Unusual Systems Ltd |
Notes to the Accounts |
for the year ended 31 May 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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Fixtures, fittings, tools and equipment |
25% reducing balance |
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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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted. |
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 June 2018 |
5,152 |
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At 31 May 2019 |
5,152 |
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Depreciation |
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At 1 June 2018 |
1,288 |
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Charge for the year |
966 |
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At 31 May 2019 |
2,254 |
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Net book value |
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At 31 May 2019 |
2,898 |
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At 31 May 2018 |
3,864 |
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3 |
Debtors |
2019 |
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2018 |
£ |
£ |
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Trade debtors |
4,500 |
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7,650 |
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Corporation tax |
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- |
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1,050 |
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Customs & Excise |
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531 |
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- |
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5,031 |
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8,700 |
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4 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Trade creditors |
- |
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115 |
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Other taxes and social security costs |
121 |
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1,385 |
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Director's account |
2,034 |
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10,706 |
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Other creditors |
2,486 |
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2,780 |
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4,641 |
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14,986 |
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5 |
Other information |
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Unusual Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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La Roc House |
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9-13 Soulbury Road |
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Leighton Buzzard |
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Bedfordshire |
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LU7 2RL |