Boardworks Limited - Period Ending 2014-09-30

Registration number: 04064340

Boardworks Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2014
 

Critchleys LLP
Chartered Accountants
Greyfriars Court
Paradise Square
Oxford
OX1 1BE

Boardworks Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Boardworks Limited - Registration number: 04064340
at 30 September 2014

		Note			2014						2013
	£			£			£			£
Fixed assets
Intangible fixed assets								475,419						-
Tangible fixed assets		2						321						85
								475,740						85
Current assets
Debtors					1,063,371						761,593
Cash at bank and in hand					169,925						253,113
					1,233,296						1,014,706
Creditors: Amounts falling due within one year					(1,172,941)						(783,988)
Net current assets								60,355						230,718
Total assets less current liabilities								536,095						230,803
Creditors: Amounts falling due after more than one year								(343,573)						-
Provisions for liabilities								(175,000)						(225,000)
Net assets								17,522						5,803
Capital and reserves
Called up share capital		3			100						100
Profit and loss account					17,422						5,703
Shareholders' funds								17,522						5,803

The notes on pages 3 to 5 form an integral part of these financial statements.
  Page 1

Boardworks Limited - Registration number: 04064340
at 30 September 2014
......... continued

For the year ending 30 September 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 June 2015 and signed on its behalf by:

.........................................
David Blake
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
  Page 2

Boardworks Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers during the year. In prior years, subscription income was recognised when received. In the current year, because subscriptions now cover periods in excess of one year, subscription income is recognised on a time basis. The directors consider it impractical to restate comparative figures.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Software development costs	Commencing in year of revenue stream over 3 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Plant and machinery	25% straight line basis
Fixtures, fittings and equipment	25% straight line basis
Bike scheme equipment	50% straight line basis
Development tools	33% straight line basis

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Boardworks Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2013		210,000			31,401			241,401
Additions		713,128			591			713,719
Disposals		(210,000)			-			(210,000)
At 30 September 2014		713,128			31,992			745,120
Depreciation
At 1 October 2013		210,000			31,316			241,316
Charge for the year		237,709			355			238,064
Eliminated on disposals		(210,000)			-			(210,000)
At 30 September 2014		237,709			31,671			269,380
Net book value
At 30 September 2014		475,419			321			475,740
At 30 September 2013		-			85			85

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4

Boardworks Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

4

Control

The company is controlled by the directors by virtue of their holding the entire share capital of BK Holdings Limited, the ultimate parent undertaking.

Page 5