Densmith Limited - Period Ending 2016-03-31

Registration number: 06444170

Densmith Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2016

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Densmith Limited
(Registration number: 06444170)

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 4

Densmith Limited
(Registration number: 06444170)

Company Information

Directors

N I Hole P J Goodes

Registered office

Eagle House 1 Babbage Way Exeter Science Park Exeter Devon EX5 2FN

Accountants

Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

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Densmith Limited
(Registration number: 06444170)

Balance Sheet as at 31 March 2016

		2016  £	2015  £
Current assets
Work in progress		-	850,000
Cash at bank and in hand		1	1
		1	850,001
Creditors: Amounts falling due within one year		-	(836,898)
Net assets		1	13,103
Capital and reserves
Called up share capital		1	1
Profit and loss account		-	13,102
Shareholders' funds		1	13,103

For the financial year ending 31 March 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.

•	As permitted by s444(5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 December 2016 and signed on its behalf by:
 

.........................................

P J Goodes

Director

The notes on pages 3 to 4 form an integral part of these financial statements.
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Densmith Limited
(Registration number: 06444170)

Notes to the Financial Statements for the Year Ended 31 March 2016

1	General information

The company is a private company limited by share capital incorporated in the United Kingdom.

The address of its registered office is:
Eagle House
1 Babbage Way
Exeter Science Park
Exeter
Devon
EX5 2FN

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company became dormant in the year ended 31 March 2016 when it disposed of its work in progress. The directors intend to strike off the company within 12 months of the year end. No adjustment is required to the value of the assets as a result of the company ceasing to trade.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when: - the amount of revenue can be reliably measured; - it is probable that future economic benefits will flow to the entity; - legal completion has taken place.

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

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Densmith Limited
(Registration number: 06444170)

Notes to the Financial Statements for the Year Ended 31 March 2016

Work in progress

Work in progress is valued at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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