Desktop Enterprises Limited Filleted accounts for Companies House (small and micro)

Desktop Enterprises Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 07162543
Desktop Enterprises Limited
Filleted Unaudited Financial Statements
30 April 2019
Desktop Enterprises Limited
Statement of Financial Position
30 April 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
6
1,698
3,093
Current assets
Debtors
7
30,786
54,979
Cash at bank and in hand
150
--------
--------
30,786
55,129
Creditors: amounts falling due within one year
8
102,537
99,014
---------
--------
Net current liabilities
71,751
43,885
--------
--------
Total assets less current liabilities
( 70,053)
( 40,792)
--------
--------
Net liabilities
( 70,053)
( 40,792)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 70,054)
( 40,793)
--------
--------
Shareholders deficit
( 70,053)
( 40,792)
--------
--------
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.
For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Desktop Enterprises Limited
Statement of Financial Position (continued)
30 April 2019
These financial statements were approved by the board of directors and authorised for issue on 10 January 2020 , and are signed on behalf of the board by:
Mr M O'Connor
Director
Company registration number: 07162543
Desktop Enterprises Limited
Notes to the Financial Statements
Year ended 30 April 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 2A High Street, Thornbury, Bristol, BS35 2AQ.
2. Statement of compliance
These 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 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no significant judgements or estimations made during the preparation of these accounts.
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.
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 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:
Office equipment
-
15% reducing balance
Motor vehicles
-
20% reducing balance
Computer equipment
-
33% reducing balance
Impairment of fixed assets
At the end of the year the director reviewed the policy in relation to write down of goodwill and it was considered prudent to write off the remaining balance over 2 years starting with the current year.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2018 and 30 April 2019
18,000
--------
Amortisation
At 1 May 2018 and 30 April 2019
18,000
--------
Carrying amount
At 30 April 2019
--------
At 30 April 2018
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2018
1,625
3,800
7,417
12,842
Disposals
( 3,800)
( 3,800)
-------
-------
-------
--------
At 30 April 2019
1,625
7,417
9,042
-------
-------
-------
--------
Depreciation
At 1 May 2018
919
3,241
5,589
9,749
Charge for the year
233
603
836
Disposals
( 3,241)
( 3,241)
-------
-------
-------
--------
At 30 April 2019
1,152
6,192
7,344
-------
-------
-------
--------
Carrying amount
At 30 April 2019
473
1,225
1,698
-------
-------
-------
--------
At 30 April 2018
706
559
1,828
3,093
-------
-------
-------
--------
7. Debtors
2019
2018
£
£
Trade debtors
30,786
26,209
Other debtors
28,770
--------
--------
30,786
54,979
--------
--------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
1,022
9,940
Social security and other taxes
13,640
9,938
Other creditors
87,875
79,136
---------
--------
102,537
99,014
---------
--------