The Data Source (UK) Limited Small abridged accounts

The Data Source (UK) Limited Small abridged accounts

ARGENTUM DATA SOLUTIONS LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of The Data Source (UK) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 08936427
The Data Source (UK) Limited
Unaudited Abridged Financial Statements
30 June 2017
The Data Source (UK) Limited
Abridged Financial Statements
Year ended 30 June 2017
Contents
Page
Director's report
1
Abridged statement of income and retained earnings
2
Abridged statement of financial position
3
Notes to the abridged financial statements
4
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
7
Notes to the detailed abridged income statement
8
The Data Source (UK) Limited
Director's Report
Year ended 30 June 2017
The director presents his report and the unaudited abridged financial statements of the company for the year ended 30 June 2017 .
Director
The director who served the company during the year was as follows:
Mr R Stephenson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 March 2018 and signed on behalf of the board by:
Mr R Stephenson
Director
Registered office:
26 Ferndale Avenue
Chertsey
Surrey
UK
KT16 9RB
The Data Source (UK) Limited
Abridged Statement of Income and Retained Earnings
Year ended 30 June 2017
2017
2016
Note
£
£
Gross profit
43,703
66,592
Distribution costs
833
–
Administrative expenses
30,352
74,110
--------
--------
Operating profit/(loss)
12,518
( 7,518)
--------
--------
Profit/(loss) before taxation
12,518
( 7,518)
Tax on profit/(loss)
257
–
--------
-------
Profit/(loss) for the financial year and total comprehensive income
12,261
( 7,518)
--------
-------
Dividends paid and payable
( 12,000)
–
Retained losses at the start of the year
( 11,233)
( 3,715)
--------
--------
Retained losses at the end of the year
( 10,972)
( 11,233)
--------
--------
All the activities of the company are from continuing operations.
The Data Source (UK) Limited
Abridged Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
Current assets
Debtors
12,727
15,703
Cash at bank and in hand
100
100
--------
--------
12,827
15,803
Creditors: amounts falling due within one year
22,799
26,036
--------
--------
Net current liabilities
9,972
10,233
-------
--------
Total assets less current liabilities
( 9,972)
( 10,233)
-------
--------
Net liabilities
( 9,972)
( 10,233)
-------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 10,972)
( 11,233)
--------
--------
Shareholders deficit
( 9,972)
( 10,233)
--------
--------
These abridged financial statements have been prepared 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'.
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 27 March 2018 , and are signed on behalf of the board by:
Mr R Stephenson
Director
Company registration number: 08936427
The Data Source (UK) Limited
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 26 Ferndale Avenue, Chertsey, Surrey, KT16 9RB, UK.
2. Statement of compliance
These abridged 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
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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 pay or recover 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).
5. Director's advances, credits and guarantees
6. Related party transactions
The company was under the control of Mr R. Stephenson throughout the current year. Mr R Stephenson is the managing director and majority shareholder. The Mr R. Stephenson owed the company £12,727(2016 £1,373)at the year ended 30th June 2017.This was repaid within 9 months of the year end.
The Data Source (UK) Limited
Management Information
Year ended 30 June 2017
The following pages do not form part of the abridged financial statements.
The Data Source (UK) Limited
Detailed Abridged Income Statement
Year ended 30 June 2017
2017
2016
£
£
Turnover
82,400
804,636
Cost of sales
Data purchases
19,577
730,544
Subcontractor costs
19,120
7,500
--------
---------
38,697
738,044
--------
---------
Gross profit
43,703
66,592
Overheads
Distribution costs
833
–
Administrative expenses
Rent
9,039
10,592
Light and heat
1,292
1,002
Insurance
188
114
Repairs and maintenance (allowable)
735
2,696
Wages and salaries
3,135
25,837
Travel and subsistence
3,571
10,550
Hire costs (non-operating leases)
–
159
Telephone
5,329
5,888
Printing postage and stationery
219
448
Staff welfare
–
2,115
Sundry expenses
693
2,677
Subscriptions & donations
208
–
Computer software & website
–
208
Marketing
2,245
8,913
Bank charges
1,358
236
Accountancy fees
2,340
2,675
--------
--------
30,352
74,110
--------
--------
31,185
74,110
--------
--------
Operating profit/(loss)
12,518
( 7,518)
--------
--------
Profit/(loss) before taxation
12,518
(7,518)
--------
--------
The Data Source (UK) Limited
Notes to the Detailed Abridged Income Statement
Year ended 30 June 2017
2017
2016
£
£
Distribution costs
Commissions paid
833
–
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