Company Registration No. 04506869 (England and Wales)
10K LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
10K LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
10K LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 10K LIMITED FOR THE YEAR ENDED 31 AUGUST 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 10K Limited for the year ended 31 August 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of 10K Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 10K Limited and state those matters that we have agreed to state to the Board of Directors of 10K Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 10K Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that 10K Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 10K Limited. You consider that 10K Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of 10K Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
16 May 2017
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
10K LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
4,557
2,200
Investments
2
1,000
1,000
5,557
3,200
Current assets
Stocks
21,214
30,605
Debtors
41,212
73,032
Cash at bank and in hand
122,492
42,947
184,918
146,584
Creditors: amounts falling due within one year
(91,207)
(35,834)
Net current assets
93,711
110,750
Total assets less current liabilities
99,268
113,950
Provisions for liabilities
-
(400)
99,268
113,550
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
98,268
112,550
Shareholders' funds
99,268
113,550
10K LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2016
31 August 2016
- 3 -
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 16 May 2017
Mr G Nelsson
Director
Company Registration No. 04506869
10K LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings leasehold
33.33% straight line per annum
Website
20% straight line per annum
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.9
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006
not to prepare group accounts.
10K LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 5 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 September 2015
11,000
1,000
12,000
Additions
6,835
-
6,835
At 31 August 2016
17,835
1,000
18,835
Depreciation
At 1 September 2015
8,800
-
8,800
Charge for the year
4,478
-
4,478
At 31 August 2016
13,278
-
13,278
Net book value
At 31 August 2016
4,557
1,000
5,557
At 31 August 2015
2,200
1,000
3,200
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Gearsource Europe Limited
England and Wales
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Gearsource Europe Limited
Lighting Specialists
467,376
203,251
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000