Boardworks Limited - Period Ending 2016-09-30

Registration number: 04064340

Boardworks Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Critchleys LLP
Chartered Accountants
Greyfriars Court
Paradise Square
Oxford
OX1 1BE

Boardworks Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Boardworks Limited - Registration number: 04064340
Balance Sheet as at 30 September 2016

		Note			2016						2015
	£			£			£			£
Fixed assets
Intangible fixed assets								660,387						581,474
Tangible fixed assets		2						558						443
								660,945						581,917
Current assets
Debtors					2,283,709						1,279,330
Cash at bank and in hand					329,359						370,576
					2,613,068						1,649,906
Creditors: Amounts falling due within one year					(1,196,562)						(915,947)
Net current assets								1,416,506						733,959
Total assets less current liabilities								2,077,451						1,315,876
Creditors: Amounts falling due after more than one year								(713,461)						(617,851)
Provisions for liabilities								-						(175,000)
Net assets								1,363,990						523,025
Capital and reserves
Called up share capital		3			100						100
Profit and loss account					1,363,890						522,925
Shareholders' funds								1,363,990						523,025

The notes on pages 3 to 5 form an integral part of these financial statements.
  Page 1

Boardworks Limited - Registration number: 04064340
Balance Sheet as at 30 September 2016
......... continued

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 22 December 2016 and signed on its behalf by:

.........................................
David Blake
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
  Page 2

Boardworks Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers during the year. Where subscriptions cover periods in excess of one year, subscription income is recognised on a time basis.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Software development costs	Commencing in year of revenue stream over 3 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Plant and machinery	25% straight line basis
Fixtures, fittings and equipment	25% straight line basis
Bike scheme equipment	50% straight line basis
Development tools	33% straight line basis

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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Boardworks Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2015		1,228,775			32,826			1,261,601
Additions		732,756			1,090			733,846
Disposals		-			(29,314)			(29,314)
At 30 September 2016		1,961,531			4,602			1,966,133
Depreciation
At 1 October 2015		647,301			32,383			679,684
Charge for the year		653,843			975			654,818
Eliminated on disposals		-			(29,314)			(29,314)
At 30 September 2016		1,301,144			4,044			1,305,188
Net book value
At 30 September 2016		660,387			558			660,945
At 30 September 2015		581,474			443			581,917

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Boardworks Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The company is controlled by the directors by virtue of their holding the entire share capital of BK Holdings Limited, the ultimate parent undertaking.

Page 5