Company Registration No. 06421444 (England and Wales)
ANGELSCOPE INTERNATIONAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
ANGELSCOPE INTERNATIONAL LTD
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
345
460
Current assets
Stocks
-
916
Debtors
4
15,654
16,017
Cash at bank and in hand
1,585
1,150
17,239
18,083
Creditors: amounts falling due within one year
5
(19,312)
(18,772)
Net current liabilities
(2,073)
(689)
Total assets less current liabilities
(1,728)
(229)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(1,828)
(329)
Total equity
(1,728)
(229)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
The financial statements were approved and signed by the director and authorised for issue on 26 September 2018
Mrs P F Bryce
Director
Company Registration No. 06421444
ANGELSCOPE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Angelscope International Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
27 Wilcox Close, London, SW8 2UD.
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 have been prepared on the historical cost convention, The principal accounting policies adopted are set out below.
1.2
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
and
settlement discounts.
1.3
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% of written down value
1.4
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs
.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand
and
deposits held at call with banks
.
1.6
Taxation
The tax expense represents the sum of the tax currently payable
.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ANGELSCOPE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017 and 31 December 2017
3,536
Depreciation and impairment
At 1 January 2017
3,076
Depreciation charged in the year
115
At 31 December 2017
3,191
Carrying amount
At 31 December 2017
345
At 31 December 2016
460
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
673
2,130
Other debtors
14,981
13,887
15,654
16,017
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
4,289
3,578
Trade creditors
545
1,051
Corporation tax
700
700
Other taxation and social security
1,307
2,222
Other creditors
12,471
11,221
19,312
18,772
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
ANGELSCOPE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
6
Called up share capital
(Continued)
- 4 -
7
Related party transactions
Included within other debtors is the amount of £1
4
,
981
(201
6
- £
13
,
887
) owed by the director.