Company Registration No. SC491330 (Scotland)
FIBRE 1 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
FIBRE 1 LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
FIBRE 1 LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2018
31 January 2018
- 1 -
2018
2016
Notes
£
£
£
£
Non-current assets
Intangible assets
5
68,998
-
Current assets
Trade and other receivables
6
37,531
635
Cash and cash equivalents
-
12
37,531
647
Current liabilities
7
(132,345)
(15,516)
Net current liabilities
(94,814)
(14,869)
Total assets less current liabilities
(25,816)
(14,869)
Non-current liabilities
8
(41,255)
-
Net liabilities
(67,071)
(14,869)
Equity
Called up share capital
9
1
1
Share premium account
20,000
-
Retained earnings
(87,072)
(14,870)
Total equity
(67,071)
(14,869)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
FIBRE 1 LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2018
31 January 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 May 2018 and are signed on its behalf by:
Mr S MacDonald
Director
Company Registration No. SC491330
FIBRE 1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2018
- 3 -
1
Company Information
Fibre 1 Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
4 North Guildry Street, Elgin, Moray, IV30 1JR.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
pounds sterling
, which is the functional currency of the company
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
3
Accounting policies
3.1
Going concern
The company
's liabilities exceed its assets by £67,071, this includes amounts owed by the company to the directors totalling £81,281.
The director
s
have confirmed that they will maintain financial support to enable the company to meet its day to day working capital requirements and to continue normal operations for the foreseeable future. Further finance is being put in place to fund future investment.
On this basis, the director
s
consider it appropriate to prepare the financial statements on the going concern basis.
3.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
3.3
Intangible fixed assets other than goodwill
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
FIBRE 1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2018
3
Accounting policies
(Continued)
- 4 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
20% straight line
3.4
Basic financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
3.5
Taxation
The tax
credit
represents tax
recoverable in respect of research and development tax credits
.
3.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
3.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
3.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3.9
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans
and preference shares that are classified as debt, are
recognised at transaction price
.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
4
Employees
The average monthly number of persons (including directors) employed by the company during the period was 4 (2016 - 1).
FIBRE 1 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2018
- 5 -
5
Intangible fixed assets - development costs
Other
£
Cost
At 1 December 2016
-
Additions
86,247
At 31 January 2018
86,247
Amortisation and impairment
At 1 December 2016
-
Amortisation charged for the period
17,249
At 31 January 2018
17,249
Carrying amount
At 31 January 2018
68,998
At 30 November 2016
-
6
Trade and other receivables
2018
2016
Amounts falling due within one year:
£
£
Trade receivables
364
-
Corporation tax recoverable
28,138
-
Other receivables
9,029
635
37,531
635
7
Current liabilities
2018
2016
£
£
Bank loans and overdrafts
17,359
-
Trade payables
6,672
397
Other taxation and social security
10,200
232
Other payables
98,114
14,887
132,345
15,516
The bank loans and overdrafts are secured by a personal guarantee from one of the directors.
FIBRE 1 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2018
- 6 -
8
Non-current liabilities
2018
2016
£
£
Convertible loans
40,000
-
Other taxation and social security
1,255
-
41,255
-
Convertible loans comprise 15% Preference shares redeemable in 2022.
9
Called up share capital
2018
2016
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1 each
-
1
243 ordinary shares of 0.5p each
1
-
1
1
During the year the company converted its ordinary shares of £1 each into ordinary shares of 0.5p each. It also issued a further 43 ordinary shares of 0.5p each for a total consideration of £20,000.
10
Related party transactions
At 1 December 2016 the company owed Netdatatel Ltd, a company under common control, £13,110, this was repaid during the period. At 31 January the company owed £Nil to Netdatatel Ltd. This loan was interest free and had no fixed terms of repayment.
11
Directors' transactions
At 1 December 2016 the company owed Mr S MacDonald, one of the directors, £265, during the period Mr MacDonald introduced funds totalling £31,526 and at 31 January 2018 the company owed Mr MacDonald £31,281. This loan is interest free and has no fixed terms of repayment.