Astounding Systems Ltd 30/11/2019 iXBRL

ASTOUNDING SYSTEMS LTD - Company Information

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Company registration number: 07151943

Astounding Systems Ltd

Unaudited filleted financial statements

30 November 2019

Astounding Systems Ltd

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Astounding Systems Ltd

Directors and other information


	Directors	B S Eustace
		R A Eustace


	Secretary	R A Eustace


	Company number	07151943


	Registered office	Unit 1B, Coln Industrial Estate Old Bath Road
		Colnbrook
		Slough
		SL3 ONJ

Astounding Systems Ltd

Statement of financial position

30 November 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,028		812
		_______		_______
			1,028		812

Current assets
Debtors	6	14,176		73,835
Cash at bank and in hand		14,053		217
		_______		_______
		28,229		74,052
Creditors: amounts falling due
within one year	7	( 62,904)		( 85,500)
		_______		_______
Net current liabilities			( 34,675)		( 11,448)
			_______		_______
Total assets less current liabilities			( 33,647)		( 10,636)

			_______		_______
Net liabilities			( 33,647)		( 10,636)
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 33,648)		( 10,637)
			_______		_______
Shareholders deficit			( 33,647)		( 10,636)
			_______		_______

For the year ending 30 November 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.

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.

These financial statements were approved by the board of directors and authorised for issue on 01 October 2020 , and are signed on behalf of the board by:

B S Eustace

Director

Company registration number: 07151943

Astounding Systems Ltd

Notes to the financial statements

Year ended 30 November 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 Unit 1B, Coln Industrial Estate Old Bath Road, Colnbrook, Slough, SL3 ONJ.

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'.

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.

Going concern

At the balance sheet date, the reporting entity had net liabilities in the sum of £33,647. The company is reliant on the support of the creditors. On the basis that the creditors will continue to support the reporting entity for the foreseeable future, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the creditors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:


Fittings fixtures and equipment	-	25 %	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.

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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: Nil).

5. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 December 2018	1,082	1,082
Additions	649	649
	_______	_______
At 30 November 2019	1,731	1,731
	_______	_______
Depreciation
At 1 December 2018	270	270
Charge for the year	433	433
	_______	_______
At 30 November 2019	703	703
	_______	_______
Carrying amount
At 30 November 2019	1,028	1,028
	_______	_______
At 30 November 2018	812	812
	_______	_______

6. Debtors

	2019	2018
	£	£
Other debtors	14,176	73,835
	_______	_______

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	866	-
Social security and other taxes	16,226	-
Other creditors	45,812	85,500
	_______	_______
	62,904	85,500
	_______	_______

8. 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	Amounts written off	Balance o/standing
		£	£	£	£	£
		-	-	-	-	-
	B S Eustace	( 62,709)	-	18,397	-	( 44,312)
		_______	_______	_______	_______	_______

2018
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Amounts reclassify to other creditor	Balance o/standing
		£	£	£	£	£
	F G Adler	( 23,291)	-	2,000	21,291	-
	B S Eustace	-	( 62,709)	-	-	( 62,709)
		_______	_______	_______	_______	_______
		( 23,291)	( 62,709)	2,000	21,291	( 62,709)
		_______	_______	_______	_______	_______