Copius (NI) Ltd 31/12/2017 iXBRL

Copius (NI) Ltd 31/12/2017 iXBRL

COPIUS (NI) LTD - 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 NI071245 2017-01-01 2017-12-31 NI071245 2017-12-31 NI071245 2016-12-31 NI071245 2016-01-01 2016-12-31 NI071245 2016-12-31 NI071245 2015-12-31 NI071245 bus:RegisteredOffice 2017-01-01 2017-12-31 NI071245 bus:LeadAgentIfApplicable 2017-01-01 2017-12-31 NI071245 bus:Director1 2017-01-01 2017-12-31 NI071245 core:RetainedEarningsAccumulatedLosses 2016-01-01 2016-12-31 NI071245 core:RetainedEarningsAccumulatedLosses 2017-01-01 2017-12-31 NI071245 core:WithinOneYear 2017-12-31 NI071245 core:WithinOneYear 2016-12-31 NI071245 core:AfterOneYear 2017-12-31 NI071245 core:ShareCapital 2017-12-31 NI071245 core:ShareCapital 2016-12-31 NI071245 core:RetainedEarningsAccumulatedLosses 2017-12-31 NI071245 core:RetainedEarningsAccumulatedLosses 2016-12-31 NI071245 core:ShareCapital 2015-12-31 NI071245 core:RetainedEarningsAccumulatedLosses 2015-12-31 NI071245 bus:SmallEntities 2017-01-01 2017-12-31 NI071245 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 NI071245 bus:AbridgedAccounts 2017-01-01 2017-12-31 NI071245 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 NI071245 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31
Statement of consent to prepare abridged financial statements
All of the members of Copius (NI) Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: NI071245
Copius (NI) Ltd
Trading as Copius (NI) Ltd
Unaudited abridged financial statements
31 December 2017
Copius (NI) Ltd
Contents
Directors and other information
Director's report
Accountants report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Copius (NI) Ltd
Directors and other information
Director Mr Brendan Carlin
Company number NI071245
Registered office 303A Antrim Road
Glengormley
Co Antrim
BT36 7AP
Business address 303a Antrim Road
Glengormley
Co Antrim
BT36 7AP
Accountants Business Account Services
11 Abbey Street
Armagh
BT61 7DX
Copius (NI) Ltd
Director's report
Year ended 31 December 2017
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2017.
Director
The director who served the company during the year was as follows:
Mr Brendan Carlin
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 28 September 2018 and signed on behalf of the board by:
Mr Brendan Carlin
Director
Copius (NI) Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Copius (NI) Ltd
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 Copius (NI) Ltd for the year ended 31 December 2017 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Copius (NI) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Copius (NI) Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Copius (NI) Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Copius (NI) Ltd 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 profit of Copius (NI) Ltd. You consider that Copius (NI) Ltd 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 Copius (NI) Ltd. 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.
Business Account Services
Accountants & Auditors
11 Abbey Street
Armagh
BT61 7DX
28 September 2018
Copius (NI) Ltd
Abridged statement of comprehensive income
Year ended 31 December 2017
2017 2016
Note £ £
Gross profit 1,079,134 1,064,160
Administrative expenses ( 978,933) ( 998,334)
_______ _______
Operating profit 100,201 65,826
Interest payable and similar expenses - ( 1,366)
_______ _______
Profit before taxation 5 100,201 64,460
Tax on profit ( 19,614) ( 12,668)
_______ _______
Profit for the financial year and total comprehensive income 80,587 51,792
_______ _______
All the activities of the company are from continuing operations.
Copius (NI) Ltd
Abridged statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 6 37,326 39,033
_______ _______
37,326 39,033
Current assets
Stocks - 107,000
Debtors 1,540,381 1,037,541
Cash at bank and in hand ( 780,680) ( 563,041)
_______ _______
759,701 581,500
Creditors: amounts falling due
within one year ( 201,074) ( 109,367)
_______ _______
Net current assets 558,627 472,133
_______ _______
Total assets less current liabilities 595,953 511,166
Creditors: amounts falling due
after more than one year ( 4,200) -
_______ _______
Net assets 591,753 511,166
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 591,653 511,066
_______ _______
Shareholder funds 591,753 511,166
_______ _______
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 member has 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 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'.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2018 , and are signed on behalf of the board by:
Mr Brendan Carlin
Director
Company registration number: NI071245
Copius (NI) Ltd
Statement of changes in equity
Year ended 31 December 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2016 100 471,274 471,374
Profit for the year 51,792 51,792
_______ _______ _______
Total comprehensive income for the year - 51,792 51,792
Dividends paid and payable ( 12,000) ( 12,000)
_______ _______ _______
Total investments by and distributions to owners - ( 12,000) ( 12,000)
_______ _______ _______
At 31 December 2016 and 1 January 2017 100 511,066 511,166
Profit for the year 80,587 80,587
_______ _______ _______
Total comprehensive income for the year - 80,587 80,587
_______ _______ _______
At 31 December 2017 100 591,653 591,753
_______ _______ _______
Copius (NI) Ltd
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in . The address of the registered office is 303A Antrim Road, Glengormley, Co Antrim, BT36 7AP.
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:
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2016: Nil).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2017 2016
£ £
Depreciation of tangible assets 6,842 7,207
_______ _______
6. Tangible assets
£
Cost
At 1 January 2017 66,693
Additions 5,135
_______
At 31 December 2017 71,828
_______
Depreciation
At 1 January 2017 27,660
Charge for the year 6,842
_______
At 31 December 2017 34,502
_______
Carrying amount
At 31 December 2017 37,326
_______
At 31 December 2016 39,033
_______
7. Directors advances, credits and guarantees