| Lupe Technology Limited |
| Notes to the Accounts |
| for the year ended 31 August 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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At the balance sheet date the company has net liabilities of £27,131 (2016 liabilities £88,586) which suggests that the going concern basis may not be appropriate. The company is engaged in developing a range of vacuum cleaners and is expected to incur losses initially until completion and marketing of the product. The directors have given informal assurance that they will continue to provide support to the company through loans to allow it to continue in operation for the foreseeable future and until completion of the project. The directors therefore consider it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support. |
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|
Cash and cash equivalents |
|
Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
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|
Government Grants |
|
Government Grants are recognised under the accrual model. Income is recognised on a systematic basis over the periods where related costs are recognised. |
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| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
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| 3 |
Taxation |
2017 |
|
2016 |
| £ |
£ |
|
|
R&D Tax Credit |
12,918 |
|
- |
|
|
|
|
|
|
|
12,918 |
|
- |
|
|
|
|
|
|
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|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Other debtors |
1,421 |
|
2,340 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Other creditors |
56,500 |
|
91,900 |
|
|
|
|
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| 6 |
Related party transactions |
|
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Included in Other Creditors are amounts owed to the directors, Pablo Montero-Cowell £27,610 (2016 £49,310) and Lucas Horne £27,410 (2016 £41,110). |
|
| 7 |
Other information |
|
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Lupe Technology Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
13 Castle Farm Road |
|
Hanham |
|
Bristol |
|
BS15 3NJ |
