Launch Interactions Ltd - Period Ending 2018-06-30
Launch Interactions Ltd - Period Ending 2018-06-30
Company registration number:
for the Period from 26 June 2017 to
Launch Interactions Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Launch Interactions Ltd
(Registration number: 10835255)
Balance Sheet as at 30 June 2018
Note |
30 June 2018 |
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Fixed 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 liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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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 reserve |
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Total equity |
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For the financial period ending 30 June 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 1
Launch Interactions Ltd
Notes to the Financial Statements
for the Period from 26 June 2017 to 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the 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.
Page 2
Launch Interactions Ltd
Notes to the Financial Statements
for the Period from 26 June 2017 to 30 June 2018
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
Office equipment |
20% straight line |
Fixtures and fittings |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 3
Launch Interactions Ltd
Notes to the Financial Statements
for the Period from 26 June 2017 to 30 June 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the period was 1.
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Launch Interactions Ltd
Notes to the Financial Statements
for the Period from 26 June 2017 to 30 June 2018
Tangible assets |
Furniture, fittings and equipment |
Office equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 June 2018 |
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Depreciation |
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Charge for the period |
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At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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Debtors |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 5
Launch Interactions Ltd
Notes to the Financial Statements
for the Period from 26 June 2017 to 30 June 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
13,371 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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Page 6
Launch Interactions Ltd
Notes to the Financial Statements
for the Period from 26 June 2017 to 30 June 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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800 |
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During the period 800 ordinary shares of £1 each were issued on incorporation at par. Following share restructuring, the ordinary shares have been reclassified as 720 ordinary 'A' and 80 ordinary 'B' shares.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
Financial commitments
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2018 |
Advances to directors |
Re- |
At 30 June 2018 |
J Hayes-Jones |
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Joint director and shareholder's loan account, repayable on demand. Interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rate. |
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( |
( |
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