| Atropyn Limited |
| Notes to the Accounts |
| for the period from 1 June 2018 to 30 June 2019 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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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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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: |
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Equipment |
20% 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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 (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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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. Deferred tax is recognised in respect of any material timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. et is used. Current and deferred tax assets and liabilities are not discounted. |
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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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Equipment |
| € |
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Cost |
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At 1 June 2018 |
3,081 |
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Additions |
1,164 |
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At 30 June 2019 |
4,245 |
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Depreciation |
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At 1 June 2018 |
2,749 |
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Charge for the period |
300 |
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At 30 June 2019 |
3,049 |
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Net book value |
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At 30 June 2019 |
1,196 |
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At 31 May 2018 |
332 |
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| 4 |
Debtors |
2019 |
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2018 |
| € |
€ |
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Trade debtors |
82,913 |
|
33,901 |
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| 5 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
| € |
€ |
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Director's loan account |
13,121 |
|
25,494 |
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Trade creditors |
70,772 |
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- |
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Taxation and social security costs |
9,904 |
|
5,045 |
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Other creditors |
2,375 |
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2,415 |
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96,172 |
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32,954 |
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| 6 |
Other information |
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Atropyn Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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68 Ship Street |
|
Brighton |
|
East Sussex |
|
BN1 1AE |
