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REGISTERED NUMBER:
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Factory Ltd |
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Previously known as |
Sentinel Trading Ltd |
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Unaudited Financial Statements |
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for the Period 30 June 2017 to 30 June 2018 |
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REGISTERED NUMBER:
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Factory Ltd |
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Previously known as |
Sentinel Trading Ltd |
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Unaudited Financial Statements |
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for the Period 30 June 2017 to 30 June 2018 |
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Factory Ltd (Registered number: 10844934) |
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Contents of the Financial Statements |
for the Period 30 June 2017 to 30 June 2018 |
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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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Factory Ltd |
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Company Information |
for the Period 30 June 2017 to 30 June 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Factory Ltd (Registered number: 10844934) |
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Balance Sheet |
30 June 2018 |
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Notes | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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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 director acknowledges his 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 Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director on
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Factory Ltd (Registered number: 10844934) |
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Notes to the Financial Statements |
for the Period 30 June 2017 to 30 June 2018 |
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1. | STATUTORY INFORMATION |
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Factory Ltd is a private company, limited by shares registered in England and Wales. The company's registered number and 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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Going concern |
The director believes that notwithstanding current period losses of £4,478, net current liabilities of £5,402 and net liabilities of £4,477, 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 director 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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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 or receivable, excluding discounts, rebates, value added tax and other |
sales taxes. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of the ownership of the goods have passed to the buyer, |
usually on delivery of the goods and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Interest receivable and payable |
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes |
expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the |
manner intended by management. |
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Depreciation is charged to profit or loss over the estimated useful economic lives, as follows - |
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- Computer equipment - Over 3 years on a straight line basis |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
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At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount |
of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised |
immediately as an expense within the profit or loss. |
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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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Impairment of financial assets |
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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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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount |
and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
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Factory Ltd (Registered number: 10844934) |
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Notes to the Financial Statements - continued |
for the Period 30 June 2017 to 30 June 2018 |
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2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
Tax on the profit or loss for the period 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 period, 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 period was NIL. |
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
Additions |
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At 30 June 2018 |
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DEPRECIATION |
Charge for period |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
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