ID3AS-Company Limited Accounts

ID3AS-COMPANY LIMITED - Company Information






ID3AS-Company Limited
	Company No. 07510535
		Information for Filing with The Registrar
		31 January 2019

			at	31 January 2019

Company No.		07510535			Notes	2019	2018
						£	£
Fixed assets

	Tangible assets				3	15,419	8,582


						15,419	8,582
Current assets
	Stocks				4	-	226,500
	Debtors				5	142,668	92,536

	Cash at bank and in hand					1,020,924	518,269
						1,163,592	837,305
Creditors: Amount falling due within one year					6	(124,933)	(82,813)
Net current assets						1,038,659	754,492

Total assets less current liabilities						1,054,078	763,074

Provisions for liabilities
	Deferred taxation				7	(2,930)	-

Net assets						1,051,148	763,074

Capital and reserves
	Called up share capital					30	30



	Profit and loss account				8	1,051,118	763,044

Total equity						1,051,148	763,074


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 January 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the 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 accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 17 October 2019

And signed on its behalf by:

A.M.P. Roe
Director
17 October 2019

for the year ended 31 January 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

25 - 33% Straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	6	5

3	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 February 2018	36,887	36,887
		Additions	18,141	18,141



		At 31 January 2019	55,028	55,028
		Depreciation
		At 1 February 2018	28,305	28,305
		Charge for the year	11,304	11,304



		At 31 January 2019	39,609	39,609
		Net book values
		At 31 January 2019	15,419	15,419
		At 31 January 2018	8,582	8,582

4	Stocks
			2019	2018
			£	£

		Work in progress	-	226,500

			-	226,500

5	Debtors
			2019	2018
			£	£
		Trade debtors	141,558	89,835

		Corporation tax recoverable	-	2,550



		Other debtors	1,110	-
		Prepayments and accrued income	-	151
			142,668	92,536

6	Creditors:
		amounts falling due within one year
			2019	2018
			£	£


		Other loans	-	309

		Trade creditors	13	-

		Corporation tax	96,289	41,351
		Other taxes and social security	24,387	38,697
		Loans from directors	1,934	615
		Other creditors	987	441
		Accruals and deferred income	1,323	1,400
			124,933	82,813

7	Provisions for liabilities
		Deferred taxation

			Accelerated capital allowances, losses and other timing differences	Arising from revaluation	Total
			£	£	£

		Charge to the profit and loss account for the period	2,930		2,930

		At 31 January 2019	2,930	-	2,930



			2019		2018
			£		£
		Accelerated capital allowances	2,930		-



			2,930		-

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Controlling party

Immediate controlling party

No single party controls the company.

Additional information

Its registered number is:

07510535

Its registered office is:

c/o Change Accountants

2 Forest Farm Business Park

Fulford

York

YO19 4RH