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REGISTERED NUMBER:
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North Note Limited |
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Unaudited Financial Statements for the Year Ended 31 July 2017 |
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REGISTERED NUMBER:
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North Note Limited |
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Unaudited Financial Statements for the Year Ended 31 July 2017 |
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North Note Limited (Registered number: 09704281) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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North Note Limited |
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Company Information |
for the Year Ended 31 July 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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North Note Limited (Registered number: 09704281) |
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Balance Sheet |
31 July 2017 |
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31.7.17 | 31.7.16 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its
profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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North Note Limited (Registered number: 09704281) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2017 |
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1. | STATUTORY INFORMATION |
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North Note Limited is a
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registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies |
and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and |
Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements is |
sterling. All amounts in the financial statements have been rounded to the nearest £1. |
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These financial statements for the year ended 31 July 2017 are the first financial statements of North Note Limited prepared in accordance |
with FRS 102. The date of transition to FRS 102 was 27 July 2015. In the transition to FRS 102 from the Financial Reporting Standard |
for Smaller Entities (effective January 2015) the company has made no measurement and recognition adjustments |
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Going concern |
The directors believe that notwithstanding current year losses of £3,354, net current liabilities of £4,332 and net liabilities of £4,332, the |
company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or |
support from the directors will be adequate to meet the company's needs for a period of at least 12 months from the date of approval of these |
financial statements. |
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Significant judgements and estimates |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires |
management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of |
the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements. |
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Turnover |
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured. |
Revenue is measured as the fair value of the consideration received. |
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Revenue from a contract to provide services is recognised in the period in which the services are provided. |
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Basic financial instruments |
Trade and other debtors / creditors |
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Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are |
recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised |
cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing |
transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments |
discounted at a market rate of interest for a similar debt instrument. |
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Cash and cash equivalents |
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Cash and cash equivalents comprise cash balances and call deposits. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of |
impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss. |
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For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying |
amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
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North Note Limited (Registered number: 09704281) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2017 |
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2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates |
to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other |
comprehensive income. |
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Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively |
enacted at the balance sheet date. |
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Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because |
certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or |
smaller than the corresponding income or expense. |
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Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or |
substantively enacted at the balance sheet date. |
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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. |
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Foreign currencies |
Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the |
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional |
currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss. |
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3. | STAFF NUMBERS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | - | 50 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.17 | 31.7.16 |
£ | £ |
Directors' current accounts | 11,501 | 1,550 |
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6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year A J Smith made loans to the company of £8,131 (2016: the company made loans of £50). As at 31 July 2017, the company |
owed A J Smith £8,081 (2016: the company was owed £50). A J Smith is a director of the company. The balance is interest free and |
repayable on demand. |
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During the year G T Worsey made loans to the company of £1,870 (2016: £1,550). As at 31 July 2017, the company owed G T Worsey |
£3,420 (2016: £1,550). G T Worsey is a director of the company. The balance is interest free and repayable on demand. |