Recbid.com Limited 31/03/2020 iXBRL

Recbid.com Limited 31/03/2020 iXBRL

RECBID.COM LIMITED - Company Information

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31/03/2020 2020-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 11198742 2019-04-01 2020-03-31 11198742 2020-03-31 11198742 2019-03-31 11198742 2018-04-01 2019-03-31 11198742 2019-03-31 11198742 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 11198742 bus:RegisteredOffice 2019-04-01 2020-03-31 11198742 bus:Director1 2019-04-01 2020-03-31 11198742 core:FurnitureFittingsToolsEquipment 2019-03-31 11198742 core:FurnitureFittingsToolsEquipment 2020-03-31 11198742 core:ShareCapital 2018-04-01 2019-03-31 11198742 core:SharePremium 2018-04-01 2019-03-31 11198742 core:RetainedEarningsAccumulatedLosses 2018-04-01 2019-03-31 11198742 core:ShareCapital 2019-04-01 2020-03-31 11198742 core:SharePremium 2019-04-01 2020-03-31 11198742 core:RetainedEarningsAccumulatedLosses 2019-04-01 2020-03-31 11198742 core:WithinOneYear 2020-03-31 11198742 core:WithinOneYear 2019-03-31 11198742 core:ShareCapital 2020-03-31 11198742 core:ShareCapital 2019-03-31 11198742 core:SharePremium 2020-03-31 11198742 core:SharePremium 2019-03-31 11198742 core:RetainedEarningsAccumulatedLosses 2020-03-31 11198742 core:RetainedEarningsAccumulatedLosses 2019-03-31 11198742 core:FurnitureFittingsToolsEquipment 2019-03-31 11198742 bus:SmallEntities 2019-04-01 2020-03-31 11198742 bus:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 11198742 bus:FullAccounts 2019-04-01 2020-03-31 11198742 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 11198742 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31
Company registration number: 11198742
Recbid.com Limited
Unaudited filleted financial statements
31 March 2020
Recbid.com Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Recbid.com Limited
Directors and other information
Director Nicholas Clarkin
Company number 11198742
Registered office Hosehill Farm Hosehill
Sulhamstead, Reading
United Kingdom
RG7 4BB
Recbid.com Limited
Statement of financial position
31 March 2020
31/03/20 31/03/19
Note £ £ £ £
Fixed assets
Tangible assets 5 1,445 326
_______ _______
1,445 326
Current assets
Debtors 6 85,097 81,398
Cash at bank and in hand 53,059 60,653
_______ _______
138,156 142,051
Creditors: amounts falling due
within one year 7 ( 63,147) ( 110,196)
_______ _______
Net current assets 75,009 31,855
_______ _______
Total assets less current liabilities 76,454 32,181
_______ _______
Net assets 76,454 32,181
_______ _______
Capital and reserves
Called up share capital 10 9
Share premium account 509,992 200,000
Profit and loss account ( 433,548) ( 167,828)
_______ _______
Shareholders funds 76,454 32,181
_______ _______
For the year ending 31 March 2020 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 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 Section 1A of 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 May 2020 , and are signed on behalf of the board by:
Nicholas Clarkin
Director
Company registration number: 11198742
Recbid.com Limited
Statement of changes in equity
Year ended 31 March 2020
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 April 2018 - - - -
Loss for the year ( 167,828) ( 167,828)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 167,828) ( 167,828)
Issue of shares 9 200,000 200,009
_______ _______ _______ _______
Total investments by and distributions to owners 9 200,000 - 200,009
_______ _______ _______ _______
At 31 March 2019 and 1 April 2019 9 200,000 ( 167,828) 32,181
Loss for the year ( 265,720) ( 265,720)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 265,720) ( 265,720)
Issue of shares 1 309,992 309,993
_______ _______ _______ _______
Total investments by and distributions to owners 1 309,992 - 309,993
_______ _______ _______ _______
At 31 March 2020 10 509,992 ( 433,548) 76,454
_______ _______ _______ _______
Recbid.com Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Hosehill Farm Hosehill, Sulhamstead, Reading, United Kingdom, RG7 4BB.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 33.33 % 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.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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 in finance costs in profit or loss in the period in which it arises.
Going Concern
The financial statements have been prepared on a going concern basis, as the director has confirmed that he will continue to support the company for a period of at least twelve months from the approval date of these financial statements.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).
The aggregate payroll costs incurred during the year were:
Year Period
ended ended
31/03/20 31/03/19
£ £
Wages and salaries 22,338 31,500
Other pension costs 417 469
_______ _______
22,755 31,969
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2019 500 500
Additions 1,520 1,520
_______ _______
At 31 March 2020 2,020 2,020
_______ _______
Depreciation
At 1 April 2019 174 174
Charge for the year 401 401
_______ _______
At 31 March 2020 575 575
_______ _______
Carrying amount
At 31 March 2020 1,445 1,445
_______ _______
At 31 March 2019 326 326
_______ _______
6. Debtors
31/03/20 31/03/19
£ £
Other debtors 85,097 81,398
_______ _______
7. Creditors: amounts falling due within one year
31/03/20 31/03/19
£ £
Trade creditors 55,700 9,966
Social security and other taxes - 891
Other creditors 7,447 99,339
_______ _______
63,147 110,196
_______ _______