AIRSORTED LIMITED |
Balance Sheet |
as at 31 December 2017
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Notes |
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2017 |
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2016 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
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29,576 |
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27,592 |
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Current assets |
Debtors |
5 |
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128,117 |
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153,318 |
Cash at bank and in hand |
4,492,462 |
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1,104,480 |
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4,620,579 |
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1,257,798 |
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Creditors: amounts falling due within one year |
6 |
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(890,745) |
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(1,673,090) |
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Net current assets/(liabilities) |
3,729,834 |
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(415,292) |
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Net assets/(liabilities) |
3,759,410 |
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(387,700) |
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Capital and reserves |
Called up share capital |
230 |
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146 |
Share premium |
5,557,399 |
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368,751 |
Profit and loss account |
(1,798,219) |
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(756,597) |
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Shareholders' funds/(deficit) |
3,759,410 |
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(387,700) |
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The Balance Sheet is to be read in conjunction with the Notes to the Financial Statements, which form part of the financial statements. |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ |
Mr J Jenkins-Yates, Director |
Approved by the Board on 1 October 2018 |
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AIRSORTED LIMITED |
Notes to the Accounts |
for the year ended 31 December 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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Going concern |
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The Directors have considered whether the going concern basis is an appropriate basis on which to prepare the financial statements. There is not significant uncertainty as to whether the company will continue to trade, and accordingly the going concern basis of accounting is considered to be appropriate. |
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Comparative information |
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The company has changed its year-end to 31 December with effect from 31 December 2016. Results for the previous accounting period reflect transactions occuring from 1 March 2016 through 31 December 2016 (inclusive). |
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Turnover: rendering of services |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
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Turnover includes revenue earned from the rendering of services. |
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Turnover from the rendering of services is recognised by reference to the occurrence of the activity or activities which result in revenue to the company. |
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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. |
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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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Computer equipment |
over 4 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
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Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). In the case of balances due to the company's customers, these are determined as the amounts received by the company for stays at its customers' properties and which have not been remitted to customers, net of: i) costs incurred by the company on behalf of customers; and ii) fees payable by customers to the company in relation to services which have been delivered as at the balance date.
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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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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
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A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. |
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Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit and loss in the period arising.
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2 |
Consolidated accounts |
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The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. In accordance with this regime, consolidated accounts are not required to be prepared. |
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3 |
Employees |
2017 |
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2016 |
Number |
Number |
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Average number of persons employed by the company |
48 |
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25 |
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4 |
Tangible fixed assets |
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Computer and office equipment |
£ |
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Cost |
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At 1 January 2017 |
34,740 |
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Additions |
11,738 |
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At 31 December 2017 |
46,478 |
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Depreciation |
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At 1 January 2017 |
7,148 |
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Charge for the year |
9,754 |
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At 31 December 2017 |
16,902 |
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Net book value |
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At 31 December 2017 |
29,576 |
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At 31 December 2016 |
27,592 |
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5 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
62,400 |
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122,884 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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25,141 |
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- |
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Other debtors |
40,576 |
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30,434 |
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128,117 |
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153,318 |
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Amounts due after more than one year included above |
36,688 |
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30,434 |
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6 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Bank loans and overdrafts |
5,299 |
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6,734 |
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Trade creditors |
155,145 |
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144,514 |
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Other taxes and social security costs |
156,575 |
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148,961 |
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Other creditors |
573,726 |
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1,372,881 |
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890,745 |
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1,673,090 |
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Included in other creditors are balances totalling £nil (prior period: 1,213,453) representing moneys received by the company in relation to a share issue whereby the formal completion of that share issue occurred soon after the balance date. |
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7 |
Other financial commitments |
2017 |
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2016 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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104,250 |
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43,096 |
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8 |
Related party transactions |
2017 |
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2016 |
£ |
£ |
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Total compensation paid to key management |
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236,808 |
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57,057 |
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Mr J C G Jenkins-Yates |
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Director |
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Mr Jenkins-Yates has paid certain expenditures on behalf of the company. Amounts paid are reimbursable on demand, unsecured and do not bear interest. |
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Amount due from (to) the related party |
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- |
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(501) |
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9 |
Subsidiary undertakings |
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As at the balance date the company's holdings in subsidiary undertakings was: |
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Subsidiary name |
Incorporated in |
Share class |
Proportion owned |
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Homesorted Limited |
England and Wales |
Ordinary |
100% |
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Airsorted Australia Pty. Ltd. |
Australia |
Ordinary |
100% |
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10 |
Controlling party |
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The directors do not consider that any person or group of persons acting in concert has a controlling stake, and accordingly there is no ultimate controlling party.
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11 |
Other information |
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AIRSORTED LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Wellington House |
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90-92 Butt Road |
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Colchester |
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Essex |
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CO3 3DA |