FUNDING MATTERS LIMITED - Filleted accounts

FUNDING MATTERS LIMITED - Filleted accounts

FUNDING MATTERS LIMITED - Company Information

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FUNDING MATTERS LIMITED
Registered number: 04984772
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 578 578
Current assets
Cash at bank and in hand 3,202 3,287
Creditors: amounts falling due within one year 3 (23,142) (35,210)
Net current liabilities (19,940) (31,923)
Net liabilities (19,362) (31,345)
Capital and reserves
Called up share capital 100 100
Profit and loss account (19,462) (31,445)
Shareholder's funds (19,362) (31,345)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr C Stokes
Director
Approved by the board on 2 May 2018
FUNDING MATTERS LIMITED
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017 6,724
At 31 December 2017 6,724
Depreciation
At 1 January 2017 6,146
At 31 December 2017 6,146
Net book value
At 31 December 2017 578
At 31 December 2016 578
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
3 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 9,121 6,101
Corporation tax 8,992 21,199
Other taxes and social security costs 2,808 6,269
Other creditors 2,221 1,641
23,142 35,210
4 Other information
FUNDING MATTERS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor, Connies House
Rhymney River Bridge Road
Cardiff
CF23 9AF
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