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2018-04-01
Sage Accounts Production Advanced 2019 - FRS102_2014
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xbrli:shares
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08398833
2018-04-01
2019-03-31
08398833
2019-03-31
08398833
2018-03-31
08398833
2018-03-31
08398833
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08398833
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08398833
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2018-03-31
08398833
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2019-03-31
08398833
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08398833
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08398833
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2018-04-01
2019-03-31
|
Statement of Consent to Prepare Abridged Financial Statements |
|
All of the members of Nosmo Ventures Ltd have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
08398833
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Financial Statements |
|
Year ended 31 March 2019
|
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
1 |
|
|
|
Abridged statement of financial position |
2 |
|
|
|
Notes to the abridged financial statements |
4 |
|
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Nosmo Ventures Ltd |
|
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Nosmo Ventures Ltd for the year ended 31 March 2019, which comprise the abridged 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Nosmo Ventures Ltd, as a body. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Nosmo Ventures Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nosmo Ventures Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Nosmo Ventures Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nosmo Ventures Ltd. You consider that Nosmo Ventures Ltd 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 abridged financial statements of Nosmo Ventures Ltd. 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 abridged financial statements.
MOORE GREEN
Chartered accountants
22 Friars Street
Sudbury
Suffolk
CO10 2AA
10 December 2019
|
Abridged Statement of Financial Position |
|
31 March 2019
Fixed assets
|
Tangible assets |
4 |
1,519,101 |
1,158,327 |
|
|
|
|
Current assets
|
Debtors |
140 |
118 |
|
Cash at bank and in hand |
11,692 |
60,192 |
|
-------- |
-------- |
|
11,832 |
60,310 |
|
|
|
|
Creditors: amounts falling due within one year |
1,485,415 |
1,192,283 |
|
------------ |
------------ |
|
Net current liabilities |
1,473,583 |
1,131,973 |
|
------------ |
------------ |
|
Total assets less current liabilities |
45,518 |
26,354 |
|
-------- |
-------- |
|
Net assets |
45,518 |
26,354 |
|
-------- |
-------- |
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
45,418 |
26,254 |
|
-------- |
-------- |
|
Shareholders funds |
45,518 |
26,354 |
|
-------- |
-------- |
|
|
|
These abridged 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 31 March 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 abridged 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 abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
31 March 2019
These abridged financial statements were approved by the
board of directors
and authorised for issue on
6 December 2019
, and are signed on behalf of the board by:
Company registration number:
08398833
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 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 22 Friars Street, Sudbury, Suffolk, CO10 2AA.
2.
Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Income tax
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, 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:
|
Fixtures and Fittings |
- |
15% reducing balance |
|
Office Equipment |
- |
20% reducing balance |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
4.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 April 2018 |
1,167,373 |
|
Additions |
362,530 |
|
------------ |
|
At 31 March 2019 |
1,529,903 |
|
------------ |
|
Depreciation |
|
|
At 1 April 2018 |
9,046 |
|
Charge for the year |
1,756 |
|
------------ |
|
At 31 March 2019 |
10,802 |
|
------------ |
|
Carrying amount |
|
|
At 31 March 2019 |
1,519,101 |
|
------------ |
|
At 31 March 2018 |
1,158,327 |
|
------------ |
|
|
In the opinion of the directors the valuations at 31 March 2019 are not materially different to the cost.
5.
Directors' advances, credits and guarantees
There are no such transactions to note.
