Nit3 Shift Entertainment Limited 31/12/2017 iXBRL

Nit3 Shift Entertainment Limited 31/12/2017 iXBRL

NIT3 SHIFT ENTERTAINMENT LIMITED - Company Information

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31/12/2017 2017-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 09086732 2017-01-01 2017-12-31 09086732 2017-12-31 09086732 2016-12-31 09086732 2016-01-01 2016-12-31 09086732 2016-12-31 09086732 core:FurnitureFittingsToolsEquipment 2017-01-01 2017-12-31 09086732 bus:RegisteredOffice 2017-01-01 2017-12-31 09086732 bus:LeadAgentIfApplicable 2017-01-01 2017-12-31 09086732 bus:Director1 2017-01-01 2017-12-31 09086732 core:FurnitureFittingsToolsEquipment 2016-12-31 09086732 core:FurnitureFittingsToolsEquipment 2017-12-31 09086732 core:WithinOneYear 2017-12-31 09086732 core:WithinOneYear 2016-12-31 09086732 core:ShareCapital 2017-12-31 09086732 core:ShareCapital 2016-12-31 09086732 core:RetainedEarningsAccumulatedLosses 2017-12-31 09086732 core:RetainedEarningsAccumulatedLosses 2016-12-31 09086732 core:FurnitureFittingsToolsEquipment 2016-12-31 09086732 bus:Director1 2016-12-31 09086732 bus:Director1 2017-12-31 09086732 bus:Director1 2015-12-31 09086732 bus:Director1 2016-12-31 09086732 bus:Director1 2016-01-01 2016-12-31 09086732 bus:SmallEntities 2017-01-01 2017-12-31 09086732 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 09086732 bus:FullAccounts 2017-01-01 2017-12-31 09086732 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 09086732 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31
Company registration number: 09086732
Nit3 Shift Entertainment Limited
Unaudited filleted financial statements
31 December 2017
Nit3 Shift Entertainment Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Nit3 Shift Entertainment Limited
Directors and other information
Director Mr L Jankel
Company number 09086732
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Accountants David Weise & Associates (UK) Limited
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Nit3 Shift Entertainment Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Nit3 Shift Entertainment Limited
Year ended 31 December 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 Nit3 Shift Entertainment Limited for the year ended 31 December 2017 which comprise the statement of financial position and 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.
David Weise & Associates (UK) Limited
Chartered Accountants and Business Managers
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Nit3 Shift Entertainment Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 22,341 24,540
_______ _______
22,341 24,540
Current assets
Debtors 6 1,078 15,324
Cash at bank and in hand 325,458 277,200
_______ _______
326,536 292,524
Creditors: amounts falling due
within one year 7 ( 29,661) ( 31,761)
_______ _______
Net current assets 296,875 260,763
_______ _______
Total assets less current liabilities 319,216 285,303
Provisions for liabilities ( 4,021) ( 4,908)
_______ _______
Net assets 315,195 280,395
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 315,194 280,394
_______ _______
Shareholders funds 315,195 280,395
_______ _______
For the year ending 31 December 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 18 September 2018 , and are signed on behalf of the board by:
Mr L Jankel
Director
Company registration number: 09086732
Nit3 Shift Entertainment Limited
Notes to the financial statements
Year ended 31 December 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 , 7-7c Snuff Street, Devizes, Wiltshire, SN10 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2017 34,380 34,380
Additions 3,480 3,480
_______ _______
At 31 December 2017 37,860 37,860
_______ _______
Depreciation
At 1 January 2017 9,840 9,840
Charge for the year 5,679 5,679
_______ _______
At 31 December 2017 15,519 15,519
_______ _______
Carrying amount
At 31 December 2017 22,341 22,341
_______ _______
At 31 December 2016 24,540 24,540
_______ _______
6. Debtors
2017 2016
£ £
Trade debtors 181 15,683
Other debtors 897 ( 359)
_______ _______
1,078 15,324
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 1,291 943
Corporation tax 24,174 8,921
Social security and other taxes 1,022 1,730
Other creditors 3,174 20,167
_______ _______
29,661 31,761
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr L Jankel ( 20,167) 90,393 ( 71,000) ( 774)
_______ _______ _______ _______
2016
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr L Jankel 50,788 ( 20,167) ( 50,788) ( 20,167)
_______ _______ _______ _______