Exposure 4 Limited Filleted accounts for Companies House (small and micro)

EXPOSURE 4 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04457636

Exposure 4 Limited

Filleted Unaudited Financial Statements

30 June 2020

Exposure 4 Limited

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		19,231	19,231

Current assets

Stocks		3,000	3,000
Debtors	5	278	326
Cash at bank and in hand		5,828	20,266
		-------	--------
		9,106	23,592

Creditors: amounts falling due within one year	6	9,430		27,101
		-------		--------
Net current liabilities			324	3,509
			--------	--------
Total assets less current liabilities			18,907	15,722
			--------	--------

Exposure 4 Limited

Statement of Financial Position (continued)

30 June 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	17,907	14,722
	--------	--------
Shareholders funds	18,907	15,722
	--------	--------

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 Section 1A of 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.

For the year ending 30 June 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 year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 11 February 2021 , and are signed on behalf of the board by:

Mr D C Pearson
Director

Company registration number: 04457636

Exposure 4 Limited

Notes to the Financial Statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingfisher House, Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex, RH17 7QX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	20% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 July 2019 and 30 June 2020	19,231	153,297	172,528
	--------	---------	---------
Depreciation
At 1 July 2019 and 30 June 2020	–	153,297	153,297
	--------	---------	---------
Carrying amount
At 30 June 2020	19,231	–	19,231
	--------	---------	---------
At 30 June 2019	19,231	–	19,231
	--------	---------	---------

5. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	142	201
Other debtors	136	125
	----	----
	278	326
	----	----

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	864	49
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8,235	27,052
Corporation tax	331	–
	-------	--------
	9,430	27,101
	-------	--------

7. Related party transactions

The company was under the control of its parent company throughout the current and previous year. Advantage Management Group Limited is a related party of the company because both companies are 100% subsidiaries of Meeting Minds Holdings Limited (see note 9). At the year end, the company is due £142 (2019: £201) from the ultimate parent company.

8. Controlling party

The company's holding company is Meeting Minds Holdings Limited, a company registered in England and Wales.