| Ownfone Limited |
| Registered number: |
08802990 |
| Abbreviated Balance Sheet |
| as at 31 December 2014 |
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| Notes |
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2014 |
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| £ |
|
| Fixed assets |
| Intangible assets |
2 |
|
|
32,084 |
| Tangible assets |
3 |
|
|
42,707 |
|
|
|
|
74,791 |
|
|
| Current assets |
| Stocks |
|
|
27,082 |
| Debtors |
|
|
128,381 |
| Cash at bank and in hand |
|
|
251,964 |
|
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|
407,427 |
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|
| Creditors: amounts falling due within one year |
|
|
(159,428) |
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| Net current assets |
|
|
|
247,999 |
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| Net assets |
|
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|
322,790 |
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| Capital and reserves |
| Called up share capital |
4 |
|
|
54 |
| Share premium |
|
|
|
1,028,655 |
| Profit and loss account |
|
|
|
(705,919) |
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| Shareholders' funds |
|
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|
322,790 |
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| 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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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| Mr C J Clark |
| Director |
| Approved by the board on 22 May 2015 |
|
| Ownfone Limited |
| Notes to the Abbreviated Accounts |
| for the period ended 31 December 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. |
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Tangible fixed assets |
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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 |
33.33% straight line |
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Building Improvements |
33.33% straight line |
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Intangible fixed assets |
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Intangible assets are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives of 5 years. |
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Stocks |
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Stock is valued at the lower of cost and net realisable value. |
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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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Research and development |
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Expenditure on research and development is written off in the period in which it is incurred. |
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Operating lease |
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Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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Going concern |
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The Directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. The Directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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| 2 |
Intangible fixed assets |
£ |
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Cost |
|
Additions |
40,550 |
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At 31 December 2014 |
40,550 |
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Amortisation |
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Provided during the period |
8,466 |
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At 31 December 2014 |
8,466 |
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Net book value |
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At 31 December 2014 |
32,084 |
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| 3 |
Tangible fixed assets |
£ |
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Cost |
|
Additions |
54,103 |
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At 31 December 2014 |
54,103 |
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Depreciation |
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Charge for the period |
11,396 |
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At 31 December 2014 |
11,396 |
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Net book value |
|
At 31 December 2014 |
42,707 |
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| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
| value |
Number |
£ |
|
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£0.0001 each |
|
538,769 |
|
54 |
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| Nominal |
Number |
Amount |
| value |
£ |
|
Shares issued during the period: |
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Ordinary shares |
£0.0001 each |
|
538,769 |
|
54 |
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On 5 December 2013 the Company issued 1 Ordinary Share of £1 for cash consideration.
On 16 December 2013 the Company's Share Capital of 1 Ordinary Share was sub-divided into 10,000 Ordinary Shares of £0.0001 each.
During the period the Company issued a further 528,769 Ordinary Shares of total nominal value of £53 for a total consideration of £1,030,208. |
