Contents of the Financial Statements
for the Period Ended 31 December 2017
Balance sheet
As at 31 December 2017
| Notes | 1 month to 31 December 2017 |
| | £ |
Fixed assets |
Tangible assets: | 2 | 1,230,408 |
Total fixed assets: | | 1,230,408 |
Current assets |
Debtors: | | 246,431 |
Total current assets: | | 246,431 |
Creditors: amounts falling due within one year: | | (11,627) |
Net current assets (liabilities): | | 234,804 |
Total assets less current liabilities: | | 1,465,212 |
Creditors: amounts falling due after more than one year: | | (1,481,693) |
Total net assets (liabilities): | | (16,481) |
Capital and reserves |
Called up share capital: | | 100 |
Profit and loss account: | | (16,581) |
Shareholders funds: | | (16,481) |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 26 September 2018
and signed on behalf of the board by:
Name: Ian Greer
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2017
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Turnover policy
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
Tangible fixed assets and depreciation policy
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:Plant and machinery 15% Straight lineThe carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Other accounting policies
Impairment review The viability of any project undertaken is reviewed on an ongoing basis. The carrying amount of the company's assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If there is evidence of impairment, the recoverable amount of the asset, (being the higher of the fair value less costs to sell and the value in use of the asset), is estimated to determine the extent of any such impairment.Finance costs Finance costs consist of interest payable on borrowings calculated using the effective interest rate method. Borrowing costs relating to the acquisition or construction of a qualifying asset are capitalised at the appropriate rate by adding them to the costs of qualifying assets being acquired or constructed. Borrowing costs that are not directly attributable to the acquisition or construction of a qualifying asset are recognised in the profit and loss account using the effective interest method.Trade and other receivablesTrade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.Borrowing costsBorrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurredTrade and other payablesBorrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurredTaxation and deferred taxationCurrent tax represents the amount expected to be paid or recovered in respect of taxable profits for the period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.Foreign currenciesMonetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
Notes to the Financial Statements
for the Period Ended 31 December 2017
2. Tangible Assets
| Total |
Cost | £ |
Additions | 1,245,982 |
At 31 December 2017 | 1,245,982 |
Depreciation | |
Charge for year | 15,574 |
At 31 December 2017 | 15,574 |
Net book value | |
At 31 December 2017 | 1,230,408 |
Notes to the Financial Statements
for the Period Ended 31 December 2017
3. Related party transactions
The company has availed of exemption under FRS 102 in relation to the disclosure of transactions with group companies.