Company Registration No. 9060738 (England and Wales)
ADMOMENTS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
ADMOMENTS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ADMOMENTS HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
858,661
356,011
Tangible assets
4
71,683
48,919
930,344
404,930
Current assets
Debtors
5
637,392
63,039
Cash at bank and in hand
95,037
285,849
732,429
348,888
Creditors: amounts falling due within one year
6
(829,016)
(252,507)
Net current (liabilities)/assets
(96,587)
96,381
Total assets less current liabilities
833,757
501,311
Creditors: amounts falling due after more than one year
7
-
(2,572)
Net assets
833,757
498,739
Capital and reserves
Called up share capital
8
32
21
Share premium account
1,392,272
659,894
Profit and loss reserves
(558,547)
(161,176)
Total equity
833,757
498,739
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 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 year 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.
ADMOMENTS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2019 and are signed on its behalf by:
J M Edelson
Director
Company Registration No. 9060738
ADMOMENTS HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2018
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 May 2017:
Balance at 1 June 2016
15
-
(20,915)
(20,900)
Year ended 31 May 2017:
Loss and total comprehensive income for the year
-
-
(140,261)
(140,261)
Issue of share capital
8
6
659,894
-
659,900
Balance at 31 May 2017
21
659,894
(161,176)
498,739
Year ended 31 May 2018:
Loss and total comprehensive income for the year
-
-
(397,371)
(397,371)
Issue of share capital
8
11
732,378
-
732,389
Balance at 31 May 2018
32
1,392,272
(558,547)
833,757
ADMOMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 4 -
1
Accounting policies
Company information
Admoments Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Warren Bruce Court, Warren Bruce Road, Trafford Park, Manchester, M17 1LB.
1.1
Accounting convention
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
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Prior period error
The financial statements include a restatement of comparatives regarding development costs of £356,011 which have now been capitalised .
1.3
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover 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 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
.
1.5
Research and development expenditure
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
.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
ADMOMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 5 -
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
Over the life of the asset
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Leasehold improvements
50% straight line basis
Plant and machinery
33.33% straight line basis
Fixtures and fittings
25% straight line basis
Computers
33.33% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Cash at bank and in hand
Cash at bank and in hand
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.
ADMOMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 6 -
1.10
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 balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
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. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 5).
ADMOMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 7 -
3
Intangible fixed assets
Other
£
Cost
At 1 June 2017
356,011
Additions
502,650
At 31 May 2018
858,661
Amortisation and impairment
At 1 June 2017 and 31 May 2018
-
Carrying amount
At 31 May 2018
858,661
At 31 May 2017
356,011
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2017
-
48,919
48,919
Additions
5,780
63,696
69,476
At 31 May 2018
5,780
112,615
118,395
Depreciation and impairment
At 1 June 2017
-
-
-
Depreciation charged in the year
2,890
43,822
46,712
At 31 May 2018
2,890
43,822
46,712
Carrying amount
At 31 May 2018
2,890
68,793
71,683
At 31 May 2017
-
48,919
48,919
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
10,547
32
Other debtors
626,845
63,007
637,392
63,039
ADMOMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 8 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
354,812
233,686
Taxation and social security
5,596
-
Other creditors
468,608
18,821
829,016
252,507
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
2,572
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
63,600 Ordinary of 0.05p each
32
21
32
21
During the year 22,000 shares were issued at par.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
4,080
-
ADMOMENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 9 -
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
DLA
-
-
491
491
-
491
491
11
Prior period adjustment
Reconciliation of changes in equity
1 June
31 May
2016
2017
Notes
£
£
Equity as previously reported
-
142,728
Adjustments to prior year
Capitalisation of development costs
-
356,011
Equity as adjusted
-
498,739
Notes to reconciliation
1. Capitalisation of development costs
Prior year development costs of £356,011 have been capitalised.
2018-05-31
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false
CCH Software
CCH Accounts Production 2018.300
No description of principal activity
M A Alim
P Althasen
J M Edelson
M S Mughal
G Partington
H J Simms
C S Maudsley
H L Eames
H L Eames
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