Play_Design_Ltd_31_Mar_2017_companies_house_set_of_accounts.html
Play_Design_Ltd_31_Mar_2017_companies_house_set_of_accounts.html
Company registration number:
Report to the directors on the preparation of the unaudited statutory financial statements of Play Design Ltd
Year ended 31 March 2017
As described on the statement of financial position, the Board of Directors of Play Design Ltd are responsible for the preparation of the financial statements for the year ended 31 March 2017 , which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
Unit 10 Block A
Arena Business Ctr.
Poole
BH17 7FJ
United Kingdom
Arena Business Ctr.
Poole
BH17 7FJ
United Kingdom
Date:
13 December 2017
Statement of Financial Position
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
|
|
||
| Current assets | |||||
| Stocks |
|
|
|||
| Debtors | 6 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: amounts falling due within one year | 7 |
(
|
) |
(
|
) |
| Net current assets |
|
|
|||
| Total assets less current liabilities | 167,549 | 52,340 | |||
| Creditors: amounts falling due after more than one year | 8 |
(
|
) | - | |
| Provision for liabilities |
(
|
) | (474 | ) | |
| Net assets |
|
|
|||
| Capital and reserves | |||||
| Called up share capital |
|
|
|||
| Profit and loss account |
|
|
|||
| Shareholders funds |
|
|
|||
For the year 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 year 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 December 2017 , and are signed on behalf of the board by:
| Director |
Company registration number:
05434741
Notes to the Financial Statements
Year ended 31 March 2017
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Chapel Lane , St. Ives , Cambridgeshire , PE27 5DX , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.
Current tax
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Office equipment |
Impairment
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.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Provision for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4 Average number of employees
5 Tangible assets
| Plant and machinery etc. | ||
|---|---|---|
| £ | ||
| Cost | ||
| At |
|
|
| Depreciation | ||
| At |
|
|
| Charge |
|
|
| At |
|
|
| Carrying amount | ||
| At |
|
|
| At 31 March 2016 |
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
| Plant and machinery | Plant and machinery | |||
|---|---|---|---|---|
| 2017 | 2016 | |||
| £ | £ | |||
| Aggregate historical cost | - | 5,883 | ||
| Aggregate depreciation | - | (820 | ) | |
| Carrying amount | - | 5,063 | ||
6 Debtors
| 2017 | 2016 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors |
|
|
||
| Other debtors |
|
|
||
|
|
|
|||
The debtors above include the following amounts falling due after more than one year:
| 2017 | 2016 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors |
|
|
||
| Other debtors |
|
|
||
|
|
|
|||
7 Creditors: amounts falling due within one year
| 2017 | 2016 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade creditors |
|
|
||
| Taxation and social security |
|
|
||
| Other creditors |
|
|
||
|
|
|
|||
8 Creditors: amounts falling due after more than one year
| 2017 | 2016 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other creditors |
|
- | ||