Registration number:
Unaudited Abbreviated Accounts
for the Period from
Snap Rapid Limited
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The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4 ) have been prepared.
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Snap Rapid Limited
for the Period Ended 31 December 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Snap Rapid Limited for the period ended 31 December 2015 set out on pages from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW) , we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook .
This report is made solely to the Board of Directors of Snap Rapid Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Snap Rapid Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Snap Rapid Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Snap Rapid Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Snap Rapid Limited. You consider that Snap Rapid Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Snap Rapid Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Lewis & Co Chartered Accountants
75 Kenton Street
London
WC1N 1NN
8 April 2016
Snap Rapid Limited
(Registration number: 07949670)
Abbreviated Balance Sheet at 31 December 2015
Note |
31 December 2015
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30 June 2015
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Fixed assets |
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Intangible fixed assets |
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Tangible fixed assets |
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- |
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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 |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
Approved by the director on
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R Glenister
Director
2
Snap Rapid Limited
Notes to the Abbreviated Accounts for the Period from 1 July 2015 to 31 December 2015
......... continued
Accounting policies |
Basis of preparation
Going concern
The financial statements have been prepared on a going concern basis. The company is developing imaging software identified prior to selling licenses for the use of that software. The nature of the company's business is innovative, meaning that lead times to experience product sale from its original design and testing can be considerable. Funds have been made to the company by the shareholder in order to support the development of the Software during this lead time. The openings found in the Image market give the director confidence to recognise the concept that the company is a going concern.
Amortisation
Amortisation will be calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.
Asset class |
Amortisation method and rate |
Patents |
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Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Plant and machinery etc |
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Research and development
Snap Rapid Limited
Notes to the Abbreviated Accounts for the Period from 1 July 2015 to 31 December 2015
......... continued
Fixed assets |
Intangible assets
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Tangible assets
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Total
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Cost |
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At 1 July 2015 |
5,950 |
- |
5,950 |
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Additions |
- |
1,807 |
1,807 |
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At 31 December 2015 |
5,950 |
1,807 |
7,757 |
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Depreciation |
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At 1 July 2015 |
1,190 |
- |
1,190 |
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Charge for the period |
595 |
226 |
821 |
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At 31 December 2015 |
1,785 |
226 |
2,011 |
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Net book value |
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At 31 December 2015 |
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At 30 June 2015 |
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- |
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Share capital |
Allotted, called up and fully paid shares
31 December 2015 |
30 June 2015 |
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No. |
£ |
No. |
£ |
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