Abbreviated Company Accounts - LIMITLESS MOBILE LIMITED

Abbreviated Company Accounts - LIMITLESS MOBILE LIMITED

LIMITLESS MOBILE LIMITED - Company Information

Print Friendly Version

Registered Number 07323927

LIMITLESS MOBILE LIMITED

Abbreviated Accounts

31 December 2014

LIMITLESS MOBILE LIMITED Registered Number 07323927

Abbreviated Balance Sheet as at 31 December 2014

Notes 31/12/2014 31/08/2013
£ £
Fixed assets
Intangible assets 2 867,474 56,937
Tangible assets 3 307,984 1,883
1,175,458 58,820
Current assets
Debtors 4 1,082,850 175,389
Cash at bank and in hand 205,315 14,291
1,288,165 189,680
Prepayments and accrued income 521,300 161,009
Creditors: amounts falling due within one year (214,265) (685,039)
Net current assets (liabilities) 1,595,200 (334,350)
Total assets less current liabilities 2,770,658 (275,530)
Creditors: amounts falling due after more than one year (6,524,794) (141,934)
Provisions for liabilities (1,889,198) -
Total net assets (liabilities) (5,643,334) (417,464)
Capital and reserves
Called up share capital 100 100
Profit and loss account (5,643,434) (417,564)
Shareholders' funds (5,643,334) (417,464)
  • For the year ending 31 December 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 14 August 2015

And signed on their behalf by:
Edward Jim Croal, Director

LIMITLESS MOBILE LIMITED Registered Number 07323927

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover relates to the sales of SIMs, service fees and contract signing fees. SIM income is recognised upon the issuance of sales invoices following receipt of an order, Service fee income is recognised on an accruals basis when the income is earned and Contract signing fees are the non-refundable portions of income due as stated upon signing of the contract.

Tangible assets depreciation policy
Tangible fixed assets relate to fixtures and fittings and computer equipment. Capitalised assets are recognised at cost and depreciated over its expected useful life which is as follows: F&F - 3 years straight line; Computer equipment - 3 years. Impairment reviews are conducted at the end of each financial year. Where there is an indication of impairment, the assets are written down to the lower of their net resale value or value in use.

Intangible assets amortisation policy
Intangible assets relate to the capitalised Billing platform and the Accounting platform. These assets are amortised over the economic life of the investment to reflect the pattern of consumption of benefits.

2Intangible fixed assets
£
Cost
At 1 September 2013 56,937
Additions 810,537
Disposals -
Revaluations -
Transfers -
At 31 December 2014 867,474
Amortisation
At 1 September 2013 -
Charge for the year -
On disposals -
At 31 December 2014 -
Net book values
At 31 December 2014 867,474
At 31 August 2013 56,937

Amortisation of the Intangible assets capitalised during the year will commence once the assets are placed into service and available for use.

3Tangible fixed assets
£
Cost
At 1 September 2013 1,883
Additions 312,593
Disposals -
Revaluations -
Transfers -
At 31 December 2014 314,476
Depreciation
At 1 September 2013 -
Charge for the year 6,492
On disposals -
At 31 December 2014 6,492
Net book values
At 31 December 2014 307,984
At 31 August 2013 1,883

Assets added in the year relate to office furniture and computer assets which are depreciated on a straight line basis over their estimated useful life. Annual impairment reviews are conducted at the end of each financial year

4Debtors
31/12/2014
£		 31/08/2013
£
Debtors include the following amounts due after more than one year 809,684 -

Thee amounts due after more than one year represent amounts owed by other Group companies