false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-07-01
Sage Accounts Production Advanced 2019 - FRS102_2014
43,879
43,879
8,776
8,776
35,103
xbrli:pure
xbrli:shares
iso4217:GBP
10822960
2018-07-01
2019-06-30
10822960
2019-06-30
10822960
2018-06-30
10822960
2017-06-16
2018-06-30
10822960
2018-06-30
10822960
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-07-01
2019-06-30
10822960
core:PlantMachinery
2018-07-01
2019-06-30
10822960
bus:Director2
2018-07-01
2019-06-30
10822960
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2019-06-30
10822960
core:PlantMachinery
2018-06-30
10822960
core:FurnitureFittings
2018-06-30
10822960
core:PlantMachinery
2019-06-30
10822960
core:FurnitureFittings
2019-06-30
10822960
core:WithinOneYear
2019-06-30
10822960
core:WithinOneYear
2018-06-30
10822960
core:ShareCapital
2019-06-30
10822960
core:ShareCapital
2018-06-30
10822960
core:SharePremium
2019-06-30
10822960
core:SharePremium
2018-06-30
10822960
core:RetainedEarningsAccumulatedLosses
2019-06-30
10822960
core:RetainedEarningsAccumulatedLosses
2018-06-30
10822960
core:FurnitureFittings
2018-07-01
2019-06-30
10822960
core:PlantMachinery
2018-06-30
10822960
core:FurnitureFittings
2018-06-30
10822960
bus:SmallEntities
2018-07-01
2019-06-30
10822960
bus:AuditExemptWithAccountantsReport
2018-07-01
2019-06-30
10822960
bus:FullAccounts
2018-07-01
2019-06-30
10822960
bus:SmallCompaniesRegimeForAccounts
2018-07-01
2019-06-30
10822960
bus:PrivateLimitedCompanyLtd
2018-07-01
2019-06-30
COMPANY REGISTRATION NUMBER:
10822960
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
30 June 2019
Fixed assets
Intangible assets
|
4
|
35,103
|
–
|
Tangible assets
|
5
|
–
|
4,197
|
|
--------
|
-------
|
|
35,103
|
4,197
|
|
|
|
|
Current assets
Stocks
|
34,000
|
66,000
|
Debtors
|
6
|
25,794
|
731,770
|
Cash at bank and in hand
|
7,876
|
1,341
|
|
--------
|
---------
|
|
67,670
|
799,111
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
636,854
|
632,540
|
|
---------
|
---------
|
Net current (liabilities)/assets
|
(
569,184)
|
166,571
|
|
---------
|
---------
|
Total assets less current liabilities
|
(
534,081)
|
170,768
|
|
---------
|
---------
|
Net (liabilities)/assets
|
(
534,081)
|
170,768
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
10,000
|
10,000
|
Share premium account
|
515,000
|
515,000
|
Profit and loss account
|
(
1,059,081)
|
(
354,232)
|
|
------------
|
---------
|
Shareholders (deficit)/funds
|
(
534,081)
|
170,768
|
|
------------
|
---------
|
|
|
|
These 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 30 June 2019 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 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 financial statements
.
Statement of Financial Position (continued)
|
|
30 June 2019
These financial statements were approved by the
board of directors
and authorised for issue on
18 December 2019
, and are signed on behalf of the board by:
Company registration number:
10822960
Notes to the Financial Statements
|
|
Year ended 30 June 2019
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Midway House, Staverton Technology Park, Herrick Way, Staverton, Cheltenham, GL51 6TQ, UK.
2.
Statement of compliance
These 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 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 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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
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:
|
Development costs
|
-
|
20% 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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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:
|
Plant and machinery
|
-
|
50% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
Additions
|
43,879
|
|
--------
|
At 30 June 2019
|
43,879
|
|
--------
|
Amortisation
|
|
Charge for the year
|
8,776
|
|
--------
|
At 30 June 2019
|
8,776
|
|
--------
|
Carrying amount
|
|
At 30 June 2019
|
35,103
|
|
--------
|
At 30 June 2018
|
–
|
|
--------
|
|
|
5.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 July 2018 and 30 June 2019
|
7,000
|
1,395
|
8,395
|
|
-------
|
-------
|
-------
|
Depreciation
|
|
|
|
At 1 July 2018
|
3,500
|
698
|
4,198
|
Charge for the year
|
3,500
|
697
|
4,197
|
|
-------
|
-------
|
-------
|
At 30 June 2019
|
7,000
|
1,395
|
8,395
|
|
-------
|
-------
|
-------
|
Carrying amount
|
|
|
|
At 30 June 2019
|
–
|
–
|
–
|
|
-------
|
-------
|
-------
|
At 30 June 2018
|
3,500
|
697
|
4,197
|
|
-------
|
-------
|
-------
|
|
|
|
|
6.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
4,477
|
67,611
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
–
|
659,798
|
Other debtors
|
21,317
|
4,361
|
|
--------
|
---------
|
|
25,794
|
731,770
|
|
--------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
96,269
|
99,255
|
Shareholder loans
|
|
|
Other creditors
|
1,800
|
2,500
|
|
---------
|
---------
|
|
636,854
|
632,540
|
|
---------
|
---------
|
|
|
|
8.
Directors' advances, credits and guarantees
There were no material transactions with Directors during the year that were not concluded under normal market conditions.