Terracrystals Limited - Period Ending 2017-03-31

Registration number: 08463260

Terracrystals Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Terracrystals Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 3

Terracrystals Limited

(Registration number: 08463260)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	3	14,671	13,171
Creditors: Amounts falling due within one year	4	(19,888)	(14,368)
Net liabilities		(5,217)	(1,197)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(5,317)	(1,297)
Total equity		(5,217)	(1,197)

For the financial 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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 December 2017
 

.........................................

I R Bruce

Director

The notes on pages 2 to 3 form an integral part of these financial statements.

Page 1

Terracrystals Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit 1 The Old Coach Yard
East Coker
Yeovil
Somerset
BA22 9HY

These financial statements were authorised for issue by the director on 15 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. There have been no changes to accounting policies following the transition to the Financial Reporting Standard 102 Section 1A.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The date of transition to FRS102 was 1 April 2015.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website development costs	0% straight line

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 2

Terracrystals Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
At 1 April 2016	13,171	13,171
Additions acquired separately	1,500	1,500
At 31 March 2017	14,671	14,671
Amortisation
Carrying amount
At 31 March 2017	14,671	14,671
At 31 March 2016	13,171	13,171

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

4

Creditors

	Note	2017 £	2016 £
Due within one year
Other creditors		19,888	14,368

5	Transition to FRS 102

There have been no numerical changes to the accounts or to previous periods in respect of FRS102 (Section 1A).

Page 3