Contents of the Financial Statements

for the Period Ended 31 March 2019

Balance sheet

As at 31 March 2019

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 March 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 Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2019

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Intangible fixed assets amortisation policy

  Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs andare subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes afinancing transaction, where the transaction is measured at the present value of the future receipts discounted at amarket rate of interest. Financial assets classified as receivable within one year are not amortised.

  Other accounting policies

  Basis of preparationThese financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standardapplicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicableto companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have beenapplied other than where additional disclosure is required to show a true and fair view.The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amountsin these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention. The principal accounting policiesadopted are set out below.Profit and loss accountThe company has not traded during the year or the preceding financial period. During this time the company receivedno income and incurred no expenditure and therefore no Profit and loss account is presented in these financialstatements.Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘OtherFinancial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in thecompany's statement of financial position when the company becomes party to the contractual provisions of theinstrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basisor to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors, are initially measured at transaction price including transaction costs andare subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes afinancing transaction, where the transaction is measured at the present value of the future receipts discounted at amarket rate of interest. Financial assets classified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractualarrangements entered into. An equity instrument is any contract that evidences a residual interest inthe assets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares thatare classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financingtransaction, where the debt instrument is measured at the present value of the future payments discounted at a marketrate of interest. Financial liabilities classified as payable within one year are not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of businessfrom suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not,they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price andsubsequently measured at amortised cost using the effective interest method.Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividendspayable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company