Undivided Limited 30/06/2018 iXBRL

Undivided Limited 30/06/2018 iXBRL

UNDIVIDED LTD - Company Information

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Company registration number: 08584908
Undivided Limited
Unaudited filleted financial statements
30 June 2018
Undivided Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Undivided Limited
Directors and other information
Director S Terry
Company number 08584908
Registered office 73 Station Road
Harpenden
Hertfordshire
AL5 4RL
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Undivided Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Undivided Limited
Year ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Undivided Limited for the year ended 30 June 2018 which comprise the statement of financial position and related notes 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of Undivided Limited, as a body, in accordance with the terms of our engagement letter dated 30 January 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Undivided Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Undivided Limited and its director as a body for our work or for this report.
It is your duty to ensure that Undivided Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Undivided Limited. You consider that Undivided Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Undivided 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 financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
27 March 2019
Undivided Limited
Statement of financial position
30 June 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 1,105 1,799
_______ _______
1,105 1,799
Current assets
Debtors 6 102,049 42,653
Cash at bank and in hand 524,267 614,681
_______ _______
626,316 657,334
Creditors: amounts falling due
within one year 7 ( 218,567) ( 258,558)
_______ _______
Net current assets 407,749 398,776
_______ _______
Total assets less current liabilities 408,854 400,575
_______ _______
Net assets 408,854 400,575
_______ _______
Capital and reserves
Called up share capital 104 104
Profit and loss account 408,750 400,471
_______ _______
Shareholders funds 408,854 400,575
_______ _______
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2019 , and are signed on behalf of the board by:
S Terry
Director
Company registration number: 08584908
Undivided Limited
Notes to the financial statements
Year ended 30 June 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 73 Station Road, Harpenden, Hertfordshire, AL5 4RL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Computer equipment - Straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Computer Equipment Total
£ £
Cost
At 1 July 2017 and 30 June 2018 2,082 2,082
_______ _______
Depreciation
At 1 July 2017 283 283
Charge for the year 694 694
_______ _______
At 30 June 2018 977 977
_______ _______
Carrying amount
At 30 June 2018 1,105 1,105
_______ _______
At 30 June 2017 1,799 1,799
_______ _______
6. Debtors
2018 2017
£ £
Trade debtors 94,049 33,120
Other debtors 8,000 9,533
_______ _______
102,049 42,653
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 229 5,520
Corporation tax 24,014 52,857
Social security and other taxes 11,913 30,989
Other creditors 182,411 169,192
_______ _______
218,567 258,558
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
S Terry ( 168,139) ( 13,287) ( 181,426)
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
S Terry ( 193,557) 25,418 ( 168,139)
_______ _______ _______