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Financial Statements |
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for the Year Ended 30 June 2017 |
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for |
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OFFICE BLIND SYSTEMS LIMITED |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 June 2017 |
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for |
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OFFICE BLIND SYSTEMS LIMITED |
OFFICE BLIND SYSTEMS LIMITED (REGISTERED NUMBER: 05152526) |
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Contents of the Financial Statements |
for the year ended 30 June 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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OFFICE BLIND SYSTEMS LIMITED |
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Company Information |
for the year ended 30 June 2017 |
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Director: |
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Secretary: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
305 Regents Park Road |
Finchley |
London |
N3 1DP |
OFFICE BLIND SYSTEMS LIMITED (REGISTERED NUMBER: 05152526) |
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Balance Sheet |
30 June 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 6 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Provisions for liabilities | 7 |
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Net assets |
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Capital and reserves |
Called up share capital | 8 |
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Retained earnings |
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Shareholders' funds |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OFFICE BLIND SYSTEMS LIMITED (REGISTERED NUMBER: 05152526) |
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Balance Sheet - continued |
30 June 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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OFFICE BLIND SYSTEMS LIMITED (REGISTERED NUMBER: 05152526) |
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Notes to the Financial Statements |
for the year ended 30 June 2017 |
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1. | Statutory information |
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Office Blind Systems Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The company has net current liabilities of £3,145 (2016: £5,014) and relies on the support of its director to |
ensure it meets its liabilities as they fall due. On this basis, the director considers it appropriate to prepare the |
financial statements on the going concern basis. The financial statements do not include any adjustments that |
would result from a withdrawal of this support by the director. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried |
out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate |
as possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried |
out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as |
possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed |
off. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as |
accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately |
prove to be uncollectable. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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OFFICE BLIND SYSTEMS LIMITED (REGISTERED NUMBER: 05152526) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2017 |
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2. | Accounting policies - continued |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party |
to the contractual provisions of the instrument. |
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Trade debtors and creditors are classified as basic financial instruments and measured at initial recognition at |
transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest |
rate method. A provision is established when there is objective evidence that the company will not be able to |
collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank |
and bank overdrafts which are integral part of the company’s cash management. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity |
instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company |
after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds |
received, net of direct issue costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
OFFICE BLIND SYSTEMS LIMITED (REGISTERED NUMBER: 05152526) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2017 |
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2. | Accounting policies - continued |
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Financial reporting standard |
The first date at which FRS 102 s1A was applied was 1 July 2015. |
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In accordance with FRS 102 s1A the company has: |
- provided comparative information; |
- applied the same accounting policies throughout all periods presented; and |
- retrospectively applied FRS 102 s1A as required. |
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On transition, management have considered the effect of any changes in accounting treatment from UK GAAP |
to FRS 102 s1A for this company and have concluded that there are no material changes that warrant |
restatement of the comparative financial. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2016 |
and 30 June 2017 |
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Depreciation |
At 1 July 2016 |
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Charge for year |
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At 30 June 2017 |
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Net book value |
At 30 June 2017 |
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At 30 June 2016 |
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5. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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OFFICE BLIND SYSTEMS LIMITED (REGISTERED NUMBER: 05152526) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2017 |
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6. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | Provisions for liabilities |
2017 | 2016 |
£ | £ |
Deferred tax | 780 | 1,263 |
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Deferred tax |
£ |
Balance at 1 July 2016 |
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Released during the year | (483 | ) |
Balance at 30 June 2017 |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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9. | Director's advances, credits and guarantees |
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The following advances and credits to a director subsisted during the years ended 30 June 2017 and |
30 June 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The director's loan from the company was repaid within nine months from the year end date. |
OFFICE BLIND SYSTEMS LIMITED (REGISTERED NUMBER: 05152526) |
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Notes to the Financial Statements - continued |
for the year ended 30 June 2017 |
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10. | First year adoption |
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The company has adopted FRS 102 s1A for the year ended 30 June 2017, with the date of transition therefore |
being 1 July 2015. |
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On transition, management have considered the effect of any changes in accounting treatment from UK GAAP |
to FRS 102 s1A for this company and have concluded that there are no material changes that warrant |
restatement of the comparative periods. |