Fulltime Networks Limited |
Registered number: |
05948244 |
Directors' Report |
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The directors present their report and accounts for the year ended 31 December 2017. |
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Principal activities |
The company's principal activity during the year continued to be the provision of administrative services. |
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Directors |
The following persons served as directors during the year: |
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M. Prieto (appointed 27 March 2017) |
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Panfy Limited (resigned 27 March 2017) |
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A. Gilfillan (resigned 27 March 2017) |
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Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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This report was approved by the board on 7 September 2018 and signed on its behalf. |
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M.Prieto |
Director |
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Fulltime Networks Limited |
Registered number: |
05948244 |
Balance Sheet |
as at 31 December 2017 |
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Notes |
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2017 |
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2016 |
€ |
€ |
Current assets |
Debtors |
2 |
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108,133 |
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732,203 |
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Creditors: amounts falling due within one year |
3 |
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(2,288,745) |
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(2,375,141) |
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Net current liabilities |
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(2,180,612) |
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(1,642,938) |
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Net liabilities |
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(2,180,612) |
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(1,642,938) |
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Capital and reserves |
Called up share capital |
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3 |
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3 |
Profit and loss account |
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(2,180,615) |
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(1,642,941) |
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Shareholders' funds |
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(2,180,612) |
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(1,642,938) |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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M.Prieto |
Director |
Approved by the board on 7 September 2018 |
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Fulltime Networks Limited |
Notes to the Accounts |
for the year ended 31 December 2017 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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The company is dependant on the continued financial support of the company's shareholder to enable it to continue operating and to meet its liabilities as they fall due. The shareholder has confirmed that they will continue to provide financial support to the company for the forseeable future to enable the company to continue normal activities until it is in a financial position to support itself. For this reason, the directors continue to adopt the going concern basis in producing the financial statements. Should this financial support not be available, the going concern basis would be inappropriate and adjustments would have to be made to revise the value of assets to their net realisable amount and to provide for any further liabilities which may arise. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Debtors |
2017 |
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2016 |
€ |
€ |
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Other debtors |
108,133 |
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732,203 |
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3 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
€ |
€ |
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Other creditors |
2,288,745 |
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2,375,141 |
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4 |
Other information |
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Fulltime Networks Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Fourth Floor |
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20 Margaret Street |
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London |
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United Kingdom |
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W1W 8RS |