Owned it Limited
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Notes to the Accounts |
for the year ended 31 March 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and grants received.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
over 3 years |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2 |
Employees |
2017 |
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2016 |
Number |
Number |
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Average number of persons employed by the company |
4 |
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5 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 April 2016 |
3,603 |
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At 31 March 2017 |
3,603 |
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Depreciation |
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At 1 April 2016 |
3,243 |
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Charge for the year |
360 |
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At 31 March 2017 |
3,603 |
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Net book value |
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At 31 March 2017 |
- |
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At 31 March 2016 |
360 |
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4 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Other debtors |
18,650 |
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2,325 |
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5 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Other taxes and social security costs |
3,705 |
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6,561 |
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Other creditors |
190,273 |
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163,584 |
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193,978 |
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170,145 |
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6 |
Other information |
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Owned it Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Faraday Wharf |
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Birmingham Science Park |
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Birmingham |
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B7 4BB |