Small World Collaboration Ltd Small abridged accounts

SMALL WORLD COLLABORATION LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Small World Collaboration Ltd have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05750102

Small World Collaboration Ltd

Unaudited Abridged Financial Statements

31 December 2016

KINGS ACCOUNTING LTD

Chartered Certified Accountants

41 High Street

Green St Green

Orpington

Kent

BR6 6BG

Small World Collaboration Ltd

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Small World Collaboration Ltd

Officers and Professional Advisers

Director	Mr K Cody

Company secretary	Chloe Neild

Registered office	Holborn Studios
	49/50 Eagle Wharf Road
	London
	London
	England
	N1 7ED

Accountants	KINGS ACCOUNTING LTD
	Chartered Certified Accountants
	41 High Street
	Green St Green
	Orpington
	Kent
	BR6 6BG

Small World Collaboration Ltd

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	6		16,810	22,413

Current assets

Debtors	229,486	323,853
Cash at bank and in hand	266,574	159,077
	---------	---------
	496,060	482,930

Creditors: amounts falling due within one year	196,943		164,983
	---------		---------
Net current assets		299,117	317,947
		---------	---------
Total assets less current liabilities		315,927	340,360
		---------	---------
Net assets		315,927	340,360
		---------	---------

Capital and reserves

Called up share capital	1,578	1,578
Profit and loss account	314,349	338,782
	---------	---------
Members funds	315,927	340,360
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

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

Small World Collaboration Ltd

Abridged Statement of Financial Position (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 9 March 2017 , and are signed on behalf of the board by:

Mr K Cody
Director

Company registration number: 05750102

Small World Collaboration Ltd

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Holborn Studios, 49/50 Eagle Wharf Road, London, London, England, N1 7ED.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents net invoiced fees, excluding value added tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% reducing balance
Fixtures and Fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 10 (2015: 9).

5. Profit before taxation

Profit before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	5,603	7,472
	-------	-------

6. Tangible assets

	£
Cost
At 1 January 2016 and 31 December 2016	97,456
	--------
Depreciation
At 1 January 2016	75,043
Charge for the year	5,603
	--------
At 31 December 2016	80,646
	--------
Carrying amount
At 31 December 2016	16,810
	--------
At 31 December 2015	22,413
	--------

7. Director's advances, credits and guarantees

At the year end the balance on K Cody's director's current account was £646.14 credit and this is included in Other Creditors

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.