Strathclyde University Incubator Limited - Accounts to registrar (filleted) - small 17.3
Strathclyde University Incubator Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2017 |
| for |
| Strathclyde University Incubator Limited |
| Strathclyde University Incubator Limited (Registered number: SC108665) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Strathclyde University Incubator Limited |
| Company Information |
| for the Year Ended 31 July 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Accountants |
| Titanium 1 |
| King's Inch Place |
| Renfrew |
| PA4 8WF |
| Strathclyde University Incubator Limited (Registered number: SC108665) |
| Balance Sheet |
| 31 July 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve |
| Capital redemption reserve |
| Fair value reserve | ( |
) | ( |
) |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The director acknowledges her 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. |
| Strathclyde University Incubator Limited (Registered number: SC108665) |
| Balance Sheet - continued |
| 31 July 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| Strathclyde University Incubator Limited (Registered number: SC108665) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2017 |
| 1. | STATUTORY INFORMATION |
| Strathclyde University Incubator Limited is a |
| Scotland. 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 (£). |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company has transitioned to FRS 102 from previously extant UK GAAP as at 01 August 2016. |
| The reported financial position and financial performance for the previous period are not affected by |
| the transition to FRS 102. |
| 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 |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Strathclyde University Incubator Limited (Registered number: SC108665) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
| of the lease. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2016 - 2 ). |
| Strathclyde University Incubator Limited (Registered number: SC108665) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and | Motor |
| leasehold | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 August 2016 |
| and 31 July 2017 |
| DEPRECIATION |
| At 1 August 2016 |
| Charge for year |
| At 31 July 2017 |
| NET BOOK VALUE |
| At 31 July 2017 |
| At 31 July 2016 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | Investments | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 August 2016 | 87,817 |
| Additions | 3,550 |
| Revaluations | ( |
) | (1,500 | ) |
| At 31 July 2017 | 89,867 |
| PROVISIONS |
| At 1 August 2016 | - | 71,476 | 71,476 |
| Provision for year | - | 10,264 | 10,264 |
| At 31 July 2017 | - | 81,740 | 81,740 |
| NET BOOK VALUE |
| At 31 July 2017 | 8,127 |
| At 31 July 2016 | 16,341 |
| Strathclyde University Incubator Limited (Registered number: SC108665) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Amounts owed related company | 15,000 | 20,000 |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 2,588 | 3,829 |
| Other creditors |
| Accruals and deferred income |
| 9. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Other provisions |
| Bad Debt Reserve | 12,000 | 18,913 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary Shares | 1 | 345,000 | 345,000 |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is under the control of the University of Strathclyde. |
| Strathclyde University Incubator Limited (Registered number: SC108665) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2017 |
| 12. | FIRST YEAR ADOPTION |
| For all periods up to and including the year ended 31 July 2016, the Company prepared its financial |
| statements in accordance with previously exant United Kingdom generally accepted accounting |
| practice (UK GAAP). These financial statements, for the year ended 31 July 2017 are the first year |
| the Company has prepared in accordance with FRS102. The significant accounting policies in |
| meeting those requirements are described in relevant notes. |
| In preparing these financial statements, the Company started from an opening balance sheet at the |
| Company's date of transition to FRS 102, and made those changes in accounting policies and other |
| restatements required for the first-time adoption of FRS102. There has been no material impact to the |
| Company's financial position, results or cashflows as a result of restating its financial statements. |