| H2O Law Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% straight line |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Going basis of accounting |
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The accounts have been prepared on the going concern basis notwithstanding the deficit shown on the Balance Sheet on the grounds that the director is willing to support the company by extending the credit facility on its outstanding debts until the company is in the financial position to do so. In addition, the director is not seeking repayment of its loan until the company returns to profiability. |
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| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
|
1 |
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| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
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Cost |
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At 1 April 2016 |
85,000 |
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At 31 March 2017 |
85,000 |
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Amortisation |
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At 1 April 2016 |
72,604 |
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Provided during the year |
12,396 |
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At 31 March 2017 |
85,000 |
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Net book value |
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At 31 March 2017 |
- |
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At 31 March 2016 |
12,396 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years. |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
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At 1 April 2016 |
2,818 |
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Additions |
1,048 |
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At 31 March 2017 |
3,866 |
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Depreciation |
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At 1 April 2016 |
2,364 |
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Charge for the year |
716 |
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At 31 March 2017 |
3,080 |
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Net book value |
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At 31 March 2017 |
786 |
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At 31 March 2016 |
454 |
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| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
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Trade debtors |
927 |
|
8,641 |
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Other debtors |
3,202 |
|
5,625 |
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4,129 |
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14,266 |
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| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
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Trade creditors |
113 |
|
5,053 |
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Other taxes and social security costs |
97 |
|
627 |
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Other creditors |
150,984 |
|
225,908 |
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|
151,194 |
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231,588 |
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| 7 |
Other information |
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H2O Law Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
1 Silex Street |
|
Southwark |
|
London |
|
London |
