Flux IT Hardware Limited 31/05/2018 iXBRL

Flux IT Hardware Limited 31/05/2018 iXBRL

FLUX IT HARDWARE LTD - Company Information

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31/05/2018 2018-05-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-06-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 08074472 2017-06-01 2018-05-31 08074472 2018-05-31 08074472 2017-05-31 08074472 2016-06-01 2017-05-31 08074472 2017-05-31 08074472 core:FurnitureFittingsToolsEquipment 2017-06-01 2018-05-31 08074472 bus:RegisteredOffice 2017-06-01 2018-05-31 08074472 bus:Director1 2017-06-01 2018-05-31 08074472 core:FurnitureFittingsToolsEquipment 2017-05-31 08074472 core:FurnitureFittingsToolsEquipment 2018-05-31 08074472 core:WithinOneYear 2018-05-31 08074472 core:WithinOneYear 2017-05-31 08074472 core:ShareCapital 2018-05-31 08074472 core:ShareCapital 2017-05-31 08074472 core:RetainedEarningsAccumulatedLosses 2018-05-31 08074472 core:RetainedEarningsAccumulatedLosses 2017-05-31 08074472 core:FurnitureFittingsToolsEquipment 2017-05-31 08074472 bus:SmallEntities 2017-06-01 2018-05-31 08074472 bus:AuditExempt-NoAccountantsReport 2017-06-01 2018-05-31 08074472 bus:FullAccounts 2017-06-01 2018-05-31 08074472 bus:SmallCompaniesRegimeForAccounts 2017-06-01 2018-05-31 08074472 bus:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31
Company registration number: 08074472
Flux IT Hardware Limited
Unaudited filleted financial statements
31 May 2018
Flux IT Hardware Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Flux IT Hardware Limited
Directors and other information
Directors D Taylor
Company number 08074472
Registered office 35 Queens Grove Road
Chingford
E4 7BT
Business address Unit 6B Woodside Industrial Site
Woodside
Thornwood
Essex
CM16 6LJ
Flux IT Hardware Limited
Statement of financial position
31 May 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 5,830 1,825
_______ _______
5,830 1,825
Current assets
Debtors 6 172,990 96,783
Cash at bank and in hand 155,581 93,939
_______ _______
328,571 190,722
Creditors: amounts falling due
within one year 7 ( 146,073) ( 97,069)
_______ _______
Net current assets 182,498 93,653
_______ _______
Total assets less current liabilities 188,328 95,478
_______ _______
Net assets 188,328 95,478
_______ _______
Capital and reserves
Called up share capital 105 105
Profit and loss account 188,223 95,373
_______ _______
Shareholders funds 188,328 95,478
_______ _______
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 August 2018 , and are signed on behalf of the board by:
D Taylor
Director
Company registration number: 08074472
Flux IT Hardware Limited
Notes to the financial statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 35 Queens Grove Road, Chingford, E4 7BT.
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.
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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2017: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2017 3,494 3,494
Additions 4,890 4,890
_______ _______
At 31 May 2018 8,384 8,384
_______ _______
Depreciation
At 1 June 2017 1,669 1,669
Charge for the year 885 885
_______ _______
At 31 May 2018 2,554 2,554
_______ _______
Carrying amount
At 31 May 2018 5,830 5,830
_______ _______
At 31 May 2017 1,825 1,825
_______ _______
6. Debtors
2018 2017
£ £
Trade debtors 172,990 96,783
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 28,314 27,931
Corporation tax 33,028 26,328
Social security and other taxes 50,916 36,884
Other creditors 33,815 5,926
_______ _______
146,073 97,069
_______ _______