Desktop Enterprises Limited Company Accounts

DESKTOP ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07162543

Desktop Enterprises Limited

Filleted Unaudited Financial Statements

30 April 2017

Desktop Enterprises Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Report to the director on the preparation of the unaudited statutory financial statements	9

Desktop Enterprises Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		4,394	4,529

Current assets

Debtors	7	17,502	45,312
Cash at bank and in hand		150	150
		--------	--------
		17,652	45,462

Creditors: amounts falling due within one year	8	66,875		53,762
		--------		--------
Net current liabilities			49,223	8,300
			--------	-------
Total assets less current liabilities			( 44,829)	( 3,771)
			--------	-------
Net liabilities			( 44,829)	( 3,771)
			--------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 44,830)	( 3,772)
	--------	-------
Shareholders deficit	( 44,829)	( 3,771)
	--------	-------

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 income and retained earnings has not been delivered.

For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Desktop Enterprises Limited

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 23 October 2017 , and are signed on behalf of the board by:

Mr M O'Connor
Director

Company registration number: 07162543

Desktop Enterprises Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in . The address of the registered office is 55 High Street, Thornbury, Bristol, BS35 2AP.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no significant judgements or estimations made during the preparation of these accounts.

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.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Office equipment	-	15% reducing balance
Motor vehicles	-	20% reducing balance
Computer equipment	-	33% reducing balance

Impairment of fixed assets

At the end of the year the director reviewed the policy in relation to write down of goodwill and it was considered prudent to write off the remaining balance over 2 years starting with the current year.

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, 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 3 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 May 2016 and 30 April 2017	18,000
	--------
Amortisation
At 1 May 2016 and 30 April 2017	18,000
	--------
Carrying amount
At 30 April 2017	–
	--------
At 30 April 2016	–
	--------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 May 2016	328	3,800	6,463	10,591
Additions	1,075	–	954	2,029
	-------	-------	-------	--------
At 30 April 2017	1,403	3,800	7,417	12,620
	-------	-------	-------	--------
Depreciation
At 1 May 2016	161	2,555	3,346	6,062
Charge for the year	410	411	1,343	2,164
	-------	-------	-------	--------
At 30 April 2017	571	2,966	4,689	8,226
	-------	-------	-------	--------
Carrying amount
At 30 April 2017	832	834	2,728	4,394
	-------	-------	-------	--------
At 30 April 2016	167	1,245	3,117	4,529
	-------	-------	-------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	17,502	45,312
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	1,511	3,615
Trade creditors	1,107	1,124
Corporation tax	–	1,167
Social security and other taxes	7,644	10,669
Other creditors	56,613	37,187
	--------	--------
	66,875	53,762
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M O'Connor	( 36,437)	( 109,328)	90,702	( 55,063)
	--------	---------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M O'Connor	( 23,513)	( 76,086)	63,162	( 36,437)
	--------	--------	--------	--------

10. Related party transactions

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Desktop Enterprises Limited

Management Information

Year ended 30 April 2017

The following pages do not form part of the financial statements.

Desktop Enterprises Limited

Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Desktop Enterprises Limited

Year ended 30 April 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 Desktop Enterprises Limited for the year ended 30 April 2017, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

LOUISE GOULDING Chartered Certified Accountants

Louise Goulding Ltd Roadside Cottage Caerwent Monmouthshire NP26 5AZ

23 October 2017