501) |
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Balance Sheet |
30 April 2017 |
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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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CAPITAL AND RESERVES |
Called up share capital | 9 |
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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 |
(b) |
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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Icontract Ventures Limited (Registered number: 10096501) |
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Notes to the Financial Statements |
for the period 1 April 2016 to 30 April 2017 |
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1. | STATUTORY INFORMATION |
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Icontract Ventures Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Development costs are capitalised as intangible fixed assets where, the project to which the expenditure relates, |
is considered commercially viable and technically feasible. |
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Amortisation will be recognised in the future, at the point where the intangible asset begins to contribute to |
generation of revenue. |
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Expenditure on research and development, which doesn't meet this criteria, is written off in the year in which it is |
incurred. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price |
of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
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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 on a systematic basis over its expected useful life as follows: |
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Computer equipment | - 25% on cost |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Share capital |
Ordinary shares are classed as equity. |
Icontract Ventures Limited (Registered number: 10096501) |
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Notes to the Financial Statements - continued |
for the period 1 April 2016 to 30 April 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising |
from impairment are recognised in the profit and loss account. |
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Distributions to equity holders |
Dividends are recognised as a liability in the financial statements in the period in which the dividends are |
approved by the company's shareholders. These amounts are recognised in the statement of changes in equity. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are |
shown within borrowings in current liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | INTANGIBLE FIXED ASSETS |
Web |
platform |
£ |
COST |
Additions |
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At 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
Additions |
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At 30 April 2017 |
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DEPRECIATION |
Charge for period |
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At 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
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Icontract Ventures Limited (Registered number: 10096501) |
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Notes to the Financial Statements - continued |
for the period 1 April 2016 to 30 April 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
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Within one year |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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Ordinary | £1 | 1,334 |
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On incorporation, 1,000 Ordinary shares of £1.00 were issued for cash at par. |
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On 28 October 2016, the Company allotted 111 Ordinary shares of £1.00 at a premium of £899.90 per share. |
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On 23 February 2017, the Company allotted 223 Ordinary shares of £1.00 at a premium of £895.86 per share. |
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10. | RELATED PARTY DISCLOSURES |
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During the year, an amount was advanced to the company by the director to fund a capital acquisition. The |
amount outstanding at the year end was £78,120. The loan is repayable on demand and accrues no interest. |