Contents of the Financial Statements
for the Period Ended 31 March 2018
Balance sheet
As at 31 March 2018
| Notes | 2018 | 2017 |
| | £ | £ |
Fixed assets |
Tangible assets: | 3 | 232,050 | 70,796 |
Total fixed assets: | | 232,050 | 70,796 |
Current assets |
Stocks: | | 278,234 | 41,354 |
Debtors: | | 368,518 | 800,408 |
Cash at bank and in hand: | | 536,329 | 567,517 |
Total current assets: | | 1,183,081 | 1,409,279 |
Creditors: amounts falling due within one year: | 4 | (648,230) | (863,513) |
Net current assets (liabilities): | | 534,851 | 545,766 |
Total assets less current liabilities: | | 766,901 | 616,562 |
Provision for liabilities: | | (8,500) | (8,500) |
Total net assets (liabilities): | | 758,401 | 608,062 |
Capital and reserves |
Called up share capital: | | 553 | 553 |
Other reserves: | | (21,099) |
Profit and loss account: | | 778,947 | 607,509 |
Shareholders funds: | | 758,401 | 608,062 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 March 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 29 October 2018
and signed on behalf of the board by:
Name: ALAN PAUL GROVE
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 March 2018
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102
Turnover policy
Turnover is measured at the fair value of 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 the 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 transactions can be measured reliably.
Tangible fixed assets and depreciation policy
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:If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Valuation and information policy
Stocks are measured at the lower end of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchases, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Other accounting policies
Taxation - the taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event. It is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.Financial Instruments - A financial asset or a financial liability is recognised only when the company becomes 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 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 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 or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment 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 in finance costs in profit or loss in the period in which it arises.
Notes to the Financial Statements
for the Period Ended 31 March 2018
2. Employees
| 2018 | 2017 |
Average number of employees during the period | 29 | 22 |
Notes to the Financial Statements
for the Period Ended 31 March 2018
3. Tangible Assets
| Total |
Cost | £ |
At 01 April 2017 | 179,600 |
Additions | 189,233 |
At 31 March 2018 | 368,833 |
Depreciation | |
At 01 April 2017 | 108,804 |
Charge for year | 27,979 |
At 31 March 2018 | 136,783 |
Net book value | |
At 31 March 2018 | 232,050 |
At 31 March 2017 | 70,796 |
Notes to the Financial Statements
for the Period Ended 31 March 2018
4. Creditors: amounts falling due within one year note
2018TRADE CREDITORS £127,372CORPORATION TAX £48,897SOCIAL SECURITY AND OTHER TAXES £18,807OTHER CREDITORS £453,154TOTAL £648,2302017TRADE CREDITORS £248,972CORPORATION TAX £2,386SOCIAL SECURITY AND OTHER TAXES £12,655OTHER CREDITORS £599,500TOTAL £863,513