TRUSTWORTHY LIMITED Company Accounts

TRUSTWORTHY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01760145

TRUSTWORTHY LIMITED

Filleted Unaudited Financial Statements

31 March 2017

TRUSTWORTHY LIMITED

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

TRUSTWORTHY LIMITED

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		1,315	2,551

Current assets

Debtors	6	69,492	53,772
Cash at bank and in hand		42,473	3,145
		---------	--------
		111,965	56,917

Creditors: amounts falling due within one year	7	68,373		15,259
		---------		--------
Net current assets			43,592	41,658
			--------	--------
Total assets less current liabilities			44,907	44,209
			--------	--------
Net assets			44,907	44,209
			--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	44,807	44,109
	--------	--------
Shareholders funds	44,907	44,209
	--------	--------

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 March 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

TRUSTWORTHY LIMITED

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 6 June 2018 , and are signed on behalf of the board by:

M L Smulovitch
Director

Company registration number: 01760145

TRUSTWORTHY LIMITED

Notes to the Financial Statements

Year ended 31 March 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 Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

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

Basis of preparation

The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is the amount derived from the provision of goods and services after deduction of trade discounts. All turnover originated within the UK.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixture and fitting	-	25% straight line
Equipment	-	25% straight line

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. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2016: 5 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2016 and 31 March 2017	1,001	3,942	4,943
	-------	-------	-------
Depreciation
At 1 April 2016	501	1,891	2,392
Charge for the year	250	986	1,236
	-------	-------	-------
At 31 March 2017	751	2,877	3,628
	-------	-------	-------
Carrying amount
At 31 March 2017	250	1,065	1,315
	-------	-------	-------
At 31 March 2016	500	2,051	2,551
	-------	-------	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	72,092	56,372
Other debtors	( 2,600)	( 2,600)
	--------	--------
	69,492	53,772
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	1,545	980
Social security and other taxes	822	1,529
Other creditors	66,006	12,750
	--------	--------
	68,373	15,259
	--------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
M L Smulovitch	( 8,855)	2,634	( 6,221)
	-------	-------	-------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
M L Smulovitch	( 11,552)	2,697	( 8,855)
	--------	-------	-------

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.