SOMERSHAW LIMITED Small abridged accounts
SOMERSHAW LIMITED Small abridged accounts
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Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
01724059
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Abridged Financial Statements |
Year ended 30 June 2017
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Contents |
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Officers and professional advisers |
1 |
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Abridged statement of financial position |
2 to 3 |
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Notes to the abridged financial statements |
4 to 5 |
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Officers and Professional Advisers |
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The board of directors |
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Company secretary |
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Registered office |
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Accountants |
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Chartered accountant |
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132 Burnt Ash Road |
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Lee |
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London |
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SE12 8PU |
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Bankers |
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15 The Village |
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Blackheath |
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London |
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SE3 9LH |
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Abridged Statement of Financial Position |
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2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
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Tangible assets |
4 |
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Current assets
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Debtors |
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Cash at bank and in hand |
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------- |
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Creditors: amounts falling due within one year |
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------- |
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Net current assets |
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------- |
------- |
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Total assets less current liabilities |
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------- |
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Capital and reserves
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Called up share capital |
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Profit and loss account |
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------- |
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Members funds |
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------- |
------- |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 March 2018
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
01724059
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Notes to the Abridged Financial Statements |
Year ended 30 June 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 Flat 2, 10 The Glebe, Blackheath, London, SE3 9TG.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue recognition
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all timing differences to the extent that it is considered that a net liability may arise.
Tangible assets
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4.
Tangible assets
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£ |
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Cost |
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At 1 July 2016 and 30 June 2017 |
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------- |
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Depreciation |
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At 1 July 2016 and 30 June 2017 |
– |
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------- |
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Carrying amount |
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At 30 June 2017 |
5,767 |
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5.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRSSE. Included in income are contributions from shareholders totalling £9,740.
6.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.