Ontology Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04607597 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Ontology Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B W Turney

Dr P Harrison

SECRETARY:

B W Turney

REGISTERED OFFICE:

7 Lindum Terrace

Lincoln

LN2 5RP

REGISTERED NUMBER:

04607597 (England and Wales)

ACCOUNTANTS:

Stanbridge Associates Limited

7 Lindum Terrace

Lincoln

Lincolnshire

LN2 5RP

FIXED ASSETS

Tangible assets

4

695

926

CURRENT ASSETS

Cash at bank

18,843

11,543

CREDITORS

Amounts falling due within one year

5

5,307

1,819

NET CURRENT ASSETS

13,536

9,724

TOTAL ASSETS LESS CURRENT LIABILITIES

14,231

10,650

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

14,229

10,648

14,231

10,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 November 2017 and were signed on its behalf by:

B W Turney - Director

1.	STATUTORY INFORMATION

Ontology Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% Reducing Balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have

been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred tax

is measured using tax rates and laws that have been enacted or substantively enacted by the

year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

23,130

DEPRECIATION

At 1 April 2016

22,204

Charge for year

231

At 31 March 2017

22,435

NET BOOK VALUE

At 31 March 2017

695

At 31 March 2016

926

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

-

(1

)

Taxation and social security

4,545

-

Other creditors

762

1,820

5,307

1,819