The Foundryman Ltd - Period Ending 2018-03-31
The Foundryman Ltd - Period Ending 2018-03-31
Registration number:
The Foundryman Ltd
for the Period from 5 July 2017 to 31 March 2018
13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP
The Foundryman Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Foundryman Ltd
Company Information
Director |
Mr James Oliver Adler Williams-Raahauge |
Registered office |
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Registered number |
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Accountants |
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Page 1 |
The Foundryman Ltd
(Registration number: 10852385)
Balance Sheet as at 31 March 2018
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2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
The Foundryman Ltd
(Registration number: 10852385)
Balance Sheet as at 31 March 2018
Approved and authorised by the
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Director
Page 3 |
The Foundryman Ltd
Notes to the Financial Statements for the Period from 5 July 2017 to 31 March 2018
General information |
The company's registered number and registered office address can be found on the Company Information page.
The company is a private company limited by share capital, incorporated in England and Wales.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
20% on reducing balance |
Page 4 |
The Foundryman Ltd
Notes to the Financial Statements for the Period from 5 July 2017 to 31 March 2018
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 years of useful life |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 March 2018 |
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Amortisation |
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Amortisation charge |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil.
Page 5 |
The Foundryman Ltd
Notes to the Financial Statements for the Period from 5 July 2017 to 31 March 2018
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2018 |
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Depreciation |
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Charge for the period |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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Debtors |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Page 6 |