COMPANY REGISTRATION NUMBER:
11471590
Filleted Unaudited Financial Statements
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|
Statement of Financial Position
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|
30 September 2019
Fixed assets
Intangible assets
|
4
|
80,955
|
|
|
|
Current assets
Debtors
|
5
|
13,172
|
Cash at bank and in hand
|
225
|
|
--------
|
|
13,397
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
107,150
|
|
---------
|
Net current liabilities
|
93,753
|
|
--------
|
Total assets less current liabilities
|
(
12,798)
|
|
--------
|
Net liabilities
|
(
12,798)
|
|
--------
|
|
|
|
Capital and reserves
Called up share capital
|
1,000
|
Profit and loss account
|
(
13,798)
|
|
--------
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Shareholders deficit
|
(
12,798)
|
|
--------
|
|
|
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 period ending 30 September 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 period 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)
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|
30 September 2019
These financial statements were approved by the
board of directors
and authorised for issue on
17 April 2020
, and are signed on behalf of the board by:
Company registration number:
11471590
Notes to the Financial Statements
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|
Period ended 30 September 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 Kingfisher House, Hurstwood Grange, Hurstwood Lane, Haywards Heath, RH17 7QX, West Sussex.
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.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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
|
-
|
33% 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.
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.
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.
4.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
Additions
|
–
|
Additions from internal developments
|
95,241
|
|
--------
|
At 30 September 2019
|
95,241
|
|
--------
|
Amortisation
|
|
Charge for the period
|
14,286
|
|
--------
|
At 30 September 2019
|
14,286
|
|
--------
|
Carrying amount
|
|
At 30 September 2019
|
80,955
|
|
--------
|
|
|
5.
Debtors
|
2019
|
|
£
|
Trade debtors
|
11,489
|
Other debtors
|
1,683
|
|
--------
|
|
13,172
|
|
--------
|
|
|
6.
Creditors:
amounts falling due within one year
|
2019
|
|
£
|
Trade creditors
|
84,180
|
Other creditors
|
22,970
|
|
---------
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107,150
|
|
---------
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|
|
7.
Events after the end of the reporting period
Henshin Group Limited
has secured investment of £1.5m and on the 8th of October 2019 the first instalment of funds was received.
8.
Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
|
2019
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr G Manchester
|
–
|
(
50)
|
(
50)
|
|
|
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