KriticalMass Limited - Period Ending 2014-03-31

Registration number: 07972231

KriticalMass Limited
 
 Unaudited Abbreviated Accounts
 
 for the Year Ended 31 March 2014
 

KriticalMass Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

KriticalMass Limited
(Registration number: 07972231)
Abbreviated Balance Sheet at 31 March 2014

		Note			31 March 2014 £			31 March 2013 £
Fixed assets
Tangible fixed assets					85,470			9,759
Current assets
Debtors					770			-
Cash at bank and in hand					108,820			2,463
					109,590			2,463
Creditors: Amounts falling due within one year					(25,900)			(12,368)
Net current assets/(liabilities)					83,690			(9,905)
Net assets/(liabilities)					169,160			(146)
Capital and reserves
Called up share capital		3			2			1
Share premium account					308,986			-
Profit and loss account					(139,828)			(147)
Shareholders' funds/(deficit)					169,160			(146)

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 27 December 2014 and signed on its behalf by:

.........................................
B Brenzone
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

KriticalMass Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Depreciation

Capitalised website development costs are depreciated over the periods the company expects to generate economic benefits from the website being developed. The depreciation expense is included within administrative expenses in the profit and loss account. No depreciation expense is recognised during the development phase of websites pre launch.

Website development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the profit and loss account as incurred.

Asset class	Depreciation method and rate
Website development costs	0% pre website launch
Office equipment	25% straight line

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

KriticalMass Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		9,759			9,759
Additions		76,092			76,092
At 31 March 2014		85,851			85,851
Depreciation
Charge for the year		381			381
At 31 March 2014		381			381
Net book value
At 31 March 2014		85,470			85,470
At 31 March 2013		9,759			9,759

3	Share capital

Allotted, called up and fully paid shares

	31 March 2014						31 March 2013
		No.			£			No.			£
Ordinary Shares of £1 each		1			1			1			1

New shares allotted

During the year 7,180 Ordinary shares having an aggregate nominal value of £1 was allotted for an aggregate consideration of £308,987 .

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