Seating On Line Limited Filleted accounts for Companies House (small and micro)

SEATING ON LINE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03746917

Seating On Line Limited

Filleted Unaudited Financial Statements

30 April 2019

Seating On Line Limited

Statement of Financial Position

30 April 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	16,320	–
Tangible assets	6	27,340	28,472
		--------	--------
		43,660	28,472

Current assets

Debtors	7	46,399	23,870
Cash at bank and in hand		70,381	64,573
		---------	--------
		116,780	88,443

Creditors: amounts falling due within one year	8	208,193		115,606
		---------		---------
Net current liabilities			91,413	27,163
			--------	--------
Total assets less current liabilities			( 47,753)	1,309

Creditors: amounts falling due after more than one year	9	19,824	19,824
		--------	--------
Net liabilities		( 67,577)	( 18,515)
		--------	--------

Seating On Line Limited

Statement of Financial Position (continued)

30 April 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 67,677)	( 18,615)
	--------	--------
Shareholders deficit	( 67,577)	( 18,515)
	--------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 30 April 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 .

These financial statements were approved by the board of directors and authorised for issue on 15 October 2019 , and are signed on behalf of the board by:

Mr T Randall	Mr P Randall
Director	Director

Company registration number: 03746917

Seating On Line Limited

Notes to the Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Charnwood House, Marsh Road, Ashton, Bristol, BS3 2NA.

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

At the 30 April 2019 Seating On Line Ltd had net current liabilities of £91,413 and a deficit on shareholders funds of £67,577. The directors will continue to support the business and therefore the accounts have been prepared on a going concern basis.

Revenue recognition

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Trademark	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Office Equipment	-	25 % straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2018: 3 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
Additions	20,400
	--------
At 30 April 2019	20,400
	--------
Amortisation
Charge for the year	4,080
	--------
At 30 April 2019	4,080
	--------
Carrying amount
At 30 April 2019	16,320
	--------
At 30 April 2018	–
	--------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 May 2018	66,204	66,204
Additions	12,490	12,490
	--------	--------
At 30 April 2019	78,694	78,694
	--------	--------
Depreciation
At 1 May 2018	37,732	37,732
Charge for the year	13,622	13,622
	--------	--------
At 30 April 2019	51,354	51,354
	--------	--------
Carrying amount
At 30 April 2019	27,340	27,340
	--------	--------
At 30 April 2018	28,472	28,472
	--------	--------

7. Debtors

	2019	2018
	£	£
Trade debtors	32,505	21,843
Other debtors	13,894	2,027
	--------	--------
	46,399	23,870
	--------	--------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	186,608	99,917
Social security and other taxes	10,944	9,942
Other creditors	10,641	5,747
	---------	---------
	208,193	115,606
	---------	---------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	19,824	19,824
	--------	--------

10. Directors' advances, credits and guarantees

At the balance sheet date the director, Mr T Randall , owed the company £5,781 (2018: the company owed the director £469). The loan was repaid within 9 months of the year end. At the balance sheet date the director, Mr P Randall , owed the company £6,424 (2018: £1,514). The loan was repaid within 9 months of the year end.

11. Related party transactions

The company was under the control of Mr T Randall and Mr P Randall. Mr T Randall is the majority shareholder in Randall Office Furniture Limited. As at 30 April 2019 Randalls Office Furniture Limited owed Seating On Line Limited £500 (2018: £500). No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standards 102.