ACCOUNTS - Final Accounts preparation

Company registration number: 10267568

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JULY 2018

	NO SECRETS LIMITED


NO SECRETS LIMITED REGISTERED NUMBER:10267568

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2018

		2018		2017
Note		£		£

Fixed assets
Intangible assets	4		5,090		2,966
Tangible assets	5		119		-
			5,209		2,966
Current assets
Stocks		42,538		2,463
Debtors: amounts falling due within one year	6	8,167		3,215
Cash at bank and in hand		6,348		13,031
		57,053		18,709
Creditors: amounts falling due within one year	7	(31,059)		(15,064)
Net current assets			25,994		3,645
Total assets less current liabilities			31,203		6,611

Net assets			31,203		6,611

Capital and reserves
Called up share capital	100	100
Profit and loss account	31,103	6,511
	31,203	6,611

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 statement of income and retained earnings 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:

G R Veale

Director

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NO SECRETS LIMITED REGISTERED NUMBER:10267568

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2018

Date: 23 April 2019

The notes on pages 3 to 6 form part of these financial statements.

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NO SECRETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

1.	General information

The financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
No Secrets Limited is a private company limited by shares, registered in England & Wales. The address of its registered office is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the 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. The following criteria must also be met before revenue is recognised:

2.3

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Patents and licences	-	10	years
				Website	-	5	years

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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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NO SECRETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2017 - NIL).

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NO SECRETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

4.	Intangible assets

	Patents	Website	Total
	£	£	£
Cost
At 1 August 2017	3,296	-	3,296
Additions	-	3,068	3,068
At 31 July 2018	3,296	3,068	6,364
Amortisation
At 1 August 2017	330	-	330
Charge for the year	330	614	944
At 31 July 2018	660	614	1,274
Net book value
At 31 July 2018	2,636	2,454	5,090
At 31 July 2017	2,966	-	2,966

5.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	149
	At 31 July 2018	149
	Depreciation
	Charge for the year on owned assets	30
	At 31 July 2018	30
	Net book value
	At 31 July 2018	119
	At 31 July 2017	-

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NO SECRETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

Debtors

					2018	2017
					£	£


Other debtors	8,167	3,215
	8,167	3,215

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Corporation tax	5,740	4,200
Other creditors	20,993	9,424
Accruals and deferred income	4,326	1,440
	31,059	15,064

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