Registration number:
Whocanfixmycar.com Ltd
for the Year Ended 31 December 2017
Ye Olde Hundred
Church Way
North Shields
NE29 0AE
Whocanfixmycar.com Ltd
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Whocanfixmycar.com Ltd
Company Information
Directors |
T E Chinn W L Sheane S J B Skinner I Griffiths F J A Parkes A J C Preston |
Registered office |
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Accountants |
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Page 1 |
Whocanfixmycar.com Ltd
Directors' Report for the Year Ended 31 December 2017
The directors present their report and the financial statements for the year ended 31 December 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is information technology service activities.
Going concern
After reviewing the company’s forecasts and projections including its fundraise of circa £3.8m after the balance sheet date, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
Page 2 |
Whocanfixmycar.com Ltd
(Registration number: 07455738)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Other reserves |
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Profit and loss account |
( |
( |
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Total equity |
( |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject o the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Page 3 |
Whocanfixmycar.com Ltd
(Registration number: 07455738)
Balance Sheet as at 31 December 2017
.........................................
I Griffiths
Director
Page 4 |
Whocanfixmycar.com Ltd
Statement of Changes in Equity for the Year Ended 31 December 2017
Share capital |
Share premium |
Other reserves |
Profit and loss account |
Total |
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At 1 January 2017 |
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( |
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Loss for the year |
- |
- |
- |
( |
( |
Other comprehensive income |
- |
- |
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- |
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Total comprehensive income |
- |
- |
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( |
( |
New share capital subscribed |
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- |
- |
- |
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At 31 December 2017 |
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( |
( |
Page 5 |
Whocanfixmycar.com Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The company registered number is: 07455738
The address of its registered office is:
Great Britain
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 6 |
Whocanfixmycar.com Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
33% On Cost |
Research and development costs
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
20% On Cost |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Page 7 |
Whocanfixmycar.com Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions acquired separately |
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At 31 December 2017 |
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Amortisation |
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At 1 January 2017 |
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Amortisation charge |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Page 8 |
Whocanfixmycar.com Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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- |
Other debtors |
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Page 9 |
Whocanfixmycar.com Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Other borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Convertible debt |
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- |
Share capital |
Allotted, called up and fully paid shares
Page 10 |
Whocanfixmycar.com Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
2017 |
2016 |
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No. |
£ |
No. |
£ |
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1,194.88 |
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1,194.88 |
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818.52 |
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818.52 |
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48.67 |
- |
- |
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983.28 |
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983.28 |
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146.57 |
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146.57 |
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Post balance sheet events |
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 11 |