ACCOUNTS - Final Accounts preparation

MARCO POLO NETWORK LTD - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-11-302017-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse2016-12-01 07839330 2016-12-01 2017-11-30 07839330 2015-12-01 2016-11-30 07839330 2017-11-30 07839330 2016-11-30 07839330 c:Director1 2016-12-01 2017-11-30 07839330 d:CurrentFinancialInstruments 2017-11-30 07839330 d:CurrentFinancialInstruments 2016-11-30 07839330 d:CurrentFinancialInstruments d:WithinOneYear 2017-11-30 07839330 d:CurrentFinancialInstruments d:WithinOneYear 2016-11-30 07839330 d:ShareCapital 2017-11-30 07839330 d:ShareCapital 2016-11-30 07839330 d:RetainedEarningsAccumulatedLosses 2017-11-30 07839330 d:RetainedEarningsAccumulatedLosses 2016-11-30 07839330 c:OrdinaryShareClass1 2016-12-01 2017-11-30 07839330 c:OrdinaryShareClass1 2017-11-30 07839330 c:FRS102 2016-12-01 2017-11-30 07839330 c:AuditExempt-NoAccountantsReport 2016-12-01 2017-11-30 07839330 c:FullAccounts 2016-12-01 2017-11-30 07839330 c:PrivateLimitedCompanyLtd 2016-12-01 2017-11-30 07839330 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-12-01 2017-11-30 07839330 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07839330

NOGRAVITY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2017

NOGRAVITY LIMITED

REGISTERED NUMBER: 07839330

BALANCE SHEET

AS AT 30 NOVEMBER 2017

		2017		2016
Note		£		£


CURRENT ASSETS
Debtors: amounts falling due within one year	4	21,500		42,008
		21,500		42,008
Creditors: amounts falling due within one year	5	(60,384)		(40,304)
NET CURRENT (LIABILITIES)/ASSETS			(38,884)		1,704
TOTAL ASSETS LESS CURRENT LIABILITIES			(38,884)		1,704

NET (LIABILITIES)/ASSETS			(38,884)		1,704

CAPITAL AND RESERVES
Called up share capital	1	1
Profit and loss account	(38,885)	1,703
	(38,884)	1,704

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr E Pellisari

Director

Date: 24 August 2018

The notes on pages 2 to 4 form part of these financial statements.

Page 1

NOGRAVITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

1.	GENERAL INFORMATION

Nogravity Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 3 Morley's Place, Sawston, Cambridgeshire,CB22 3TG. The Company is not part of a group.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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's accounting policies.
These financial statements for the year ended 30 November 2017 are the first financial statements prepared in accordance with FRS 102 Section 1A. The date of transition to FRS 102 Section 1A was 01 December 2015.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The accounts have been prepared on the going concern basis which assumes the continued financial support of the directors.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

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.

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NOGRAVITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

2.ACCOUNTING POLICIES (CONTINUED)

2.5

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.

2.6

TAXATION

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

DEBTORS

					2017	2016
					£	£


Prepayments and accrued income	21,500	42,008

5.	CREDITORS: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	-	56
Other creditors	59,304	39,229
Accruals and deferred income	1,080	1,019
	60,384	40,304

6.	SHARE CAPITAL
		2017	2016
		£	£

Allotted, called up and fully paid

1 Ordinary share of £1	1	1

Page 3

NOGRAVITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

7.	RELATED PARTY TRANSACTIONS
	During the year the Company operated loans with the director of the Company. The amount payable to the directors of the Company at the year end was £59,304 (2016 - 39,229). These loans are interest free and repayable on demand.

8.	FIRST TIME ADOPTION OF FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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