First Cut UK Ltd Company Accounts
First Cut UK Ltd Company Accounts
COMPANY REGISTRATION NUMBER:
7167101
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Financial Statements |
Year ended 28 February 2017
Contents |
Page |
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
Statement of financial position |
2 |
Notes to the financial statements |
4 |
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Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 28 February 2017
P.O. Box 10901
Birmingham
B1 1ZQ
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Debtors |
6 |
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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 |
7 |
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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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Creditors: amounts falling due after more than one year |
8 |
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– |
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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.
Director's 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 director acknowledges her 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
30 November 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
7167101
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Notes to the Financial Statements |
Year ended 28 February 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 C/O Vaghela & Co (Services) Ltd, 145 Granville Street, Birmingham, B1 1SB.
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 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date except that deferred tax assets are recognised only to the extent that the directors anticipate that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax balances are not discounted.
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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Fixtures & fittings |
- |
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Motor vehicles |
- |
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Equipment |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Provisions
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to
18
(2016:
16
).
5.
Tangible assets
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 March 2016 |
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– |
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Additions |
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– |
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--------- |
------- |
-------- |
------- |
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At 28 February 2017 |
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--------- |
------- |
-------- |
------- |
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Depreciation |
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At 1 March 2016 |
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– |
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Charge for the year |
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--------- |
------- |
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At 28 February 2017 |
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------- |
-------- |
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Carrying amount |
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At 28 February 2017 |
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------- |
-------- |
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At 29 February 2016 |
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– |
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------- |
-------- |
------- |
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6.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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– |
Other debtors |
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7.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
– |
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Corporation tax |
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Social security and other taxes |
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Pension Fund |
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– |
Other creditors |
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8.
Creditors:
amounts falling due after more than one year
2017 |
2016 |
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£ |
£ |
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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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The deferred tax account consists of the tax effect of timing differences in respect of:
2017 |
2016 |
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£ |
£ |
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Accelerated capital allowances |
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------- |
-------- |
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10.
Called up share capital
Authorised share capital
2017 |
2016 |
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No. |
£ |
No. |
£ |
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1,000 |
1,000 |
1,000 |
1,000 |
------- |
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Issued, called up and fully paid
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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11.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
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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2016 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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(
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(
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12.
Related party transactions
Included within debtors is an amount due from Pennai Construction Limited, an associated company, of £28,653 (2015 - £31,347 Creditor). The loan is interest free and for an indefinate period, however it is repayable on demand. The director,
Mrs M. Gill
, received dividends amounting to £7,000 for the year under review.
13.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.