Company Registration No. 10742331 (England and Wales)
ANKERSEN INC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
ANKERSEN INC LTD
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
ANKERSEN INC LTD
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
67,679
1,434
Investments
4
131,036
-
198,715
1,434
Current assets
Trade and other receivables
5
61,633
304,830
Cash and cash equivalents
113,539
124,810
175,172
429,640
Current liabilities
6
(162,743)
(262,832)
Net current assets
12,429
166,808
Total assets less current liabilities
211,144
168,242
Equity
Called up share capital
7
1
1
Retained earnings
211,143
168,241
Total equity
211,144
168,242
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved and signed by the director and authorised for issue on 19 March 2020
R Ankersen
Director
Company Registration No. 10742331
ANKERSEN INC LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2019
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 26 April 2017
-
-
-
Period ended 30 April 2018:
Profit and total comprehensive income for the period
-
173,241
173,241
Issue of share capital
7
1
-
1
Dividends
-
(5,000)
(5,000)
Balance at 30 April 2018
1
168,241
168,242
Period ended 30 April 2019:
Profit and total comprehensive income for the period
-
44,902
44,902
Dividends
-
(2,000)
(2,000)
Balance at 30 April 2019
1
211,143
211,144
ANKERSEN INC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
Ankersen Inc Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
First Floor, Thavies Inn House, 3-4 Holborn Circus, London, EC1N 2HA.
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
Reporting period
The financial statements cover the year ended 30 April 2019 and the comparative information covers the period from the company's formation on 26 April 2017 to 30 April 2018.
1.3
Revenue
Revenue is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business
and
is shown net of VAT
.
Revenue from the sale of services is recognised when the service is performed.
Revenue from the sale of goods is recognised
on dispatch of the goods to the buyer.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values
on a straight line basis
over their useful lives on the following bases:
Fixtures, fittings & equipment
4 years
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 the statement of income
.
1.5
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
the income statement
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
ANKERSEN INC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.7
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.
1.8
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.
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
ANKERSEN INC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 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. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
ANKERSEN INC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Property, plant and equipment
Assets under construction
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 May 2018
-
1,466
1,466
Additions
66,000
624
66,624
At 30 April 2019
66,000
2,090
68,090
Depreciation and impairment
At 1 May 2018
-
32
32
Depreciation charged in the year
-
379
379
At 30 April 2019
-
411
411
Carrying amount
At 30 April 2019
66,000
1,679
67,679
At 30 April 2018
-
1,434
1,434
4
Fixed asset investments
Shares in unlisted investments
£
Cost
Additions & at 30 April 2019
131,036
Impairment
At 1 May 2018 & 30 April 2019
-
Carrying amount
At 30 April 2019
131,036
At 30 April 2018
ANKERSEN INC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 7 -
5
Trade and other receivables
2019
2018
£
£
Amounts falling due within one year:
Trade receivables
22,883
65,246
Other receivables
38,750
239,584
61,633
304,830
6
Current liabilities
2019
2018
£
£
Trade payables
244
57,383
Corporation tax
12,199
42,074
Other taxation and social security
74,634
33,908
Other payables
75,666
129,467
162,743
262,832
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1
1
1
8
Related party transactions
Current liabilities include £62,327 due to R Ankersen. This amount is unsecured, interest free and repayable on demand.