Use-IP Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06517588 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

USE-IP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Stewkesbury

Mrs S T Stewkesbury

SECRETARY:

P J Stewkesbury

REGISTERED OFFICE:

Floor 1 Maritime House

178-180 Snargate Street

Dover

Kent

CT17 9BZ

REGISTERED NUMBER:

06517588 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Charlton House

Dour Street

DOVER

Kent

CT16 1BL

FIXED ASSETS

Tangible assets

4

1,825

1,565

CURRENT ASSETS

Stocks

5,697

10,640

Debtors

5

24,091

31,159

Cash at bank

75,711

65,246

105,499

107,045

CREDITORS

Amounts falling due within one year

6

89,163

89,883

NET CURRENT ASSETS

16,336

17,162

TOTAL ASSETS LESS CURRENT LIABILITIES

18,161

18,727

PROVISIONS FOR LIABILITIES

347

313

NET ASSETS

17,814

18,414

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

17,714

18,314

SHAREHOLDERS' FUNDS

17,814

18,414

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 December 2017 and were signed on its behalf by:

P J Stewkesbury - Director

1.	STATUTORY INFORMATION

Use-IP Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year. These policies have been consistently applied to all years

presented unless otherwise stated.

These financial statements, for the year 31 March 2017, are the first financial statements that comply with FRS

102 Section 1A "Small Entities". The date of transition is 1 April 2015.

The transition to FRS 102 Section 1A "Small Entities" has not resulted in any changes to the accounting policies

or to the opening equity and profit for the comparative period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2016

1,870

7,745

9,615

Additions

-

1,544

1,544

At 31 March 2017

1,870

9,289

11,159

DEPRECIATION

At 1 April 2016

1,393

6,657

8,050

Charge for year

119

1,165

1,284

At 31 March 2017

1,512

7,822

9,334

NET BOOK VALUE

At 31 March 2017

358

1,467

1,825

At 31 March 2016

477

1,088

1,565

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

24,091

31,159

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

76,443

73,959

Tax

7,544

12,566

Social security and other taxes

2,512

2,408

Other creditors

2,664

950

89,163

89,883

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.17

31.3.16

£

£

Within one year

6,580

-

Between one and five years

10,000

-

16,580

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

100

Ordinary

£1

100

100