Shoreditch UK Limited 31/08/2018 iXBRL

SHOREDITCH UK LIMITED - Company Information

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Company registration number: 07001515

Shoreditch UK Limited

Unaudited filleted financial statements

31 August 2018

Shoreditch UK Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Shoreditch UK Limited

Directors and other information


	Director	R Newman


	Company number	07001515


	Registered office	438 Ley Street
		Ilford
		Essex
		IG2 7BS


	Business address	95a Rivington Street
		London
		EC2A 3AY


	Accountants	DK Accounting Solutions Limited
		438 Ley Street
		Ilford
		Essex
		IG2 7BS




	Bankers	Royal Bank of Scotland plc
		Romford Branch
		3-5 Western Road
		Romford, Essex
		RM1 3JL

Shoreditch UK Limited

Report to the director on the preparation of the

unaudited statutory financial statements of Shoreditch UK Limited

Year ended 31 August 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shoreditch UK Limited for the year ended 31 August 2018 as set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Association of International Accountants, we are subject to its ethical and other professional requirements which are detailed at www.aiaworldwide.com/guidance-ethics.

This report is made solely to the director of Shoreditch UK Limited, as a body, in accordance with the terms of our engagement letter dated 13 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Shoreditch UK Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of The Association of International Accountants as detailed at www.aiaworldwide.com. www.aiaworldwide.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shoreditch UK Limited and its director as a body for our work or for this report.

It is your duty to ensure that Shoreditch UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shoreditch UK Limited. You consider that Shoreditch UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Shoreditch UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

DK Accounting Solutions Limited

Accountants and Business Advisors

438 Ley Street

Ilford

Essex

IG2 7BS

13 December 2018

Shoreditch UK Limited

Statement of financial position

31 August 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	19,776		29,665
		_______		_______
			19,776		29,665

Current assets
Debtors	6	85,380		10,488
Cash at bank and in hand		63,611		51,506
		_______		_______
		148,991		61,994
Creditors: amounts falling due
within one year	7	( 127,798)		( 89,655)
		_______		_______
Net current assets/(liabilities)			21,193		( 27,661)
			_______		_______
Total assets less current liabilities			40,969		2,004

			_______		_______
Net assets			40,969		2,004
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			40,869		1,904
			_______		_______
Shareholders funds			40,969		2,004
			_______		_______

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 13 December 2018 , and are signed on behalf of the board by:

R Newman

Director

Company registration number: 07001515

Shoreditch UK Limited

Statement of changes in equity

Year ended 31 August 2018

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 September 2016	100	2,366	2,466

Profit for the year		179,538	179,538
	_______	_______	_______
Total comprehensive income for the year	-	179,538	179,538

Dividends paid and payable		( 180,000)	( 180,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 180,000)	( 180,000)

	_______	_______	_______
At 31 August 2017 and 1 September 2017	100	1,904	2,004

Profit for the year		243,965	243,965
	_______	_______	_______
Total comprehensive income for the year	-	243,965	243,965

Dividends paid and payable		( 205,000)	( 205,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 205,000)	( 205,000)

	_______	_______	_______
At 31 August 2018	100	40,869	40,969
	_______	_______	_______

Shoreditch UK Limited

Notes to the financial statements

Year ended 31 August 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 438 Ley Street, Ilford, Essex, IG2 7BS.

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.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:


Fittings fixtures and equipment	-	25 %	reducing balance

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.

4. Staff costs

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 September 2017 and 31 August 2018	1,922	39,831	41,753
	_______	_______	_______
Depreciation
At 1 September 2017	1,922	10,166	12,088
Charge for the year	-	9,889	9,889
	_______	_______	_______
At 31 August 2018	1,922	20,055	21,977
	_______	_______	_______
Carrying amount
At 31 August 2018	-	19,776	19,776
	_______	_______	_______
At 31 August 2017	-	29,665	29,665
	_______	_______	_______

6. Debtors

	2018	2017
	£	£
Trade debtors	78,380	9,988
Other debtors	7,000	500
	_______	_______
	85,380	10,488
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	106,142	73,562
Social security and other taxes	19,361	13,033
Other creditors	2,295	3,060
	_______	_______
	127,798	89,655
	_______	_______

8. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	R Newman	( 3,060)	2,765	( 295)
		_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	R Newman	-	( 3,060)	( 3,060)
		_______	_______	_______