Company Registration No. 07309155 (England and Wales)
DATA IN ACTION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
DATA IN ACTION LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DATA IN ACTION LTD
BALANCE SHEET
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,177
2,836
Current assets
Debtors
4
21,573
16,323
Cash at bank and in hand
26,938
8,899
48,511
25,222
Creditors: amounts falling due within one year
5
(22,393)
(9,227)
Net current assets
26,118
15,995
Total assets less current liabilities
31,295
18,831
Creditors: amounts falling due after more than one year
6
(222)
-
Net assets
31,073
18,831
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
30,973
18,731
Total equity
31,073
18,831
The director 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 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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 1 February 2018
Mr D Charles
Director
Company Registration No. 07309155
DATA IN ACTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 2 -
1
Accounting policies
Company information
Data in Action Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2-3 Bassett Court, Broad Street, Newport Pagnell, Buckinghamshire, United Kingdom, MK16 0JN.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 July 2017
are the
first
financial statements of Data in Action Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
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:
Fixtures, fittings & equipment
25% on cost
Computer equipment
33% on cost
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
.
DATA IN ACTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 3 -
1.4
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 profit and loss account 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.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Intangible assets have been amortised evenly over their useful life of five years.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was - 2 (2016 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2016
17,664
Additions
6,667
Disposals
(2,146)
At 31 July 2017
22,185
Depreciation and impairment
At 1 August 2016
14,828
Depreciation charged in the year
3,863
Eliminated in respect of disposals
(1,683)
At 31 July 2017
17,008
Carrying amount
At 31 July 2017
5,177
At 31 July 2016
2,836
DATA IN ACTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 4 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
17,039
11,520
Other debtors
4,534
4,803
21,573
16,323
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
15,409
6,729
Other taxation and social security
6,451
2,498
Other creditors
533
-
22,393
9,227
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
222
-
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Allotted, called up and fully paid
100
100