Frogfish Group Ltd Company Accounts

Frogfish Group Ltd Company Accounts

FROGFISH GROUP LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10320229
Frogfish Group Ltd
Filleted Unaudited Financial Statements
31 March 2017
Frogfish Group Ltd
Financial Statements
Period from 9 August 2016 to 31 March 2017
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Statement of changes in equity
3
Notes to the financial statements
4
Frogfish Group Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Frogfish Group Ltd
Period from 9 August 2016 to 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Frogfish Group Ltd for the period ended 31 March 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Frogfish Group Ltd, as a body, in accordance with the terms of our engagement letter dated 12 August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Frogfish Group Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Frogfish Group Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Frogfish Group Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Frogfish Group Ltd. You consider that Frogfish Group Ltd is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Frogfish Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MOORE GREEN Chartered accountant
22 Friars Street Sudbury Suffolk CO10 2AA
21 November 2017
Frogfish Group Ltd
Statement of Financial Position
31 March 2017
31 Mar 17
Note
£
Current assets
Stocks
560
Debtors
4
6,058
Cash at bank and in hand
1,701
-------
8,319
Creditors: amounts falling due within one year
5
5,869
-------
Net current assets
2,450
-------
Total assets less current liabilities
2,450
-------
Net assets
2,450
-------
Capital and reserves
Called up share capital
100
Profit and loss account
2,350
-------
Shareholders funds
2,450
-------
These 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 comprehensive income has not been delivered.
For the period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 October 2017 , and are signed on behalf of the board by:
Mr R Kemsley
Mrs J L Kemsley
Director
Director
Company registration number: 10320229
Frogfish Group Ltd
Statement of Changes in Equity
Period from 9 August 2016 to 31 March 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 9 August 2016
–
–
–
Profit for the period
15,370
15,370
----
--------
--------
Total comprehensive income for the period
–
15,370
15,370
Issue of shares
100
–
100
Dividends paid and payable
–
( 13,020)
( 13,020)
----
--------
--------
Total investments by and distributions to owners
100
( 13,020)
( 12,920)
----
--------
--------
At 31 March 2017
100
2,350
2,450
----
--------
--------
Frogfish Group Ltd
Notes to the Financial Statements
Period from 9 August 2016 to 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 22 Friars Street, Sudbury, Suffolk, CO10 2AA. The company trades from 45 Cambridge Road, Colchester, Essex, CO3 3NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
31 Mar 17
£
Trade debtors
5,750
Other debtors
308
-------
6,058
-------
5. Creditors: amounts falling due within one year
31 Mar 17
£
Corporation tax
3,842
Other creditors
2,027
-------
5,869
-------
6. Directors' advances, credits and guarantees
There are no such transactions for the accounting period.