Proxibid UK Limited 31/12/2017 iXBRL

Proxibid UK Limited 31/12/2017 iXBRL

PROXIBID UK LIMITED - Company Information

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31/12/2017 2017-12-31 false false false false true false false false false false false false false true false false true false false false false false false true false No description of principal activities is disclosed 2017-01-01 Sage Accounts Production 18.11 - FRS xbrli:pure xbrli:shares iso4217:GBP 09023785 2017-01-01 2017-12-31 09023785 2017-12-31 09023785 2016-12-31 09023785 2016-01-01 2016-12-31 09023785 2016-12-31 09023785 bus:RegisteredOffice 2017-01-01 2017-12-31 09023785 bus:OrdinaryShareClass1 2017-01-01 2017-12-31 09023785 bus:LeadAgentIfApplicable 2017-01-01 2017-12-31 09023785 bus:Director1 2017-01-01 2017-12-31 09023785 bus:Director3 2017-01-01 2017-12-31 09023785 core:WithinOneYear 2017-12-31 09023785 core:WithinOneYear 2016-12-31 09023785 core:ShareCapital 2017-12-31 09023785 core:ShareCapital 2016-12-31 09023785 core:RetainedEarningsAccumulatedLosses 2017-12-31 09023785 core:RetainedEarningsAccumulatedLosses 2016-12-31 09023785 bus:OrdinaryShareClass1 core:ShareCapital 2017-12-31 09023785 bus:OrdinaryShareClass1 core:ShareCapital 2016-12-31 09023785 bus:SmallEntities 2017-01-01 2017-12-31 09023785 bus:Audited 2017-01-01 2017-12-31 09023785 bus:FullAccounts 2017-01-01 2017-12-31 09023785 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 09023785 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 09023785 core:AllAssociates 2017-01-01 2017-12-31 09023785 core:AllAssociates 2016-01-01 2016-12-31 09023785 core:ComputerEquipment 2016-12-31 09023785 core:ComputerEquipment 2017-12-31 09023785 core:ComputerEquipment 2017-01-01 2017-12-31 09023785 core:AllAssociates 2017-12-31 09023785 core:AllAssociates 2016-12-31 09023785 1 2017-01-01 2017-12-31
Company registration number: 09023785
Proxibid UK Limited
Filleted financial statements
31 December 2017
Proxibid UK Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Proxibid UK Limited
Directors and other information
Directors Mr R Downs
Mr James Edward Hajek
Company number 09023785
Registered office Aldgate Tower
2 Leman Street
London
E1 8FA
Auditor Leftley Rowe and Company
3/F The Heights
59-65 Lowlands Road
Harrow
Middlesex
HA1 3AW
Bankers Silicon Valley Bank
Alphabeta
14-18 Finsbury Square
London
EC2A 1BR
Proxibid UK Limited
Directors responsibilities statement
Year ended 31 December 2017
the directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Proxibid UK Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 1,200 675
_______ _______
1,200 675
Current assets
Debtors 6 69,965 10,535
Cash at bank and in hand 11,020 8,803
_______ _______
80,985 19,338
Creditors: amounts falling due
within one year 7 ( 1,139,399) ( 1,081,726)
_______ _______
Net current liabilities ( 1,058,414) ( 1,062,388)
_______ _______
Total assets less current liabilities ( 1,057,214) ( 1,061,713)
_______ _______
Net liabilities ( 1,057,214) ( 1,061,713)
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account ( 1,057,314) ( 1,061,813)
_______ _______
Shareholders deficit ( 1,057,214) ( 1,061,713)
_______ _______
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 December 2018 , and are signed on behalf of the board by:
Mr R Downs
Director
Company registration number: 09023785
Proxibid UK Limited
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Aldgate Tower, 2 Leman Street, London, E1 8FA.
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.
Going concern
The holding company has confirmed that it will continue to make adequate resources available to the company to carry on trading for the foreseeable future and for a period not less than twelve months from the date of approval of these financial statements. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.
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.
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:
Computer equipment - Straight line over 3 years
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.
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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2016: 2 ).
5. Tangible assets
Computer equipment Total
£ £
Cost
At 1 January 2017 4,297 4,297
Additions 1,489 1,489
_______ _______
At 31 December 2017 5,786 5,786
_______ _______
Depreciation
At 1 January 2017 3,622 3,622
Charge for the year 964 964
_______ _______
At 31 December 2017 4,586 4,586
_______ _______
Carrying amount
At 31 December 2017 1,200 1,200
_______ _______
At 31 December 2016 675 675
_______ _______
6. Debtors
2017 2016
£ £
Trade debtors 58,331 8,959
Other debtors 11,634 1,576
_______ _______
69,965 10,535
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 7,837 8,194
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,102,378 1,052,993
Social security and other taxes 11,427 8,975
Other creditors 17,757 11,564
_______ _______
1,139,399 1,081,726
_______ _______
8. Called up share capital
Issued, called up and fully paid
2017 2016
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Summary audit opinion
The auditor's report for the year dated 21 December 2018 was unqualified.
The senior statutory auditor was Christopher Andrews for and on behalf of Leftley Rowe and Company
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2017 2016 2017 2016
£ £ £ £
Proxibid Inc. 49,385 410,333 ( 1,102,378) ( 1,052,993)
Moffat Publishing Company Limited 5,000 56,527 - (6,000)
_______ _______ _______ _______
During the year the company was charged management fees totally £Nil (2016: £16,468) from Proxibid Inc., a company incorporated in the USA and the parent undertaking of Proxibid UK Limited . Proxibid Inc. has also provided a loan to Proxibid UK Limited to assist with working capital requirements. At the balance sheet date the amount owed to Proxibid Inc. was £1,102,378 (2016: £1,052,993).During the year the company paid consultancy fees of £5,000 (2016: £56,527) to Moffat Publishing Limited, a company incorporated in England and Wales. D. Moffat is a former director of Proxibid UK Limited (up to 31 December 2016). He remains a director of Moffat Publishing Limited.
11. Controlling party
In the directors' opinion the company's ultimate parent company and controlling party is Proxibid Inc., which is incorporated in the USA.