Angry Candy Ltd - Accounts to registrar

REGISTERED NUMBER: 08423641 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 February 2016

for

Angry Candy Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D Damonte

REGISTERED OFFICE:

4 Weymouth House

Bolney Street

London

SW8 1EN

REGISTERED NUMBER:

08423641 (England and Wales)

ACCOUNTANTS:

Garside & Co LLP

New Gallery House

6 Vigo Street

Mayfair

London

W1S 3HF

FIXED ASSETS

Tangible assets

2

519

692

CURRENT ASSETS

Debtors

3

3,814

3,692

Cash at bank

55,924

24,749

59,738

28,441

CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

4

14,687

16,852

NET CURRENT ASSETS

45,051

11,589

TOTAL ASSETS LESS CURRENT
LIABILITIES

45,570

12,281

CAPITAL AND RESERVES

Called up share capital

5

100

Retained earnings

6

45,470

12,181

SHAREHOLDERS' FUNDS

45,570

12,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 21 November 2016 and were signed by:

D Damonte - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first set of financial statements prepared by Angry Candy Limited in accordance with accounting

standards issued by the Financial Reporting Council, including FRS 102 "The Financial Reporting Standard

applicable in the UK and Republic of Ireland" ("FRS 102"). The company transitioned from previously extant

UK GAAP to FRS 102 as at 1 March 2014.

Going Concern

The Financial Statements are prepared on the going concern basis for the year, under the historical cost

convention, as modified by the revaluation of the tangible fixed assets and comply with the financial reporting

standards of the Financial Reporting Council and the Companies Act 2006.

The financial statements are prepared in Sterling which is the functional currency of the company.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on reducing balance

Other tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided so as to write off the cost or valuation of an asset, less its residual value, over their

estimated useful lives as follows:

Plant & Machinery,etc - 25% on reducing balance

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is

recognised in profit or loss, and included in other operating income.

Deferred tax

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or

past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the

reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise

indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the

reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred

tax is reversed.

A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of

assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted

by the amount of deferred tax recognised.

Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the

reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense

(income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction

that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if:

- the group has a legally enforceable right to set off current tax assets against current tax liabilities, and

- the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority

on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities

and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Cash and cash equivalents

ash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to

changes in value.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

Trade and other creditors

Trade and other creditors are classified as current liabilities if payment is due within one year or less. If not,

they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and

subsequently measured at amortised cost using the effective interest method.

Borrowings

Borrowings are recognised initially at the transaction price (present value of cash payable to the bank, including

transaction costs). Borrowings are subsequently stated at amortised cost. Interest expense is recognised on the

basis of the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the Company has a right to defer settlement of liability for

at least 12 months after the reporting date.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past

events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the

obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow

of economic benefits is probable.

Impairment

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and

equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an

indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the

higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If

the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an

impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of

inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item

of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to

complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of

the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that

are payable or receivable within one year, typically trade payables or receivables, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a

trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in

case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and

subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt

instrument.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are

measured:

i. At fair value with changes recognised in profit or loss if the shares are publicly traded or their fair value can

otherwise be measured reliably;

ii. At cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss

is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company

would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary

shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 March 2015

and 29 February 2016

923

DEPRECIATION

At 1 March 2015

231

Charge for year

173

At 29 February 2016

404

NET BOOK VALUE

At 29 February 2016

519

At 28 February 2015

692

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.16

28.2.15

£

Trade debtors

3,270

3,692

VAT

544

-

3,814

3,692

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.16

28.2.15

£

Trade creditors

(2

)

(1

)

Tax

10,950

6,794

Social security and other taxes

305

245

VAT

-

2,911

Other creditors

1,634

Directors' current accounts

-

3,469

Accrued expenses

1,800

14,687

16,852

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.16

28.2.15

value:

£

100

Ordinary

1

100

6.

RESERVES

Retained

earnings

£

At 1 March 2015

12,181

Profit for the year

43,627

Dividends

(10,338

)

At 29 February 2016

45,470

7.	FIRST YEAR ADOPTION

TRANSITION TO FRS 102

Prior to 1 April 2014 the company prepared its financial statements under previously extant UK GAAP. From 1

March 2014, the company has elected to present its annual financial statements in accordance with FRS 102 and

the Companies Act 2006.

The comparative figures in respect of the 2015 financial statements have been restated to reflect the company's

adoption of FRS 102 from the date of transition at 1 March 2014. It does not has any impact on the comparative

figures in respect of the 2015 financial statements.

Angry Candy Ltd - Accounts to registrar - small 16.3

Angry Candy Ltd - Accounts to registrar - small 16.3