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No description of principal activity
2018-01-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
7882431
2018-01-01
2018-12-31
7882431
2018-12-31
7882431
2017-12-31
7882431
2017-01-01
2017-12-31
7882431
2017-12-31
7882431
2016-12-31
7882431
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2018-01-01
2018-12-31
7882431
core:PlantMachinery
2018-01-01
2018-12-31
7882431
core:FurnitureFittings
2018-01-01
2018-12-31
7882431
bus:Director3
2018-01-01
2018-12-31
7882431
bus:Director4
2018-01-01
2018-12-31
7882431
bus:Director2
2018-01-01
2018-12-31
7882431
core:WithinOneYear
2018-12-31
7882431
core:WithinOneYear
2017-12-31
7882431
core:AfterOneYear
2018-12-31
7882431
core:AfterOneYear
2017-12-31
7882431
core:ShareCapital
2018-12-31
7882431
core:ShareCapital
2017-12-31
7882431
core:SharePremium
2018-12-31
7882431
core:SharePremium
2017-12-31
7882431
core:RetainedEarningsAccumulatedLosses
2018-12-31
7882431
core:RetainedEarningsAccumulatedLosses
2017-12-31
7882431
bus:Director2
2017-12-31
7882431
bus:Director2
2018-12-31
7882431
bus:Director4
2018-12-31
7882431
bus:Director2
2016-12-31
7882431
bus:Director2
2017-12-31
7882431
bus:Director2
2017-01-01
2017-12-31
7882431
bus:SmallEntities
2018-01-01
2018-12-31
7882431
bus:AuditExempt-NoAccountantsReport
2018-01-01
2018-12-31
7882431
bus:AbridgedAccounts
2018-01-01
2018-12-31
7882431
bus:SmallCompaniesRegimeForAccounts
2018-01-01
2018-12-31
7882431
bus:PrivateLimitedCompanyLtd
2018-01-01
2018-12-31
7882431
core:OfficeEquipment
2018-01-01
2018-12-31
7882431
core:AllAssociates
2018-01-01
2018-12-31
COMPANY REGISTRATION NUMBER:
7882431
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Statement of Financial Position
|
|
31 December 2018
Fixed assets
Tangible assets
|
6
|
|
3,790
|
2,107
|
|
|
|
|
|
Current assets
Stocks
|
598,556
|
|
302,065
|
Debtors
|
175,279
|
|
91,811
|
Cash at bank and in hand
|
35,924
|
|
–
|
|
---------
|
|
---------
|
|
809,759
|
|
393,876
|
|
|
|
|
Creditors: amounts falling due within one year
|
849,043
|
|
433,977
|
|
---------
|
|
---------
|
Net current liabilities
|
|
39,284
|
40,101
|
|
|
--------
|
--------
|
Total assets less current liabilities
|
|
(
35,494)
|
(
37,994)
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
121,048
|
106,568
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
720
|
227
|
|
|
---------
|
---------
|
Net liabilities
|
|
(
157,262)
|
(
144,789)
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
113,764
|
113,764
|
Share premium account
|
|
275,820
|
275,820
|
Profit and loss account
|
|
(
546,846)
|
(
534,373)
|
|
|
---------
|
---------
|
Shareholders deficit
|
|
(
157,262)
|
(
144,789)
|
|
|
---------
|
---------
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2018 in
Abridged Statement of Financial Position (continued) |
|
31 December 2018
accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 March 2019
, and are signed on behalf of the board by:
D Puddick
|
D Mullholland
|
Director
|
Director
|
|
|
Company registration number:
7882431
Notes to the Abridged Financial Statements
|
|
Year ended 31 December 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Hadleigh Business Centre, 351 London Road, Hadleigh, Essex, SS7 2BT.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the 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 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 the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 tax 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date
.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Domain names
|
-
|
33% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
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:
|
Plant & Machinery
|
-
|
25% reducing balance
|
|
Fixtures & Fittings
|
-
|
25% reducing balance
|
|
Equipment
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
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 the provision as an expense.
Financial instruments
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2017:
5
).
5.
Intangible assets
|
£
|
Cost
|
|
At 1 January 2018 and 31 December 2018
|
4,175
|
|
-------
|
Amortisation
|
|
At 1 January 2018 and 31 December 2018
|
4,175
|
|
-------
|
Carrying amount
|
|
At 31 December 2018
|
–
|
|
-------
|
At 31 December 2017
|
–
|
|
-------
|
|
|
6.
Tangible assets
|
£
|
Cost
|
|
At 1 January 2018
|
3,677
|
Additions
|
2,946
|
|
-------
|
At 31 December 2018
|
6,623
|
|
-------
|
Depreciation
|
|
At 1 January 2018
|
1,570
|
Charge for the year
|
1,263
|
|
-------
|
At 31 December 2018
|
2,833
|
|
-------
|
Carrying amount
|
|
At 31 December 2018
|
3,790
|
|
-------
|
At 31 December 2017
|
2,107
|
|
-------
|
|
|
7.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2018
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
DA Puddick
|
(
319,039)
|
42,850
|
(
276,189)
|
|
D Mullholland
|
–
|
(
291,380)
|
(
291,380)
|
|
|
---------
|
---------
|
---------
|
|
|
(
319,039)
|
(
248,530)
|
(
567,569)
|
|
|
---------
|
---------
|
---------
|
|
|
|
|
|
|
2017
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
DA Puddick
|
(
80)
|
(
318,959)
|
(
319,039)
|
|
D Mullholland
|
–
|
–
|
–
|
|
|
----
|
---------
|
---------
|
|
|
(
80)
|
(
318,959)
|
(
319,039)
|
|
|
----
|
---------
|
---------
|
|
|
|
|
|
8.
Related party transactions
In the opinion of the directors the controlling parties of the company are Dagmara and Daniel Puddick in their capacity as joint majority shareholders.