| Datavista Limited |
| Notes to the Accounts |
| for the year ended 31 May 2019 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), and under the historical cost convention. The company ceased trading on 15 May 2019 and intends to apply to Companies House to be struck off the Register and dissolved. The accounts have therefore not been prepared on the going concern basis. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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All tangible fixed assets were disposed of upon cessation by way of transfer to the sole director and her husband at arm's length open market values in part repayment of the loans due to them. The resulting profit on disposal is recognised in the profit and loss account and no depreciation is charged this year. Tangible fixed assets were previously measured at cost less cumulative depreciation and any cumulative impairment losses. Depreciation was provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
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Computer and electronic equipment |
33.33% straight line basis |
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Office and photographic equipment |
25% reducing balance basis |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Employees |
2019 |
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2018 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 June 2018 |
11,919 |
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Disposals |
(11,919) |
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At 31 May 2019 |
- |
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Depreciation |
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At 1 June 2018 |
11,887 |
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On disposals |
(11,887) |
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At 31 May 2019 |
- |
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Net book value |
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At 31 May 2019 |
- |
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At 31 May 2018 |
32 |
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| 4 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
| £ |
£ |
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Trade creditors |
500 |
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400 |
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Other creditors |
17,436 |
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18,183 |
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17,936 |
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18,583 |
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| 5 |
Related party transactions |
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All remaining tangible fixed assets were disposed of upon cessation by way of transfer to the sole director and her husband at arm's length open market values in part repayment of the loans due to them. The aggregate value of Computer and electronic equipment transferred was £107 and the aggregate value of Office and photographic equipment transferred was £1,053. |
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| 6 |
Controlling parties |
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The ultimate controlling parties throughout the year were Ms M J Durose, the sole director, and her husband, Mr K P Bloor, each of whom owned 50% of the issued share capital in the company. Other creditors comprise unsecured loans from Ms Durose and Mr Bloor of £8,745 (2018: £8,912) and £8,691 (2018: £9,271) respectively. |
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| 7 |
Other information |
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Datavista Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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15 Basfordbridge Lane |
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Cheddleton |
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Leek |
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Staffs |
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ST13 7EQ |
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Issued, allotted and fully paid share capital comprised 450 ordinary shares of £1 each throughout the year. |
