CODEplan Ltd 31/03/2018 iXBRL

CODEplan Ltd 31/03/2018 iXBRL

CODEPLAN LTD - Company Information

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Company registration number: 03927086
CODEplan Ltd
Trading as CODEPLAN LTD
Unaudited filleted financial statements
31 March 2018
CODEPLAN LTD
Contents
Statement of financial position
Notes to the financial statements
CODEPLAN LTD
STATEMENT OF FINANCIAL POSITION
31 MARCH 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 45,148 34,407
_______ _______
45,148 34,407
Current assets
Debtors 7 338,253 74,759
Cash at bank and in hand 745,738 365,891
_______ _______
1,083,991 440,650
Creditors: amounts falling due
within one year 8 ( 382,722) ( 188,880)
_______ _______
Net current assets 701,269 251,770
_______ _______
Total assets less current liabilities 746,417 286,177
Provisions for liabilities ( 8,399) ( 5,561)
_______ _______
Net assets 738,018 280,616
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 9 737,018 279,616
_______ _______
Shareholders funds 738,018 280,616
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 November 2018 , and are signed on behalf of the board by:
Mr P F Mendlesohn
Director
Company registration number: 03927086
CODEPLAN LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Elm Tree House, Bodmin Street, Holsworthy, Devon, EX22 6BB.
Principal activity
The principal activity of the company is the collection and distribution of subscriptions for dental practices.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Short leasehold property - Straight line over the life of the lease
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
Computers - 33 % 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 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2017: 15 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2017 and 31 March 2018 2,500 2,500
_______ _______
Amortisation
At 1 April 2017 and 31 March 2018 2,500 2,500
_______ _______
Carrying amount
At 31 March 2018 - -
_______ _______
At 31 March 2017 - -
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Computers Total
£ £ £ £
Cost
At 1 April 2017 8,649 48,754 44,440 101,843
Additions 13,190 11,667 10,576 35,433
_______ _______ _______ _______
At 31 March 2018 21,839 60,421 55,016 137,276
_______ _______ _______ _______
Depreciation
At 1 April 2017 3,197 26,824 37,415 67,436
Charge for the year 5,940 10,818 7,934 24,692
_______ _______ _______ _______
At 31 March 2018 9,137 37,642 45,349 92,128
_______ _______ _______ _______
Carrying amount
At 31 March 2018 12,702 22,779 9,667 45,148
_______ _______ _______ _______
At 31 March 2017 5,452 21,930 7,025 34,407
_______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 20,611 771
Other debtors 317,642 73,988
_______ _______
338,253 74,759
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 78,745 56,604
Accruals and deferred income 9,600 9,820
Social security and other taxes 251,337 107,480
Other creditors 43,040 14,976
_______ _______
382,722 188,880
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 April 2017 Loans to / (from) the directors Amounts repaid Balance at 31 March 2018
£ £ £ £
The Directors 922 ( 964) 647 605
_______ _______ _______ _______
Loans to / (from) directors at 1 April 2016 Loans to / (from) the directors Amounts repaid Balance at 31 March 2017
£ £ £ £
The Directors ( 105,399) ( 126,204) 232,525 922
_______ _______ _______ _______