Whatusersdo Limited - Period Ending 2016-05-31
Whatusersdo Limited - Period Ending 2016-05-31
Registration number:
Whatusersdo Limited
for the Year Ended 31 May 2016
Chartered Accountants
J W S Hopper Hill Road
Scarborough Business Park
Scarborough
North Yorkshire
YO11 3YS
Whatusersdo Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Whatusersdo Limited
Company Information
Directors |
Mr Nicholas Alan Imrie Mr Steven Robert Porthouse Mr Chris Wilds Mr Lee Duddell Mr Gerard Callaghan |
Registered office |
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Accountants |
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Page 1 |
Whatusersdo Limited
(Registration number: 06778056)
Balance Sheet as at 31 May 2016
Note |
2016 |
2015 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Whatusersdo Limited
(Registration number: 06778056)
Balance Sheet as at 31 May 2016
Approved and authorised by the
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Mr Nicholas Alan Imrie
Director
Page 3 |
Whatusersdo Limited
Notes to the Financial Statements for the Year Ended 31 May 2016
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
33% straight line |
Fixtures and fittings |
15% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Page 4 |
Whatusersdo Limited
Notes to the Financial Statements for the Year Ended 31 May 2016
Asset class |
Amortisation method and rate |
Website development costs |
15% straight line |
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 5 |
Whatusersdo Limited
Notes to the Financial Statements for the Year Ended 31 May 2016
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 June 2015 |
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Additions acquired separately |
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At 31 May 2016 |
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Amortisation |
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At 1 June 2015 |
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Amortisation charge |
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At 31 May 2016 |
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Carrying amount |
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At 31 May 2016 |
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At 31 May 2015 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
Page 6 |
Whatusersdo Limited
Notes to the Financial Statements for the Year Ended 31 May 2016
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2015 |
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Additions |
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At 31 May 2016 |
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Depreciation |
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At 1 June 2015 |
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Charge for the year |
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At 31 May 2016 |
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Carrying amount |
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At 31 May 2016 |
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At 31 May 2015 |
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Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 7 |
Whatusersdo Limited
Notes to the Financial Statements for the Year Ended 31 May 2016
Loans and borrowings |
2016 |
2015 |
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Non-current loans and borrowings |
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Other borrowings |
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Transition to FRS 102 |
Page 8 |