ACCOUNTS - Final Accounts

Caseware UK (AP4) 2014.0.91 2014.0.91 2016-03-312016-03-31false2015-04-01Emergency medical servicestrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseDebt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 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 the Statement of comprehensive income. 07125674 2015-04-01 2016-03-31 07125674 2016-03-31 07125674 2015-03-31 07125674 c:CompanySecretary1 2015-04-01 2016-03-31 07125674 c:Director1 2015-04-01 2016-03-31 07125674 c:RegisteredOffice 2015-04-01 2016-03-31 07125674 c:Agent1 2015-04-01 2016-03-31 07125674 d:OfficeEquipment 2015-04-01 2016-03-31 07125674 d:OfficeEquipment 2016-03-31 07125674 d:OfficeEquipment 2015-03-31 07125674 d:OfficeEquipment d:OwnedOrFreeholdAssets 2015-04-01 2016-03-31 07125674 d:ComputerEquipment 2015-04-01 2016-03-31 07125674 d:ComputerEquipment 2016-03-31 07125674 d:ComputerEquipment 2015-03-31 07125674 d:ComputerEquipment d:OwnedOrFreeholdAssets 2015-04-01 2016-03-31 07125674 d:OwnedOrFreeholdAssets 2015-04-01 2016-03-31 07125674 d:FreeholdInvestmentProperty 2016-03-31 07125674 d:FreeholdInvestmentProperty 2015-03-31 07125674 d:CurrentFinancialInstruments 2016-03-31 07125674 d:CurrentFinancialInstruments 2015-03-31 07125674 d:Non-currentFinancialInstruments 2016-03-31 07125674 d:Non-currentFinancialInstruments 2015-03-31 07125674 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 07125674 d:CurrentFinancialInstruments d:WithinOneYear 2015-03-31 07125674 d:ShareCapital 2016-03-31 07125674 d:ShareCapital 2015-03-31 07125674 d:RetainedEarningsAccumulatedLosses 2016-03-31 07125674 d:RetainedEarningsAccumulatedLosses 2015-03-31 07125674 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-03-31 07125674 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2015-03-31 07125674 d:FinancialAssetsAmortisedCost 2016-03-31 07125674 d:FinancialAssetsAmortisedCost 2015-03-31 07125674 d:FinancialLiabilitiesAmortisedCost 2016-03-31 07125674 d:FinancialLiabilitiesAmortisedCost 2015-03-31 07125674 c:FRS102 2015-04-01 2016-03-31 07125674 c:AuditExempt-NoAccountantsReport 2015-04-01 2016-03-31 07125674 c:FullAccounts 2015-04-01 2016-03-31 07125674 c:PrivateLimitedCompanyLtd 2015-04-01 2016-03-31 iso4217:GBP xbrli:pure

Registered number: 07125674

I78 LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

I78 LTD

COMPANY INFORMATION

Director	Ripon Ahmed


Company secretary	A Bashir


Registered number	07125674


Registered office	78 Sharrow Lane
	Sheffield
	South Yorkshire
	S11 8AL


Accountants	Shipleys Tax Planning
	Wharf House
	Victoria Quays
	Wharf Street
	Sheffield
	S2 5SY


Bankers	HSBC
	49 - 63 Fargate
	Sheffield
	South Yorkshire
	S1 2HD

I78 LTD

CONTENTS

	Page
Balance sheet	1 - 2
Notes to the financial statements	3 - 9

I78 LTD

REGISTERED NUMBER: 07125674

BALANCE SHEET

AS AT 31 MARCH 2016

		2016		2015
Note		£		£

Fixed assets
Tangible assets	4		2,033		1,631
Investment property	5		68,000		68,000
			70,033		69,631
Current assets
Debtors: amounts falling due after more than one year	6	41,000		41,000
Debtors: amounts falling due within one year	6	-		834
Current asset investments	7	35,000		35,000
Cash at bank and in hand	8	45,909		32,687
		121,909		109,521
Creditors: amounts falling due within one year	9	(15,064)		(16,670)
Net current assets			106,845		92,851
Total assets less current liabilities			176,878		162,482

Net assets			176,878		162,482

Capital and reserves
Called up share capital	1	1
Profit and loss account	176,877	162,481
	176,878	162,482

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 December 2016.

Page 1

I78 LTD

REGISTERED NUMBER: 07125674

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2016

Ripon Ahmed

Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

I78 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

1.	General information

I78 Limited is a company domiciled in England & Wales, registration number 07125674. The registered office is 78 Sharrow Lae, Sheffield South Yorkshire, S11 8AL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

·the Company has transferred the significant risks and rewards of ownership to the buyer;

·the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the transaction; and

·the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the contract;

·the stage of completion of the contract at the end of the reporting period can be measured reliably; and

·the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

I78 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Office equipment	-	25%	straight line
				Computer equipment	-	33%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

2.5

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.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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

Page 4

I78 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

2.Accounting policies (continued)

2.7

Financial instruments (continued)

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.10

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Employees

The average monthly number of employees, including directors, during the year was 2 (2015 - 2).

Page 5

I78 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

	4.	Tangible fixed assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 April 2015	131	3,372	3,503
Additions	-	859	859
Disposals	-	(711)	(711)
At 31 March 2016	131	3,520	3,651
Depreciation
At 1 April 2015	85	1,787	1,872
Charge for the period on owned assets	46	411	457
Disposals	-	(711)	(711)
At 31 March 2016	131	1,487	1,618
Net book value
At 31 March 2016	-	2,033	2,033
At 31 March 2015	46	1,585	1,631

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2015	68,000
	At 31 March 2016	68,000

The 2016 valuations were made by Dr Ripon Ahmed, the director of the company, on an open market value for existing use basis.

6.	Debtors
		2016	2015
		£	£

Due after more than one year

Page 6

I78 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

6.Debtors (continued)

Other debtors	41,000	41,000
	41,000	41,000

					2016	2015
					£	£

Due within one year
Other debtors	-	834
	-	834

7.	Current asset investments
		2016	2015
		£	£

Unlisted investments	35,000	35,000
	35,000	35,000

8.	Cash and cash equivalents
		2016	2015
		£	£

Cash at bank and in hand	45,909	32,687
	45,909	32,687

9.	Creditors: Amounts falling due within one year
		2016	2015
		£	£

Corporation tax	14,045	14,630
Accruals and deferred income	1,019	2,040
	15,064	16,670

Page 7

I78 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

10.	Financial instruments
		2016	2015
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	45,909	32,687
Financial assets that are debt instruments measured at amortised cost	76,000	76,834
	121,909	109,521

Financial liabilities
Financial liabilities measured at amortised cost	(1,020)	(2,040)
	(1,020)	(2,040)

Financial assets measured at fair value through profit or loss comprise investment property.

Page 8


I78 LTD

11.

First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 9