PLATOPUS SYSTEMS LIMITED - Filleted accounts

PLATOPUS SYSTEMS LIMITED - Filleted accounts

PLATOPUS SYSTEMS LIMITED - Company Information

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Registered number
04136660
PLATOPUS SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PLATOPUS SYSTEMS LIMITED
CONTENTS
Page
Balance sheet 1
Notes to the financial statements 2 - 3
PLATOPUS SYSTEMS LIMITED
Balance Sheet
as at 31 January 2017
Company Registration No. 04136660
Notes 2017 2016
£ £
Current assets
Debtors 2 162,332 -
Cash at bank and in hand 17,051 155,796
179,383 155,796
Creditors: amounts falling due within one year 3 (23,718) (132,977)
Net current assets 155,665 22,819
Net assets 155,665 22,819
Capital and reserves
Called up share capital 1 1
Profit and loss account 155,664 22,818
Shareholders' funds 155,665 22,819
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………..
Yousaf Shah
Director
Approved by the board on 6 September 2017
PLATOPUS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Financial instruments
The company only enters into basic financial statements 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.

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 of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Creditors
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2 Debtors 2017 2016
£ £
Corporation Tax repayable 14,833 -
Other debtors 147,499 -
162,332 -
3 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 20,200 22,967
Corporation tax - 5,705
Other taxes and social security costs 1,487 6,757
Other creditors 2,031 97,548
23,718 132,977
4 Other information
Platopus Systems Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: One Pancras Square, Kings Cross, London, N1C 4AG.
5 Transition to FRS 102
This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 January 2016. The date of transition to FRS 102 was 1 February 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.
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