Company No:
Contents
2019 | 2018 | |||
Note | £ | £ | ||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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110,340 | 65,030 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 86,802 | 40,355 | ||
Total assets less current liabilities | 86,802 | 40,355 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of 108 Methods Limited (registered number:
Sneha Kaveri Belliappa Konganda
Director |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
108 Methods Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Alfriston Close, Crayford, Dartford, DA1 3RU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of 108 Methods Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit or loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Fair value measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
2019 | 2018 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including director |
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2019 | 2018 | |
£ | £ | |
Trade debtors |
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Other debtors |
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2019 | 2018 | |
£ | £ | |
Other creditors |
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Corporation tax |
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Other taxation and social security |
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Transactions with the entity's directors
2018 | 2019 | |
£ | £ | |
Directors loan account | 57,055 | 0 |
During the year, advances were made to the director totalling £57,055