COMPANY REGISTRATION NUMBER:
11021289
Filleted Unaudited Financial Statements
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|
Statement of Financial Position
|
|
31 October 2018
Fixed assets
Intangible assets
|
4
|
13,175
|
Tangible assets
|
5
|
2,789
|
|
--------
|
|
15,964
|
|
|
|
Current assets
Debtors
|
6
|
307
|
Cash at bank and in hand
|
2,124
|
|
-------
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|
2,431
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
19,906
|
|
--------
|
Net current liabilities
|
17,475
|
|
--------
|
Total assets less current liabilities
|
(
1,511)
|
|
-------
|
|
|
|
Capital and reserves
Called up share capital
|
2
|
Profit and loss account
|
(
1,513)
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|
-------
|
Shareholder deficit
|
(
1,511)
|
|
-------
|
|
|
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 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his 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)
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31 October 2018
These financial statements were approved by the
board of directors
and authorised for issue on
16 July 2019
, and are signed on behalf of the board by:
Company registration number:
11021289
Notes to the Financial Statements
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Year ended 31 October 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cobleigh, Claycastle, Haselbury Pluclnett, Crewkerne, TA18 7PB.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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:
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. Development Costs are only reviewed for impairment if there are indicators that the asset may be impaired, in accordance with FRS102.There is no requirement for a first year impairment review
4.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
Additions
|
13,175
|
|
--------
|
At 31 October 2018
|
13,175
|
|
--------
|
Amortisation
|
|
At 1 November 2017 and 31 October 2018
|
–
|
|
--------
|
Carrying amount
|
|
At 31 October 2018
|
13,175
|
|
--------
|
|
|
5.
Tangible assets
|
Equipment
|
|
£
|
Cost
|
|
At 1 November 2017
|
–
|
Additions
|
|
|
-------
|
At 31 October 2018
|
|
|
-------
|
Depreciation
|
|
At 1 November 2017
|
–
|
Charge for the year
|
|
|
-------
|
At 31 October 2018
|
|
|
-------
|
Carrying amount
|
|
At 31 October 2018
|
|
|
-------
|
|
|
6.
Debtors
|
2018
|
|
£
|
Other debtors
|
307
|
|
----
|
|
|
7.
Creditors:
amounts falling due within one year
|
2018
|
|
£
|
Other creditors
|
19,906
|
|
--------
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