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No description of principal activity
2016-02-01
Sage Accounts Production Advanced 2017 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
05327921
2016-02-01
2017-01-31
05327921
2017-01-31
05327921
2015-02-01
2016-01-31
05327921
2016-01-31
05327921
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2017-01-31
05327921
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2016-02-01
2017-01-31
05327921
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2017-01-31
05327921
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2016-01-31
05327921
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2017-01-31
05327921
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2016-01-31
05327921
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2017-01-31
05327921
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2016-01-31
05327921
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2017-01-31
05327921
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2017-01-31
05327921
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05327921
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2017-01-31
05327921
bus:PrivateLimitedCompanyLtd
2016-02-01
2017-01-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
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All of the members of Increase (London) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
05327921
INCREASE (LONDON) LIMITED
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FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
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INCREASE (LONDON) LIMITED
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ABRIDGED FINANCIAL STATEMENTS
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YEAR ENDED 31 JANUARY 2017
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements
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1
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Abridged statement of financial position
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2
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Notes to the abridged financial statements
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4
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INCREASE (LONDON) LIMITED
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CHARTERED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
INCREASE (LONDON) LIMITED
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YEAR ENDED 31 JANUARY 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Increase (London) Limited for the year ended 31 January 2017, which comprise the abridged statement of financial position 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Increase (London) Limited, as a body, in accordance with the terms of our engagement letter dated 9 August 2016. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Increase (London) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Increase (London) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Increase (London) Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Increase (London) Limited. You consider that Increase (London) 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 abridged financial statements of Increase (London) 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 abridged financial statements.
DYER & CO
Chartered accountant
Onega House
112 Main Road
Sidcup
Kent
DA14 6NE
22 June 2017
INCREASE (LONDON) LIMITED
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ABRIDGED STATEMENT OF FINANCIAL POSITION
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31 January 2017
CURRENT ASSETS
Stocks
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474
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1,469
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Debtors
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135,867
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123,768
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Cash at bank and in hand
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56,759
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54,687
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------------
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------------
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193,100
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179,924
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CREDITORS: amounts falling due within one year
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62,604
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52,277
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NET CURRENT ASSETS
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130,496
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127,647
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TOTAL ASSETS LESS CURRENT LIABILITIES
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130,496
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127,647
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NET ASSETS
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130,496
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127,647
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INCREASE (LONDON) LIMITED
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
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31 January 2017
CAPITAL AND RESERVES
Called up share capital
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100
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100
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Profit and loss account
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130,396
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127,547
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------------
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MEMBERS FUNDS
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130,496
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127,647
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These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
22 June 2017
, and are signed on behalf of the board by:
Company registration number:
05327921
INCREASE (LONDON) LIMITED
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
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YEAR ENDED 31 JANUARY 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 Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.
2.
STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The abridged 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 abridged 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 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year, including the directors, amounted to
5
(2016:
4
).
5.
TAX ON PROFIT
Major components of tax expense
Current tax:
UK current tax expense
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712
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539
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-----
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Tax on profit
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712
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539
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6.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors did not enter into any advances or credits with the company.
7.
RELATED PARTY TRANSACTIONS
The company was under the control of the directors throughout the current and previous year. The directors are equal shareholders. During the year, Increase (London) Limited were invoiced £25,500 (2016: £25,500) for machine rental by BGGH Asset Limited, a company in which
M A Barry
, P J Goodridge, S J L Green and N A Hughes are all directors and equal shareholders. At 31 January 2017 Increase (London) Limited owed BGGH Asset Limited £7,650 (2016: £7,650). During the year, Increase (London) Limited were invoiced £20,400 (2016: £20,400) for office rental by TFW Holdings Limited Pension Scheme, a company in which M A Barry
, P J Goodridge, S J L Green and N A Hughes are trustees. At 31 January 2017 Increase (London) Limited owed TFW Holdings Limited Pension Scheme £4,080 (2016: £4,080). During the year, Increase (London) Limited invoiced TFW Printers Limited £122.744 (2016: £140,860), a company in which M A Barry
, P J Goodridge, S J L Green and N A Hughes are all directors and shareholders. At 31 January 2017, TFW Printers Limited owed Increase (London) Limited £74,544 (2016: £67,672).
8.
TRANSITION TO FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.