Desmond O'Neill Features Ltd Filleted accounts for Companies House (small and micro)
Desmond O'Neill Features Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
06729462
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STATEMENT OF FINANCIAL POSITION |
2018 |
2017 |
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Note |
£ |
£ |
£ |
FIXED ASSETS
Intangible assets |
6 |
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Tangible assets |
7 |
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-------- |
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CURRENT ASSETS
Stocks |
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– |
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Debtors |
8 |
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Cash at bank and in hand |
– |
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---------- |
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CREDITORS: amounts falling due within one year |
9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: amounts falling due after more than one year |
10 |
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– |
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NET ASSETS |
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STATEMENT OF FINANCIAL POSITION (continued) |
2018 |
2017 |
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Note |
£ |
£ |
£ |
CAPITAL AND RESERVES
Called up share capital |
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Profit and loss account |
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SHAREHOLDERS FUNDS |
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In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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 were approved by the
board of directors
and authorised for issue on
14 December 2018
, and are signed on behalf of the board by:
|
Director |
Company registration number:
06729462
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NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 31 OCTOBER 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 Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.
2.
STATEMENT OF COMPLIANCE
3.
ACCOUNTING POLICIES
Basis of preparation
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.
Revenue recognition
Taxation
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 |
- |
Over 20 years |
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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
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:
Office equipment |
- |
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|
Photographic equipment |
- |
25% straight line |
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Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Financial instruments
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
2
(2017:
2
).
5.
TAX ON PROFIT
Major components of tax expense
2018 |
2017 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Tax on profit |
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6.
INTANGIBLE ASSETS
Goodwill |
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£ |
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Cost |
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At 1 November 2017 and 31 October 2018 |
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---------- |
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Amortisation |
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At 1 November 2017 |
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Charge for the year |
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---------- |
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At 31 October 2018 |
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---------- |
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Carrying amount |
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At 31 October 2018 |
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---------- |
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At 31 October 2017 |
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7.
TANGIBLE ASSETS
Fixtures and fittings |
Photographic equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 November 2017 and 31 October 2018 |
|
21,507 |
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Depreciation |
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At 1 November 2017 |
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19,175 |
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Charge for the year |
|
874 |
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At 31 October 2018 |
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20,049 |
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Carrying amount |
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At 31 October 2018 |
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1,458 |
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At 31 October 2017 |
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2,332 |
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8.
DEBTORS
2018 |
2017 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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---------- |
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The director's loan was paid in full on 31 January 2018.
9.
CREDITORS:
amounts falling due within one year
2018 |
2017 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
– |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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– |
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10.
CREDITORS:
amounts falling due after more than one year
2018 |
2017 |
|
£ |
£ |
|
Bank loans and overdrafts |
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– |
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11.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the Directors did not enter any advances or credits with the company.