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true
false
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true
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true
true
true
true
true
true
No description of principal activity
2016-06-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
600
300
150
450
150
300
xbrli:pure
xbrli:shares
iso4217:GBP
SC123618
2016-06-01
2017-05-31
SC123618
2017-05-31
SC123618
2016-05-31
SC123618
2015-06-01
2016-05-31
SC123618
2016-05-31
SC123618
bus:RegisteredOffice
2016-06-01
2017-05-31
SC123618
bus:LeadAgentIfApplicable
2016-06-01
2017-05-31
SC123618
bus:Director3
2016-06-01
2017-05-31
SC123618
core:WithinOneYear
2017-05-31
SC123618
core:WithinOneYear
2016-05-31
SC123618
core:ShareCapital
2017-05-31
SC123618
core:ShareCapital
2016-05-31
SC123618
core:SharePremium
2017-05-31
SC123618
core:SharePremium
2016-05-31
SC123618
core:RetainedEarningsAccumulatedLosses
2017-05-31
SC123618
core:RetainedEarningsAccumulatedLosses
2016-05-31
SC123618
bus:FRS102
2016-06-01
2017-05-31
SC123618
bus:AuditExempt-NoAccountantsReport
2016-06-01
2017-05-31
SC123618
bus:FullAccounts
2016-06-01
2017-05-31
SC123618
bus:SmallCompaniesRegimeForAccounts
2016-06-01
2017-05-31
SC123618
bus:PrivateLimitedCompanyLtd
2016-06-01
2017-05-31
SC123618
core:OfficeEquipment
2016-06-01
2017-05-31
SC123618
core:OfficeEquipment
2017-05-31
SC123618
core:OfficeEquipment
2016-05-31
COMPANY REGISTRATION NUMBER:
SC123618
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MAY 2017
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
Director
|
Mrs N Polity-Zorbas
|
|
|
Registered office
|
4th Floor
|
|
115 George Street
|
|
Edinburgh
|
|
EH2 4JN
|
|
|
Accountants
|
BSG Valentine
|
|
Chartered Accountants
|
|
Lynton House
|
|
7-12 Tavistock Square
|
|
London
|
|
WC1H 9BQ
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 May 2017
Fixed assets
Tangible assets
|
5
|
|
150
|
|
300
|
|
|
|
|
|
|
Current assets
Stocks
|
31,490
|
|
160,211
|
|
Debtors
|
6
|
84,202
|
|
83,150
|
|
Cash at bank and in hand
|
70,290
|
|
261
|
|
|
---------
|
|
---------
|
|
|
185,982
|
|
243,622
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
64,047)
|
|
(
59,362)
|
|
|
---------
|
|
---------
|
|
Net current assets
|
|
121,935
|
|
184,260
|
|
|
---------
|
|
---------
|
Total assets less current liabilities
|
|
122,085
|
|
184,560
|
|
|
---------
|
|
---------
|
Net assets
|
|
122,085
|
|
184,560
|
|
|
---------
|
|
---------
|
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
229,983
|
|
229,983
|
Share premium account
|
|
165,201
|
|
165,201
|
Profit and loss account
|
|
(
273,099)
|
|
(
210,624)
|
|
|
---------
|
|
---------
|
Shareholders funds
|
|
122,085
|
|
184,560
|
|
|
---------
|
|
---------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 2017 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 May 2017
These financial statements were approved by the
board of directors
and authorised for issue on
27 February 2018
, and are signed on behalf of the board by:
Mrs N Polity-Zorbas
|
|
Director
|
|
|
|
Company registration number:
SC123618
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MAY 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 115 George Street, Edinburgh, EH2 4JN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue recognition
The turnover shown in the profit and loss accounts represents rents received and proceeds from sales of properties before charging expenses and taking credit for other sundry items of revenue.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment
|
-
|
25% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2016:
1
).
5.
Tangible assets
|
Equipment
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 June 2016 and 31 May 2017
|
600
|
600
|
|
----
|
----
|
Depreciation
|
|
|
At 1 June 2016
|
300
|
300
|
Charge for the year
|
150
|
150
|
|
----
|
----
|
At 31 May 2017
|
450
|
450
|
|
----
|
----
|
Carrying amount
|
|
|
At 31 May 2017
|
150
|
150
|
|
----
|
----
|
At 31 May 2016
|
300
|
300
|
|
----
|
----
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Other debtors
|
84,202
|
83,150
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
–
|
36
|
Other creditors
|
64,047
|
59,326
|
|
--------
|
--------
|
|
64,047
|
59,362
|
|
--------
|
--------
|
|
|
|
8.
Director's advances, credits and guarantees
The directors current account was in credit by £50,387 (2016: £45,666.47) at the year-end.
9.
Related party transactions
The controlling party during the period was A N Zorbas, by virtue of holding the majority of the issued share capital.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.