DJ in Cornwall Ltd - Period Ending 2017-12-31
DJ in Cornwall Ltd - Period Ending 2017-12-31
Registration number:
DJ in Cornwall Ltd
for the Period from 1 December 2016 to 31 December 2017
Waterside House
Falmouth Road
Penryn
Cornwall
TR10 8BE
DJ in Cornwall Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
DJ in Cornwall Ltd
Company Information
Directors |
Jamie Reed Tania Reed Yvonne Stait |
Registered office |
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Accountants |
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Page 1 |
DJ in Cornwall Ltd
(Registration number: 07844181)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial period ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
DJ in Cornwall Ltd
(Registration number: 07844181)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Jamie Reed
Director
Page 3 |
DJ in Cornwall Ltd
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis and the directors have agreed to continue to support the business for a minimum of 12 months from the date the accounts are approved.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Page 4 |
DJ in Cornwall Ltd
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
4 years straight line |
Motor vehicles |
4 years straight line |
Plant and equipment |
3 - 5 years straight line |
Goodwill
Trademarks are capitalised at cost.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademark |
5 years straight line |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 5 |
DJ in Cornwall Ltd
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 December 2017 |
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Amortisation |
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Amortisation charge |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 6 |
DJ in Cornwall Ltd
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 December 2016 |
- |
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Additions |
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Disposals |
- |
( |
( |
( |
At 31 December 2017 |
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- |
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Depreciation |
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At 1 December 2016 |
- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2017 |
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- |
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Carrying amount |
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At 31 December 2017 |
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- |
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At 30 November 2016 |
- |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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- |
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Total current trade and other debtors |
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Page 7 |
DJ in Cornwall Ltd
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 8 |
DJ in Cornwall Ltd
Notes to the Financial Statements for the Period from 1 December 2016 to 31 December 2017
Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Finance lease liabilities |
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Other borrowings |
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- |
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2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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Page 9 |