I-Change Limited - Filleted accounts

I-Change Limited - Filleted accounts

I-CHANGE LTD - Company Information

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I-Change Limited
Registered number: 03254769
Balance Sheet
as at 31 December 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 - -
Investments 6 - -
- -
Current assets
Stocks - -
Debtors 7 - 2,580
Investments held as current assets - -
Cash at bank and in hand 3,134 1,300
3,134 3,880
Creditors: amounts falling due within one year 8 (2,844) (3,802)
Net current assets 290 78
Total assets less current liabilities 290 78
Creditors: amounts falling due after more than one year 9 - -
Provisions for liabilities - -
Net assets 290 78
Capital and reserves
Called up share capital 2 2
Share premium - -
Revaluation reserve 11 - -
Profit and loss account 288 76
Shareholders' funds 290 78
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Cooke
Director
Approved by the board on 4 February 2019
I-Change Limited
Notes to the Accounts
for the year ended 31 December 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Exceptional items 2018 2017
£ £
- -
3 Employees 2018 2017
Number Number
Average number of persons employed by the company - -
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2018 -
Additions -
Disposals -
At 31 December 2018 -
Amortisation
At 1 January 2018 -
Provided during the year -
On disposals -
At 31 December 2018 -
Net book value
At 31 December 2018 -
At 31 December 2017 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2018 - - - -
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 31 December 2018 - - - -
Depreciation
At 1 January 2018 - - - -
Charge for the year - - - -
Surplus on revaluation - - - -
On disposals - - - -
At 31 December 2018 - - - -
Net book value
At 31 December 2018 - - - -
At 31 December 2017 - - - -
Freehold land and buildings: 2018 2017
£ £
Historical cost - -
Cumulative depreciation based on historical cost - -
- -
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 January 2018 - - -
Additions - - -
Disposals - - -
At 31 December 2018 - - -
7 Debtors 2018 2017
£ £
Trade debtors - 2,580
Amounts owed by group undertakings and undertakings in which the company has a participating interest - -
Deferred tax asset - -
Other debtors - -
- 2,580
Amounts due after more than one year included above - -
8 Creditors: amounts falling due within one year 2018 2017
£ £
Non-equity preference shares - -
Bank loans and overdrafts - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors 190 160
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Corporation tax 753 45
Other taxes and social security costs 186 413
Other creditors 1,715 3,184
2,844 3,802
9 Creditors: amounts falling due after one year 2018 2017
£ £
Non-equity preference shares - -
Bank loans - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors - -
- -
10 Loans 2018 2017
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - -
Instalments falling due for payment after more than five years - -
- -
Secured bank loans - -
[Give an indication of the nature and form of the security for the bank loans]
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