Algorithm Studio Limited - Abbreviated accounts

ALGORITHM STUDIO LTD - Company Information

Registered number

03571697

Algorithm Studio Limited

ABBREVIATED ACCOUNTS

31 MAY 2016

Algorithm Studio Limited

ABBREVIATED BALANCE SHEET

as at 31 May 2016
Company Registration No.		03571697


Notes				2016			2015
£					£
Fixed assets
Tangible assets		2		55,700			68,027

Current assets
Debtors			5,220			8,400
Cash at bank and in hand			5,336			36,489
			10,556			44,889

Creditors: amounts falling due within one year			(59,919)			(62,099)

Net current liabilities				(49,363)			(17,210)

Net assets				6,337			50,817

Capital and reserves
Called up share capital		3		2			2
Profit and loss account				6,335			50,815

Shareholders' funds				6,337			50,817

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

Director's responsibilities:
-	The member has 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).


Approved by the board on 1 July 2016



………………………………………
Marios Theodosi
Director

Algorithm Studio Limited

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016


1	Accounting policies

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

	Going concern
	The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the company being able to trade profitably in the future and the continued support of the company's director who is also a shareholder. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholder and director has expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis.

	Turnover
	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.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

	Fixtures, fittings and equipment			20% straight line
	Motor vehicles			25% reducing balance

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	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.


2	Tangible fixed assets					£

	Cost
	At 1 June 2015					163,154
	Additions					6,164
	At 31 May 2016					169,318

	Depreciation
	At 1 June 2015					95,127
	Charge for the year					18,491
	At 31 May 2016					113,618

	Net book value
	At 31 May 2016					55,700
	At 31 May 2015					68,027


3	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		2		2		2