Acumensa Limited 31/03/2019 iXBRL

Acumensa Limited 31/03/2019 iXBRL

ACUMENSA LIMITED - Company Information

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Company registration number: 06456258
Acumensa Limited
Unaudited filleted financial statements
31 March 2019
Acumensa Limited
Contents
Statement of financial position
Notes to the financial statements
Acumensa Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 10,000 15,000
Tangible assets 6 6,275 7,450
_______ _______
16,275 22,450
Current assets
Debtors 7 110,330 136,974
Cash at bank and in hand 116,246 108,975
_______ _______
226,576 245,949
Creditors: amounts falling due
within one year 8 ( 43,483) ( 51,674)
_______ _______
Net current assets 183,093 194,275
_______ _______
Total assets less current liabilities 199,368 216,725
Provisions for liabilities ( 543) ( 539)
_______ _______
Net assets 198,825 216,186
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 198,815 216,176
_______ _______
Shareholders funds 198,825 216,186
_______ _______
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 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 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.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2019 , and are signed on behalf of the board by:
Mr. S C Wren
Director
Company registration number: 06456258
Acumensa Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Office FF10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill - 10 % 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Property improvements - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2018 and 31 March 2019 50,000 50,000
_______ _______
Amortisation
At 1 April 2018 35,000 35,000
Charge for the year 5,000 5,000
_______ _______
At 31 March 2019 40,000 40,000
_______ _______
Carrying amount
At 31 March 2019 10,000 10,000
_______ _______
At 31 March 2018 15,000 15,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Leasehold improvements Total
£ £ £ £
Cost
At 1 April 2018 6,622 806 8,540 15,968
Additions 603 - - 603
_______ _______ _______ _______
At 31 March 2019 7,225 806 8,540 16,571
_______ _______ _______ _______
Depreciation
At 1 April 2018 3,927 663 3,928 8,518
Charge for the year 554 29 1,195 1,778
_______ _______ _______ _______
At 31 March 2019 4,481 692 5,123 10,296
_______ _______ _______ _______
Carrying amount
At 31 March 2019 2,744 114 3,417 6,275
_______ _______ _______ _______
At 31 March 2018 2,695 143 4,612 7,450
_______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 4,590 11,346
Other debtors 105,740 125,628
_______ _______
110,330 136,974
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 26,901 40,109
Social security and other taxes 15,582 10,565
Other creditors 1,000 1,000
_______ _______
43,483 51,674
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. S C Wren 62,814 ( 9,944) 52,870
Mrs. T Wren 62,814 ( 9,944) 52,870
_______ _______ _______
125,628 ( 19,888) 105,740
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. S C Wren 62,766 48 62,814
Mrs. T Wren 62,766 48 62,814
_______ _______ _______
125,532 96 125,628
_______ _______ _______
Loans to directors are repayable on demand. Interest is charged at 2.50% on the balance outstanding.