10022298 Limited Company Accounts

10022298 Limited Company Accounts

10022298 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10022298
10022298 LIMITED
Filleted Unaudited Financial Statements
28 February 2019
10022298 LIMITED
Financial Statements
Year ended 28 February 2019
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
10022298 LIMITED
Officers and Professional Advisers
The board of directors
R. L. Beaton
P. J. Brown
Registered office
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Accountants
MHA Tait Walker
Chartered Accountants
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
10022298 LIMITED
Statement of Financial Position
28 February 2019
2019
2018
Note
£
£
£
£
Fixed assets
Intangible assets
5
–
40,351
Tangible assets
6
–
958
----
-------
–
41,309
Current assets
Debtors
7
250
122,017
Cash at bank and in hand
71
8
----
---------
321
122,025
Creditors: amounts falling due within one year
8
10,675
251,807
-------
---------
Net current liabilities
10,354
129,782
-------
---------
Total assets less current liabilities
( 10,354)
( 88,473)
-------
-------
Net liabilities
( 10,354)
( 88,473)
-------
-------
Capital and reserves
Called up share capital
2,500
2,500
Share premium account
98,750
98,750
Profit and loss account
( 111,604)
( 189,723)
---------
---------
Shareholders deficit
( 10,354)
( 88,473)
---------
---------
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 income statement has not been delivered.
For the year ending 28 February 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 .
10022298 LIMITED
Statement of Financial Position (continued)
28 February 2019
These financial statements were approved by the board of directors and authorised for issue on 28 February 2020 , and are signed on behalf of the board by:
P. J. Brown
Director
Company registration number: 10022298
10022298 LIMITED
Notes to the Financial Statements
Year ended 28 February 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 Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS.
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' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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:
Computer software
-
20% 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.
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:
Equipment
-
25% straight line
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 Nil (2018: 3 ).
5. Intangible assets
Computer software
£
Cost
At 1 March 2018
60,655
Additions
–
Disposals
( 60,655)
-------
At 28 February 2019
–
-------
Amortisation
At 1 March 2018
20,304
Charge for the year
–
Disposals
( 20,304)
-------
At 28 February 2019
–
-------
Carrying amount
At 28 February 2019
–
-------
At 28 February 2018
40,351
-------
6. Tangible assets
Equipment
£
Cost
At 1 March 2018
1,269
Disposals
( 1,269)
------
At 28 February 2019
–
------
Depreciation
At 1 March 2018
311
Disposals
( 311)
------
At 28 February 2019
–
------
Carrying amount
At 28 February 2019
–
------
At 28 February 2018
958
------
7. Debtors
2019
2018
£
£
Other debtors
250
122,017
----
---------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
7,762
19,957
Trade creditors
–
16,310
Social security and other taxes
–
26,363
Other creditors
2,913
189,177
-------
---------
10,675
251,807
-------
---------
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
Amounts repaid
Balance outstanding
£
£
£
£
R. L. Beaton
( 41,448)
( 63,500)
104,948
–
P. J. Brown
( 41,448)
( 63,500)
104,948
–
T. Powell Blyth
( 7,000)
–
7,000
–
S. P. Orr
121,767
( 398,831)
277,064
–
---------
---------
---------
----
31,871
( 525,831)
493,960
–
---------
---------
---------
----
2018
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
R. L. Beaton
–
( 45,000)
3,552
( 41,448)
P. J. Brown
–
( 50,000)
8,552
( 41,448)
T. Powell Blyth
( 5,000)
( 3,500)
1,500
( 7,000)
S. P. Orr
32,736
( 150,419)
239,450
121,767
-------
---------
---------
---------
27,736
( 248,919)
253,054
31,871
-------
---------
---------
---------