Changing Minds Ltd Company Accounts
Changing Minds Ltd Company Accounts
COMPANY REGISTRATION NUMBER:
06194653
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Financial Statements |
Year ended 31 March 2017
Contents |
Page |
Statement of financial position |
1 |
Notes to the financial statements |
3 |
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Debtors |
7 |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
8 |
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--------- |
--------- |
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Net current assets |
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--------- |
--------- |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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--------- |
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Net assets |
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--------- |
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Capital and reserves
Called up share capital |
10 |
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Profit and loss account |
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--------- |
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Members funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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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 financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2017
, and are signed on behalf of the board by:
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Director |
Company registration number:
06194653
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Notes to the Financial Statements |
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 810 Mandarin Court, Centre Park, Warrington, WA1 1GG.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
Judgements and key sources of estimation uncertainty
Revenue recognition
Income tax
Tangible assets
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 & Machinery |
- |
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Impairment of fixed assets
Provisions
Financial instruments
Defined contribution plans
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2016:
4
).
5.
Tax on profit
Major components of tax expense
2017 |
2016 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Adjustments in respect of prior periods |
– |
(
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-------- |
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Total current tax |
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-------- |
-------- |
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Deferred tax:
Origination and reversal of timing differences |
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(
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Tax on profit |
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-------- |
-------- |
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6.
Tangible assets
Plant and machinery |
Total |
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£ |
£ |
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Cost |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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-------- |
-------- |
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At 31 March 2017 |
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-------- |
-------- |
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Carrying amount |
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At 31 March 2017 |
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-------- |
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At 31 March 2016 |
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7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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--------- |
--------- |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
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Other creditors |
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– |
-------- |
-------- |
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9.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017 |
2016 |
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£ |
£ |
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Included in provisions |
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---- |
---- |
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10.
Called up share capital
Issued, called up and fully paid
2017 |
2016 |
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No. |
£ |
No. |
£ |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
---- |
---- |
---- |
---- |
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---- |
---- |
---- |
---- |
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11.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017 |
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Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
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£ |
£ |
£ |
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(
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(
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(
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(
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------- |
---- |
------- |
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(
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(
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------- |
---- |
------- |
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2016 |
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Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
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£ |
£ |
£ |
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(
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(
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(
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(
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------- |
---- |
------- |
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(
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(
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------- |
---- |
------- |
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12.
Related party transactions
13.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.