Company No: 07970764 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTOR	A Ferguson
REGISTERED OFFICE	2nd Floor
	Berkeley Square House
	Mayfair
	London
	England
	W1J 6BD
	United Kingdom
COMPANY NUMBER	07970764(England and Wales)
ACCOUNTANT

		31.08.2020		31.08.2019
	Note	£		£
Fixed assets
Intangible assets	3	2,083		3,083
Tangible assets	4	1,715		0
		3,798		3,083
Current assets
Stocks	5	150,709		199,351
Debtors	6	264,223		77,615
Cash at bank and in hand		106,066		1,081
		520,998		278,047
Creditors
Amounts falling due within one year	7	( 431,760)		( 158,595)
Net current assets		89,238		119,452
Total assets less current liabilities		93,036		122,535
Creditors
Amounts falling due after more than one year	8	( 82,630)		( 242,636)
Net assets/(liabilities)		10,406		( 120,101)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		10,306		( 120,201 )
Total shareholder's funds/(deficit)		10,406		( 120,101)

For the financial year ending 31 August 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Acumendia Limited (registered number: 07970764) were approved and authorised for issue by the Director on 03 February 2021. They were signed on its behalf by:

A Ferguson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period.

General information and basis of accounting

Acumendia Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor, Berkeley Square House, Mayfair, London, England, W1J 6BD, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Acumendia Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

The comparative accounting period commenced on 1 March 2018 and ended on 31 August 2019. Hence, the comparative figures are not entirely comparable.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements.

The rapid spreading of COVID-19 continues to be a significant emerging risk to the global economy. The director continues to monitor the impact of the virus on the business as more information about the pandemic emerges. At the time of signing the director does not consider COVID-19 to impact the Company’s ability to continue as a going concern, due to the company's profitability and cash generation. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are dispatched to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Intangible assets

Other intangible assets

Purchased intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is charged to the profit or loss on a straight-line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:

Intellectual property: 5 years

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment - 3 years

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

.

2. Employees

	Year ended 31.08.2020	Period from 01.03.2018 to 31.08.2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including director	1	1

3. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 01 September 2019	5,000	5,000
At 31 August 2020	5,000	5,000
Accumulated amortisation
At 01 September 2019	1,917	1,917
Charge for the financial year	1,000	1,000
At 31 August 2020	2,917	2,917
Net book value
At 31 August 2020	2,083	2,083
At 31 August 2019	3,083	3,083

4. Tangible assets

	Office equipment	Total
	£	£
Cost/Valuation
At 01 September 2019	2,995	2,995
Additions	2,105	2,105
At 31 August 2020	5,100	5,100
Accumulated depreciation
At 01 September 2019	2,995	2,995
Charge for the financial year	390	390
At 31 August 2020	3,385	3,385
Net book value
At 31 August 2020	1,715	1,715
At 31 August 2019	0	0

5. Stocks

	31.08.2020	31.08.2019
	£	£
Stocks	150,709	199,351
	150,709	199,351

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

	31.08.2020	31.08.2019
	£	£
Trade debtors	201,990	5,259
Other debtors	62,233	72,356
	264,223	77,615

7. Creditors: amounts falling due within one year

	31.08.2020	31.08.2019
	£	£
Bank loans and overdrafts	212,383	56,025
Trade creditors	89,988	78,495
Other creditors	103,870	24,075
Other taxation and social security	25,519	0
	431,760	158,595

8. Creditors: amounts falling due after more than one year

	31.08.2020	31.08.2019
	£	£
Bank loans	32,630	38,562
Other creditors	50,000	204,074
	82,630	242,636

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	31.08.2020	31.08.2019
	£	£
Bank loans	0	8,802
	0	8,802

9. Related party transactions

Remuneration of £Nil (2019: £Nil) was paid to the director A Ferguson. The director is the only key management personnel of the Company.

Included within other debtors is a loan of £48,772 (2019: £Nil) to Checkout (Wimbledon) Limited, which is a company under common control. This loan is unsecured, interest free and repayable on demand.

Included within other creditors falling due within one year is a loan of £Nil (2019: £14,995) to P&H (2018) Limited, which was a company under common control. This loan is unsecured, interest free and repayable on demand.

Included within other creditors falling due within one year (2019: falling due after more than one year) is a directors loan of £90,982 (2019: £204,074) owed to A Ferguson. This loan is unsecured, interest free and repayable on demand.

10. Ultimate controlling party

A Ferguson is the ultimate controlling party by virtue of his ownership of the company's share capital.