EXOMENT LIMITED 30/09/2017 iXBRL

EXOMENT LIMITED 30/09/2017 iXBRL

EXOMENT LIMITED - Company Information

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Company registration number: 1655615
EXOMENT LIMITED
Unaudited financial statements
30 September 2017
EXOMENT LIMITED
Contents
Directors and other information
Directors report
Accountant's report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
EXOMENT LIMITED
Directors and other information
Directors Mr Robert Mesrie (Resigned 10 August 2017)
Mr James Mills
Mr Jonathan De'ath (Resigned 2 May 2017)
Mr Andrew Marr (Appointed 1 October 2017)
Secretary Mr James Mills
Company number 1655615
Registered office C/o Fifield Glyn Ltd
1 Royal Mews, Gadbrook Park
Rudheath
Northwich
CW9 7UD
Accountant Premium Accounting Services Limited
9 Westfield Drive
Harrow
Middlesex
HA3 9EG
EXOMENT LIMITED
Directors report
Year ended 30 September 2017
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2017.
Directors
The directors who served the company during the year were as follows:
Mr Robert Mesrie (Resigned 10 August 2017)
Mr James Mills
Mr Jonathan De'ath (Resigned 2 May 2017)
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 10 May 2018 and signed on behalf of the board by:
Mr James Mills
Director
EXOMENT LIMITED
Accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Exoment Limited
Year ended 30 September 2017
As described on the Statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2017, as set out on pages 4 to 10.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Premium Accounting Services Limited
Accountants and Tax Consultants
9 Westfield Drive
Harrow
Middlesex
HA3 9EG
10 May 2018
EXOMENT LIMITED
Statement of comprehensive income
Year ended 30 September 2017
2017 2016
Note £ £
Turnover 10,077 9,600
Administrative expenses ( 9,791) ( 16,268)
_______ _______
Operating profit/(loss) 286 ( 6,668)
_______ _______
Profit/(loss) before taxation 286 ( 6,668)
Tax on profit/(loss) 4 - -
_______ _______
Profit/(loss) for the financial year and total comprehensive income 286 ( 6,668)
_______ _______
All the activities of the company are from continuing operations.
EXOMENT LIMITED
Statement of financial position
30 September 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 3,000 3,000
_______ _______
3,000 3,000
Current assets
Debtors 6 3,584 3,538
Cash at bank and in hand 5,391 4,402
_______ _______
8,975 7,940
Creditors: amounts falling due
within one year 7 ( 3,528) ( 2,779)
_______ _______
Net current assets 5,447 5,161
_______ _______
Total assets less current liabilities 8,447 8,161
_______ _______
Net assets 8,447 8,161
_______ _______
Capital and reserves
Called up share capital 8 8
Reserve for own shares 3,000 3,000
Profit and loss account 5,439 5,153
_______ _______
Shareholders funds 8,447 8,161
_______ _______
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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'.
These financial statements were approved by the board of directors and authorised for issue on 10 May 2018 , and are signed on behalf of the board by:
Mr James Mills
Director
Company registration number: 1655615
EXOMENT LIMITED
Statement of changes in equity
Year ended 30 September 2017
Called up share capital Reserve for own shares Profit and loss account Total
£ £ £ £
At 1 October 2015 8 3,000 11,821 14,829
Profit/(loss) for the year ( 6,668) ( 6,668)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 6,668) ( 6,668)
_______ _______ _______ _______
At 30 September 2016 and 1 October 2016 8 3,000 5,153 8,161
Profit/(loss) for the year 286 286
_______ _______ _______ _______
Total comprehensive income for the year - - 286 286
_______ _______ _______ _______
At 30 September 2017 8 3,000 5,439 8,447
_______ _______ _______ _______
EXOMENT LIMITED
Notes to the financial statements
Year ended 30 September 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Exoment Limited, C/o Fifield Glyn Ltd, 1 Royal Mews, Gadbrook Park, Rudheath, Northwich, CW9 7UD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Repair and maintenance provision
The company is a non-profit making concern and any surplus or deficiency of income over expenditure is transferred to the repair and maintenance provision each year.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Turnover
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.
Tangible assets
the freehold property is stated at initial cost. in the opinion of the directors the value of the property is significantly in excess of its coat and therefore the company does not consider that any depreciation provision is necessary.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 or 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. Tax on profit/loss
As the company is a non-profit making organisation, there are no corporation tax liability.
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 October 2016 and 30 September 2017 3,000 3,000
_______ _______
Depreciation
At 1 October 2016 and 30 September 2017 - -
_______ _______
Carrying amount
At 30 September 2017 3,000 3,000
_______ _______
At 30 September 2016 3,000 3,000
_______ _______
6. Debtors
2017 2016
£ £
Trade debtors 72 700
Other debtors 3,512 2,838
_______ _______
3,584 3,538
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 662 -
Other creditors 2,866 2,779
_______ _______
3,528 2,779
_______ _______
8. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.