Eyeplugin Media Corporation Limited Company Accounts

Eyeplugin Media Corporation Limited Company Accounts

EYEPLUGIN MEDIA CORPORATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06393802
EYEPLUGIN MEDIA CORPORATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 October 2017
EYEPLUGIN MEDIA CORPORATION LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2017
Contents
Pages
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3 to 4
Accounting policies
5
Notes to the financial statements
6
EYEPLUGIN MEDIA CORPORATION LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr D Ward
Company secretary
Mr D Ward
Registered office
Hanover Buildings
11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
Accountants
ERC Accountants & Business Advisers Limited
Chartered accountant
Hanover Buildings
11-13 Hanover Street
Liverpool
L1 3DN
EYEPLUGIN MEDIA CORPORATION LIMITED
CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EYEPLUGIN MEDIA CORPORATION LIMITED
YEAR ENDED 31 OCTOBER 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 Eyeplugin Media Corporation Limited for the year ended 31 October 2017, which comprise the statement of financial position and the 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Eyeplugin Media Corporation Limited in accordance with the terms of our engagement letter dated 15 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Eyeplugin Media Corporation Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eyeplugin Media Corporation Limited and its director for our work or for this report.
It is your duty to ensure that Eyeplugin Media Corporation 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 loss of Eyeplugin Media Corporation Limited. You consider that Eyeplugin Media Corporation 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 Eyeplugin Media Corporation 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.
ERC Accountants & Business Advisers Limited Chartered accountant
Hanover Buildings 11-13 Hanover Street Liverpool L1 3DN
16 July 2018
EYEPLUGIN MEDIA CORPORATION LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2017
2017
2016
Note
£
£
£
CURRENT ASSETS
Cash at bank and in hand
5,701
10,766
CREDITORS: Amounts falling due within one year
3
13,818
17,522
---------
---------
NET CURRENT LIABILITIES
8,117
6,756
-------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 8,117)
( 6,756)
-------
-------
NET LIABILITIES
( 8,117)
( 6,756)
-------
-------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 8,217)
( 6,856)
-------
-------
SHAREHOLDERS DEFICIT
( 8,117)
( 6,756)
-------
-------
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 October 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EYEPLUGIN MEDIA CORPORATION LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2017
These financial statements were approved by the board of directors and authorised for issue on 16 July 2018 , and are signed on behalf of the board by:
Mr D Ward
Director
Company registration number: 06393802
EYEPLUGIN MEDIA CORPORATION LIMITED
ACCOUNTING POLICIES
YEAR ENDED 31 OCTOBER 2017
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 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
Corporation 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. 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. Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
EYEPLUGIN MEDIA CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 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 Hanover Buildings, 11-13 Hanover Street, Liverpool, L1 3DN, Merseyside.
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. CREDITORS: Amounts falling due within one year
2017
2016
£
£
Other creditors
13,818
17,522
---------
---------
4. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
No director received advances, credits or guarantees during the current or previous accounting periods.
5. RELATED PARTY TRANSACTIONS
The following related party transactions were undertaken during the year: A director , had no transactions with the company during the year (2016: £Nil). The amount payable to the director as at the balance sheet date was £ 919 (2016: £919). A company related through common control , paid expenses on behalf of the company totalling £ 1,170 (2016: £3,186) and received £ 5,000 (2016: £2,000). The amount payable as at the balance sheet date was £ 11,603 (2016: £15,433). No dividends were paid to the directors in respect of their shareholdings (2016: £Nil). No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
6. TRANSITION TO FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
No transitional adjustments were required in equity or profit or loss for the year.