COMPANY REGISTRATION NUMBER:
10918648
ACCOMMODATION TECHNOLOGIES LTD
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FILLETED UNAUDITED FINANCIAL STATEMENTS
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ACCOMMODATION TECHNOLOGIES LTD
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STATEMENT OF FINANCIAL POSITION (continued)
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31 December 2019
CAPITAL AND RESERVES
Called up share capital
|
120
|
100
|
Profit and loss account
|
(
330,798)
|
(
50,190)
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---------
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SHAREHOLDERS DEFICIT
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(
330,678)
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(
50,090)
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---------
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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 Section 1A of 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 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
24 July 2020
, and are signed on behalf of the board by:
Company registration number:
10918648
ACCOMMODATION TECHNOLOGIES LTD
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NOTES TO THE FINANCIAL STATEMENTS
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YEAR ENDED 31 DECEMBER 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is WeWork, No.1 Springfield, Quay Street, Manchester, M3 3JE, England.
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.
Going concern
The company has reported a loss for the current financial year. Despite this, the company has been able to continue to trade and meets its liabilities as they fall due and the directors expect the company to become profitable in the future. Subsequent to the year-end, the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
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
5
(2018:
2
).
5.
Debtors
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2019
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2018
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£
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£
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Other debtors
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–
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42,228
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6.
Creditors:
amounts falling due within one year
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2019
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2018
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£
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£
|
Trade creditors
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5,198
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–
|
Social security and other taxes
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20,753
|
1,420
|
Inter-company
|
10,428
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–
|
Other creditors
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29,938
|
92,723
|
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66,317
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94,143
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7.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
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|
£
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£
|
Other creditors
|
267,916
|
–
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8.
Related party transactions
The directors and shareholders of the company are also directors and shareholders in Accommodation Lettings Limited, a company registered in England & Wales, number 11423942. During the year the company made sales totalling £153,333 (2018 - £80,000) to Accommodation Lettings Limited. Accommodation Lettings Limited incurred expenses totalling £66,027 on behalf of the company. At the year end an amount of £10,428 was owed to Accommodation Lettings Limited, this balance is included in creditors due less than 1 year. During the year the Mr J Lomas a director and shareholder, loaned the company amounts totalling £190,019 (2018 - £78,016), at the year end an amount of £268,016 (2018 - £78,016) was owed to Mr J Lomas, this balance is included in creditors due more than 1 year.