Dailybuy Ltd Small abbreviated accounts

Dailybuy Ltd Small abbreviated accounts

DAILYBUY LTD - Company Information

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COMPANY REGISTRATION NUMBER 09072057
DAILYBUY LTD
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
31 August 2016
JAMESONS
Chartered Accountants
92 Station Road
Clacton on Sea
Essex
CO15 1SG
DAILYBUY LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF DAILYBUY LTD
YEAR ENDED 31 AUGUST 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Dailybuy Ltd for the year ended 31 August 2016 which comprise the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Dailybuy Ltd, as a body, in accordance with the terms of our engagement letter dated 14 July 2014. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of Dailybuy Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 02/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dailybuy Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Dailybuy Ltd has kept adequate accounting records and to prepare statutory abbreviated accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dailybuy Ltd. You consider that Dailybuy Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the abbreviated accounts of Dailybuy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abbreviated accounts.
JAMESONS Chartered Accountants
92 Station Road Clacton on Sea Essex CO15 1SG
14 November 2016
DAILYBUY LTD
ABBREVIATED BALANCE SHEET
31 August 2016
2016
2015
Note
£
£
£
£
FIXED ASSETS
2
Intangible assets
17,600
-
Tangible assets
16,245
-
--------
----
33,845
-
CURRENT ASSETS
Stocks
60,042
-
Debtors
35,753
100
Cash at bank and in hand
26,919
-
----------
----
122,714
100
CREDITORS: Amounts falling due within one year
131,314
-
----------
----
NET CURRENT (LIABILITIES)/ASSETS
( 8,600)
100
--------
----
TOTAL ASSETS LESS CURRENT LIABILITIES
25,245
100
PROVISIONS FOR LIABILITIES
614
-
--------
----
24,631
100
--------
----
CAPITAL AND RESERVES
Called up equity share capital
3
200
100
Profit and loss account
24,431
-
--------
----
SHAREHOLDERS' FUNDS
24,631
100
--------
----
For the year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on 11 November 2016 , and are signed on their behalf by:
Mr G Masters Director
Company Registration Number: 09072057
DAILYBUY LTD
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 AUGUST 2016
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill-20% Straight line
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Leasehold Property-10% Straight line
Fixtures & Fittings-20% Reducing balance
Equipment-25% Reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
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 accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and law.
2. FIXED ASSETS
Intangible Assets
Tangible Assets
Total
£
£
£
COST
Additions
22,000
18,690
40,690
--------
--------
--------
At 31 August 2016
22,000
18,690
40,690
--------
--------
--------
DEPRECIATION
Charge for year
4,400
2,445
6,845
-------
-------
-------
At 31 August 2016
4,400
2,445
6,845
-------
-------
-------
NET BOOK VALUE
At 31 August 2016
17,600
16,245
33,845
--------
--------
--------
At 31 August 2015
–
–
–
--------
--------
--------
3. SHARE CAPITAL
Allotted and called up:
2016
2015
No
£
No
£
Ordinary shares (2015 - 100) of £ 1 each
200
200
100
100
----
----
----
----
The amounts of paid up share capital for the following categories of shares differed from the called up share capital stated above due to unpaid calls and were as follows:
2016
2015
£
£
Ordinary shares
-
100
----
----