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Registered number: 09875895
CVUED LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
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COMPANY INFORMATION
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PKF Cooper Parry Group Limited
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CONTENTS
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Notes to the financial statements
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CVUED LIMITED
REGISTERED NUMBER:09875895
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BALANCE SHEET
AS AT 31 JULY 2018
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Creditors: amounts falling due within one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 4 form part of these financial statements.
Page 1
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
CVued Limited (the company) is a limited liability company incorporated and domiciled in the United Kingdom. The address of its registered office is disclosed on the company information page.
The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for the year ended 31 July 2018 (2017: year ended 31 July 2017).
2.Accounting policies
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Basis of preparation of financial statements
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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 the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements show a trading loss for the year and a deficit on the balance sheet at the year end.
The directors have agreed to support the company and have a reasonable expectation that the company will have adequate resources as a result of the ongoing support, to allow it to continue in operational existence for the foreseeable future. The foreseeable future has been defined as a period of not less than 12 months from the date of signing these financial statements.
For these reasons, the directors have adopted the going concern basis in preparing these financial statements.
Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The development costs relate to the cost of a mobile application.
At each balance sheet date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, other third parties and loans with related parties.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation 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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Average number of employees
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The average number of employees, including directors, during the year was 3 (2017: 3).
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
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Called up share capital not paid
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Shares classified as equity
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Allotted, called up and fully paid
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100,000,000 Ordinary shares of £0.00001
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38,888,889 Ordinary A shares of £0.00001
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All shares rank pari passu.
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Related party transactions
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Included within other creditors are loans from directors of the company totaling £90,000 (2017: £90,000). There is no set repayment date and no interest is charged on the loans.
Also included within other creditors are amounts due to a company under common control totalling £30,998 (2017: £nil) There is no set repayment date and no interest is charged on the amount owed.
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Page 4
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