| ACOLYTE RESOURCE GROUP LTD |
| Registered number: |
07183288 |
| Statement of Financial Position |
| as at 31 October 2020 |
|
| Notes |
31/10/20 |
31/3/20 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
4,188 |
|
|
5,198 |
|
| Current assets |
| Debtors |
5 |
|
136,873 |
|
|
260,279 |
| Cash at bank and in hand |
|
|
54,000 |
|
|
41,862 |
|
|
|
190,873 |
|
|
302,141 |
|
| Creditors: amounts falling due within one year |
6 |
|
(168,913) |
|
|
(169,742) |
|
| Net current assets |
|
|
|
21,960 |
|
|
132,399 |
|
| Total assets less current liabilities |
|
|
|
26,148 |
|
|
137,597 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(100,000) |
|
|
(50,000) |
|
|
|
| Net (liabilities)/assets |
|
|
|
(73,852) |
|
|
87,597 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,785 |
|
|
1,662 |
| Share premium |
|
|
|
738,670 |
|
|
590,778 |
| Other reserves |
|
|
|
- |
|
|
95,066 |
| Profit and loss account |
|
|
|
(814,307) |
|
|
(599,909) |
|
| Shareholders' funds |
|
|
|
(73,852) |
|
|
87,597 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| A B Gorton |
| Director |
| Approved by the board on 4 December 2020 |
|
| ACOLYTE RESOURCE GROUP LTD |
| Notes to the Accounts |
| for the period from 1 April 2020 to 31 October 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 3 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). |
|
|
Taxation |
|
A current tax asset is recognised for the tax recoverable on the taxable profit of the current period. Current and deferred tax assets are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
31/10/20 |
31/3/20 |
| Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Shortened financial period |
|
|
The accounting period has been changed to 31 October. The accounts are presented for 7 months, the comparatives are for a 12 month period. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 April 2020 |
22,310 |
|
At 31 October 2020 |
22,310 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2020 |
17,112 |
|
Charge for the period |
1,010 |
|
At 31 October 2020 |
18,122 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2020 |
4,188 |
|
At 31 March 2020 |
5,198 |
|
|
| 5 |
Debtors |
31/10/20 |
31/3/20 |
| £ |
£ |
|
|
Trade debtors |
44,640 |
|
17,520 |
|
Prepayments and accrued income |
|
|
|
|
6,565 |
|
28,771 |
|
Tax recoverable |
|
|
|
|
85,668 |
|
192,529 |
|
Other debtors |
- |
|
21,459 |
|
|
|
|
|
|
136,873 |
|
260,279 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
31/10/20 |
31/3/20 |
| £ |
£ |
|
|
Trade creditors |
91,481 |
|
155,310 |
|
Taxation and social security costs |
58,556 |
|
9,068 |
|
Accruals and deferred income |
3,327 |
|
3,597 |
|
Other creditors |
15,549 |
|
1,767 |
|
|
|
|
|
|
168,913 |
|
169,742 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
31/10/20 |
31/3/20 |
| £ |
£ |
|
|
Other creditors |
100,000 |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Research & Development |
|
|
Expenditure on research and development is written off in the year in which it is incurred. The company takes advantage of Research and Development tax reliefs and surrenders losses for corporation tax credits. |
|
|
| 9 |
Related party transactions |
|
|
Included within creditors is £609 (31.03.2020: £38) due to A Gorton, a director of the company. The loan is interest free and repayable on demand.
During the period the company incurred consultancy fees totalling £4,200 (31.03.2020: £7,200) payable to A O Doig, a director of the company. The amount outstanding as at 31 October 2020 was £2,880 (31.03.2020: £2,160).
Expenses totalling £152,257 (31.03.2020 £296,365) were charged to the company by Meritgroup Limited, a company whose controlling shareholder is C Conlon, a director of the company. During the year the company charged Meritgroup Limited fees of £2,500 (31.03.2020: £17,280). £74,693 (31.03.2020: £81,893) was outstanding at the balance sheet date and included in trade creditors and £0 (31.03.2020: £6,000) in trade debtors. |
|
|
| 10 |
Going concern |
|
|
These financial statements have been prepared on a going concern basis.
In addition the company has the support of its key shareholders. |
|
|
| 11 |
Controlling party |
|
|
A B Gorton, one of the directors, is the ultimate controlling party |
|
|
| 12 |
Other information |
|
|
ACOLYTE RESOURCE GROUP LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
14 Marshalsea Road |
|
London Bridge |
|
London |
|
SE1 1HL |
