Blueorg (London) Limited Company Accounts

Blueorg (London) Limited Company Accounts

BLUEORG (LONDON) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3971312
Blueorg (London) Limited
Filleted Unaudited Financial Statements
31 August 2017
Blueorg (London) Limited
Financial Statements
Year ended 31 August 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Blueorg (London) Limited
Statement of Financial Position
31 August 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
933
1,496
Current assets
Debtors
6
6,893
15,078
Cash at bank and in hand
19,960
14,130
-------
-------
26,853
29,208
Creditors: amounts falling due within one year
7
24,569
22,567
-------
-------
Net current assets
2,284
6,641
------
------
Total assets less current liabilities
3,217
8,137
Provisions
Taxation including deferred tax
101
201
------
------
Net assets
3,116
7,936
------
------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
2,116
6,936
------
------
Shareholders funds
3,116
7,936
------
------
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 31 August 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 .
Blueorg (London) Limited
Statement of Financial Position (continued)
31 August 2017
These financial statements were approved by the board of directors and authorised for issue on 29 January 2018 , and are signed on behalf of the board by:
R S Mackenzie
Director
Company registration number: 3971312
Blueorg (London) Limited
Notes to the Financial Statements
Year ended 31 August 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5-11 Mortimer Street, London, W1T 3HS.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
(c) Revenue recognition
The turnover shown in the profit and loss account represents amounts due for services provided during the year, exclusive of Value Added Tax.
(d) Taxation
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 be paid or recovered 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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:
Fixtures & Fittings
-
20% reducing balance
Equipment
-
30% reducing balance
(g) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(h) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 September 2016
2,264
20,711
22,975
Disposals
–
( 16,868)
( 16,868)
------
-------
-------
At 31 August 2017
2,264
3,843
6,107
------
-------
-------
Depreciation
At 1 September 2016
2,098
19,381
21,479
Charge for the year
33
399
432
Disposals
–
( 16,737)
( 16,737)
------
-------
-------
At 31 August 2017
2,131
3,043
5,174
------
-------
-------
Carrying amount
At 31 August 2017
133
800
933
------
-------
-------
At 31 August 2016
166
1,330
1,496
------
-------
-------
6. Debtors
2017
2016
£
£
Trade debtors
5,080
12,960
Other debtors
1,813
2,118
------
-------
6,893
15,078
------
-------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,776
1,732
Corporation tax
6,306
4,497
Social security and other taxes
6,634
6,551
Other creditors
9,853
9,787
-------
-------
24,569
22,567
-------
-------
8. Related party transactions
The company is owned equally by its two directors Mr R Mackenzie and Ms J Shah. Included in other creditors is £7,053 (2016: £6,987) due to the directors.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.