| 3 Best Friends Limited |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
|
|
| 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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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable. Turnover represents rent receivable. |
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Trademarks |
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Trademarks are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold properties |
Nil |
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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 |
|
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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|
Leased assets |
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Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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| 2 |
Intangible fixed assets |
£ |
|
|
Cost |
|
At 1 April 2017 |
2,990 |
|
At 31 March 2018 |
2,990 |
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Amortisation |
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At 31 March 2018 |
- |
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|
|
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|
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Net book value |
|
At 31 March 2018 |
2,990 |
|
At 31 March 2017 |
2,990 |
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| 3 |
Tangible fixed assets |
|
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Land and buildings |
| £ |
|
Cost |
|
At 1 April 2017 |
11,877 |
|
At 31 March 2018 |
11,877 |
|
|
|
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|
|
|
|
|
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Depreciation |
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At 31 March 2018 |
- |
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|
|
|
|
|
|
|
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Net book value |
|
At 31 March 2018 |
11,877 |
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At 31 March 2017 |
11,877 |
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
- |
|
250 |
|
Other debtors |
48,456 |
|
49,388 |
|
|
|
|
|
|
48,456 |
|
49,638 |
|
|
|
|
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| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade creditors |
30 |
|
30 |
|
Taxation and social security costs |
32 |
|
33 |
|
Other creditors |
66,029 |
|
66,705 |
|
|
|
|
|
|
66,091 |
|
66,768 |
|
|
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| 6 |
Other financial commitments |
2018 |
|
2017 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
1,230,500 |
|
1,326,000 |
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| 7 |
Other information |
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3 Best Friends Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
3 Codling Close |
|
Wapping |
|
London |
|
E1W 2UX |
