GROOVY UK LIMITED - Accounts

GROOVY UK LIMITED - Accounts

GROOVY UK LIMITED - Company Information

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Registered Number : 04618091
England and Wales

 

 

 

GROOVY UK LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2017

End date: 31 December 2017

GROOVY UK LIMITED
Contents Page
For the year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GROOVY UK LIMITED for the year ended 31 December 2017 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of GROOVY UK LIMITED, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the financial statements of GROOVY UK LIMITED and state those matters that we have agreed to state to the Board of Directors of GROOVY UK LIMITED, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GROOVY UK LIMITED and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that GROOVY UK LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GROOVY UK LIMITED. You consider that GROOVY UK LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GROOVY UK LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.



....................................................
KD3 Financial Consultancy Ltd
Apex House, 7 Park Lane Business Centre
Basford
Nottingham
NG6 0DW
26 April 2018
1
 
 		 Notes
 		 2017
£		   2016
£
Fixed assets      
Intangible fixed assets 2 4,598    3,496 
Tangible fixed assets 3 71,464    70,174 
Investments 4 1    1 
76,063    73,671 
Current assets      
Stocks 294,773    544,600 
Debtors 750,856    717,841 
Cash at bank and in hand 112,102    37,887 
1,157,731    1,300,328 
Creditors: amount falling due within one year (740,245)   (891,145)
Net current assets 417,486    409,183 
 
Total assets less current liabilities 493,549    482,854 
Provisions for liabilities 164,400    207,065 
Net assets 657,949    689,919 
 

Capital and reserves 		     
Called up share capital 850,100    1,000,100 
Profit and loss account (192,151)   (310,181)
Shareholders funds 657,949    689,919 
 


For the year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The members have agreed to the preparation of abridged accounts.
Signed on behalf of the board of directors


--------------------------------
Monique Scott
Director

Date approved by the board: 26 April 2018
2
Statutory Information
GROOVY UK LIMITED is a private limited company, limited by shares, domiciled in England and Wales, registration number 04618091.

The presentation currency is £ sterling.
1.

Accounting Policies

Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Licences and patents
Licences and patents are stated at cost less amortisation. Amortisation of licences is calculated on a straight line basis over the life of the licence. Amortisation of patents is calculated on a straight line basis over the estimated expected useful economic life of the patents of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
                                            Fixtures & Fittings                                                                            25% reducing balance
                                            Computer Equipment                                                                      33% straight line
Motor Vehicles 25% Straight Line
Tooling 33% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Intangible fixed assets

Cost or Valuation Other   Total
  £   £
At 01 January 2017 3,596    3,596 
Additions 2,904    2,904 
Disposals -    - 
At 31 December 2017 6,500    6,500 
Amortisation
At 01 January 2017 100    100 
Charge for year 1,802    1,802 
On disposals -    - 
At 31 December 2017 1,902    1,902 
Net book values
At 31 December 2017 4,598    4,598 
At 31 December 2016 3,496    3,496 


3.

Tangible fixed assets

Cost or Valuation Tooling   Motor Vehicles   Total
  £   £   £
At 01 January 2017 308,424    13,755    322,179 
Additions 37,704    -    37,704 
Disposals (108,012)   (13,755)   (121,767)
At 31 December 2017 238,116    -    238,116 
Depreciation
At 01 January 2017 238,250    13,755    252,005 
Charge for year 36,414    -    36,414 
On disposals (108,012)   (13,755)   (121,767)
At 31 December 2017 166,652    -    166,652 
Net book values
Closing balance as at 31 December 2017 71,464    -    71,464 
Opening balance as at 01 January 2017 70,174    -    70,174 


4.

Investments

Cost or Valuation Other investments other than loans   Total
  £   £
At 01 January 2017 1    1 
Additions -    - 
Disposals -    - 
At 31 December 2017 1    1 

3