Robotmother Limited - Period Ending 2020-02-29
Robotmother Limited - Period Ending 2020-02-29
Registration number:
Robotmother Limited
for the Year Ended 29 February 2020
Robotmother Limited
Contents
Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Robotmother Limited
(Registration number: 04370175)
Abridged Balance Sheet as at 29 February 2020
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2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Robotmother Limited
(Registration number: 04370175)
Abridged Balance Sheet as at 29 February 2020
For the financial year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised for issue by the
.........................................
Director
Robotmother Limited
Notes to the Abridged Financial Statements for the Year Ended 29 February 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The financial statements show for the year ended 29 February 2020, the company's current liabilities exceeded its current assets by £46,878.
Covid19 is causing unprecedented disruption to the economy and business in general. Despite this, the company is performing well and has sufficient reserves should trade be disrupted as the restrictions continue. Therefore, the Directors are confident that the Company will be able to continue to operate as a going concern for at least 12 months from the approval of the financial statements and have prepared the financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The policies adopted for the recognition of turnover are as follows:
Rendering of services and use of facilities
Turnover from property rental, utility recharges and the associated site services are recognised when property is occupied, as services are provided, and as facilities are used.
Robotmother Limited
Notes to the Abridged Financial Statements for the Year Ended 29 February 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, on each asset on a systematic basis over its expected useful life as follows:
Asset class |
Depreciation method and rate |
Fixtures and Fittings |
15% reducing balance method |
Computer equipment |
25% straight line basis |
Solar Power |
10% straight line basis |
Freehold and leasehold property and office barge |
No depreciation charged as immaterial |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Robotmother Limited
Notes to the Abridged Financial Statements for the Year Ended 29 February 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Robotmother Limited
Notes to the Abridged Financial Statements for the Year Ended 29 February 2020
Tangible assets |
Total |
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Cost |
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At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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Depreciation |
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At 1 March 2019 |
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Charge for the year |
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At 29 February 2020 |
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Carrying amount |
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At 29 February 2020 |
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At 28 February 2019 |
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Robotmother Limited
Notes to the Abridged Financial Statements for the Year Ended 29 February 2020
Investment properties |
The Directors have reviewed observable market prices and the nature, location and condition of the assets and consider there to be no change in the fair value of the properties.
Creditors: amounts falling due within one year |
Creditors include bank loans which are secured on company assets of £11,600 (2019 - £19,400).
Creditors: amounts falling due after more than one year |
Creditors include bank loans repayable by instalments of £56,199 (2019 - £93,911) due after more than five years.
Creditors include amounts not repayable by instalments of £146,933 (2019 - £169,133) due after more than five years.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet are £
Related party transactions |
Director's/Participator's advanced monies to the company on an interest free basis. The balances are unsecured. At the balance sheet date the amount due to Director's/Participator's was £3,399,924 (2019 - £3,420,879).