Gogglewash Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06976010 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

GOGGLEWASH LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr. N A Durham

REGISTERED OFFICE:

Cleveland

Parkstone Drive

Camberley

Surrey

GU15 2PA

REGISTERED NUMBER:

06976010 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Chartered Accountants & Tax Advisers

Fifth Floor

11 Leadenhall Street

London

EC3V 1LP

CURRENT ASSETS

Stocks

5

5,614

1,823

Debtors

6

34,674

4,313

40,288

6,136

CREDITORS

Amounts falling due within one year

7

37,201

10,996

NET CURRENT ASSETS/(LIABILITIES)

3,087

(4,860

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,087

(4,860

)

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

9

2,087

(5,860

)

SHAREHOLDERS' FUNDS

3,087

(4,860

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 18 July 2018 and were signed by:

Mr. N A Durham - Director

1.	STATUTORY INFORMATION

Gogglewash Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting

estimates. It also requires management to exercise judgment in applying the Company accounting policies.

Information on the impact of first-time adoption of FRS 102 section 1A is given in note 11. The following principal

accounting policies have been applied:

SIGNIFICANT JUDGEMENTS AND ESTIMATES

In preparing the financial statements, management were not required to make any estimates or judgments which

materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at

fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method, less any impairment.

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method.

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of

not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months

from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of

change in value.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a

legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price

including transaction costs and are subsequently carried at amortised cost using the effective interest method unless

the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not

amortised.

Classification of financial liabilities

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 company after

deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified

as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where

the debt instrument is measured at the present value of the future payment discounted at a market rate of interest.

Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Accounts payable greater than one year are recognised

initially at transaction price and subsequently measured at amortised cost using the effective interest

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

GOING CONCERN

The director consider it appropriate for the accounts to be prepared on a going concern basis which assumes that the

company will continue in operational existence in the foreseeable future. The director is confident that the company

will be able to maintain profitability in the future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

Cost

At 1 October 2016

and 30 September 2017

4,820

Depreciation

At 1 October 2016

and 30 September 2017

4,820

Net book value

At 30 September 2017

-

At 30 September 2016

-

5.

STOCKS

2017

2016

£

£

Stocks

5,614

1,823

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

356

Other debtors

21,872

3,742

Directors' current accounts

4,778

-

VAT

8,024

215

34,674

4,313

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

8,573

3,468

Trade creditors

-

5,753

Tax

505

-

Other creditors

9,523

1,307

Accrued expenses

18,600

468

37,201

10,996

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

1

1,000

1,000

9.

RESERVES

Retained

earnings

£

At 1 October 2016

(5,860

)

Profit for the year

7,947

At 30 September 2017

2,087

10.	FIRST YEAR ADOPTION

This was the first period that the company has presented its results under FRS 102 section 1A. The last financial

statements under FRSSE 2015 were for the period ended 30 September 2016. The date of transition to FRS 102

section 1A was 1 October 2016.

There is no impact on either the Profit and Loss account or the net assets of the company upon the transition to FRS

102 section 1A.