| FUNCTIONALITEAM LIMITED |
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| Abbreviated Balance Sheet |
| as at 31 July 2014 |
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| Notes |
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2014 |
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2013 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
6,000 |
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|
8,000 |
| Tangible assets |
3 |
|
|
7,318 |
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|
9,757 |
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|
13,318 |
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|
17,757 |
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| Current assets |
| Debtors |
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|
239 |
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|
128 |
| Cash at bank and in hand |
|
|
55 |
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|
25 |
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|
294 |
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|
153 |
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| Creditors: amounts falling due within one year |
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|
(35,158) |
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(30,481) |
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| Net current liabilities |
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(34,864) |
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(30,328) |
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| Net liabilities |
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(21,546) |
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(12,571) |
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| Capital and reserves |
| Called up share capital |
4 |
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|
10 |
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|
10 |
| Profit and loss account |
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(21,556) |
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(12,581) |
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| Shareholders' funds |
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(21,546) |
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(12,571) |
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| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
| Approved by the board on 20 April 2015 |
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| Mr T Huguet |
| Director |
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| FUNCTIONALITEAM LIMITED |
| Notes to the Abbreviated Accounts |
| for the year ended 31 July 2014 |
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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 the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. During the year, there was no turnover. |
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Plant and machinery |
25% on reducing balance |
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes, provided the amount is material in the context of the Financial Statement as a whole. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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Going concern |
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These accounts have been prepared on a going concern basis as indicated in note 5. |
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| 2 |
Intangible fixed assets |
£ |
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Cost |
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At 1 August 2013 |
10,000 |
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At 31 July 2014 |
10,000 |
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Amortisation |
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At 1 August 2013 |
2,000 |
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Provided during the year |
2,000 |
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At 31 July 2014 |
4,000 |
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Net book value |
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At 31 July 2014 |
6,000 |
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At 31 July 2013 |
8,000 |
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Trade Mark is being written off in equal annual instalments over its estimated economic life of 5 years. |
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| 3 |
Tangible fixed assets |
£ |
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Cost |
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At 1 August 2013 |
13,010 |
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At 31 July 2014 |
13,010 |
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Depreciation |
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At 1 August 2013 |
3,253 |
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Charge for the year |
2,439 |
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At 31 July 2014 |
5,692 |
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Net book value |
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At 31 July 2014 |
7,318 |
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At 31 July 2013 |
9,757 |
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| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£0.01 each |
|
1,000 |
|
10 |
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10 |
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| 5 |
Going concern |
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As at the balance sheet date, the company had net liabilities of £ 21,546 ( 2013, £12,571) and a loss for the period of £ 8,975 (2013, £12,581).
On the basis of the financial support available from the company's shareholder, the company will continue in operational existence in the future.
The directors are of the opinion that the company will generate sufficient funds in the foreseeable future to pay its debts and liabilities as and when they arise. |
