Root-5 Solutions Limited Filleted accounts for Companies House (small and micro)

Root-5 Solutions Limited Filleted accounts for Companies House (small and micro)

ROOT-5 SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC306363
ROOT-5 SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2019
ROOT-5 SOLUTIONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2019
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
ROOT-5 SOLUTIONS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROOT-5 SOLUTIONS LIMITED
YEAR ENDED 28 FEBRUARY 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Root-5 Solutions Limited for the year ended 28 February 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Root-5 Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 20 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Root-5 Solutions Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Root-5 Solutions Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Root-5 Solutions 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 loss of Root-5 Solutions Limited. You consider that Root-5 Solutions 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 Root-5 Solutions 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.
RITSONS Chartered Accountants
1a Cluny Square Buckie Moray AB56 1AH
9 September 2019
ROOT-5 SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2019
2019
2018
Note
£
£
FIXED ASSETS
Tangible assets
5
48
72
CURRENT ASSETS
Debtors
6
57,677
120,154
Cash at bank and in hand
17,187
6,618
--------
---------
74,864
126,772
CREDITORS: amounts falling due within one year
7
148,264
152,856
---------
---------
NET CURRENT LIABILITIES
73,400
26,084
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 73,352)
( 26,012)
--------
--------
NET LIABILITIES
( 73,352)
( 26,012)
--------
--------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Share premium account
400
400
Profit and loss account
( 74,752)
( 27,412)
--------
--------
SHAREHOLDERS DEFICIT
( 73,352)
( 26,012)
--------
--------
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 income statement has not been delivered.
For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ROOT-5 SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2019
These financial statements were approved by the board of directors and authorised for issue on 5 September 2019 , and are signed on behalf of the board by:
Mr D Austin
Mrs S Austin
Director
Director
Company registration number: SC306363
ROOT-5 SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 11 Bon Accord Crescent, Aberdeen Business Centre, Aberdeen, AB11 6DE, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 and investment properties 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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 less depreciation and impairment.
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
-
33% reducing balance
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2018: 5 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2018 and 28 February 2019
6,460
6,460
-------
-------
Depreciation
At 1 March 2018
6,388
6,388
Charge for the year
24
24
-------
-------
At 28 February 2019
6,412
6,412
-------
-------
Carrying amount
At 28 February 2019
48
48
-------
-------
At 28 February 2018
72
72
-------
-------
6. Debtors
2019
2018
£
£
Trade debtors
11,492
71,794
Amounts owed by group undertakings and undertakings in which the company has a participating interest
21,000
29,000
Other debtors
25,185
19,360
--------
---------
57,677
120,154
--------
---------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
36,676
41,620
Amounts owed to group undertakings and undertakings in which the company has a participating interest
19,921
14,921
Social security and other taxes
12,375
7,415
Other creditors
79,292
88,900
---------
---------
148,264
152,856
---------
---------