| 5 AM Limited |
| Notes to the Accounts |
| for the year ended 31 July 2019 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and 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). |
|
|
Turnover |
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Turnover is measured at the fair value of the consideration received, net of value added tax. Turnover includes revenue earned from the rendering of services. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Equipment |
15% straight line |
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Taxation |
|
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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| 2 |
Tangible fixed assets |
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|
|
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|
|
Equipment |
| £ |
|
Cost |
|
At 1 August 2018 |
6,300 |
|
At 31 July 2019 |
6,300 |
|
|
|
|
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|
|
|
|
|
Depreciation |
|
At 1 August 2018 |
4,725 |
|
Charge for the year |
945 |
|
At 31 July 2019 |
5,670 |
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|
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Net book value |
|
At 31 July 2019 |
630 |
|
At 31 July 2018 |
1,575 |
|
|
| 3 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Other debtors |
62,888 |
|
62,888 |
|
|
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| 4 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
Corporation tax |
26,240 |
|
26,148 |
|
Value added tax |
5,318 |
|
5,009 |
|
Other creditors |
1,653 |
|
1,497 |
|
|
|
|
|
|
33,211 |
|
32,654 |
|
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| 5 |
Other information |
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5 AM Limited is a private company limited by shares and incorporated in England. Its registered office is at 36 Montgomery Road, London, W4 5LZ |
