Chord Group Limited - Period Ending 2018-09-30

Registration number: 10395122

Chord Group Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2018

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Chord Group Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 8

Chord Group Limited

Company Information

Directors

Mr RM Wirszycz Mr ND Boyd Jr Mr JD Kemp Mr J Speake

Registered office

20-22 Wenlock Road London England N1 7GU

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Chord Group Limited
for the Year Ended 30 September 2018

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 30 September 2018, as set out on pages 3 to 8, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

13 February 2019

Page 2

Chord Group Limited

(Registration number: 10395122)
Balance Sheet as at 30 September 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	5	-	41,772
Current assets
Debtors	6	-	68,285
Cash at bank and in hand		11,922	3,915
		11,922	72,200
Creditors: Amounts falling due within one year	7	(32,243)	(164,357)
Net current liabilities		(20,321)	(92,157)
Net liabilities		(20,321)	(50,385)
Capital and reserves
Called up share capital	8	153	153
Profit and loss account		(20,474)	(50,538)
Total equity		(20,321)	(50,385)

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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.

Approved and authorised by the Board on 13 February 2019 and signed on its behalf by:
 

.........................................

Mr JD Kemp

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Chord Group Limited

Statement of Changes in Equity for the Year Ended 30 September 2018

	Share capital £	Profit and loss account £	Total £
At 1 October 2017	153	(50,538)	(50,385)
Profit for the year	-	30,064	30,064
Total comprehensive income	-	30,064	30,064
At 30 September 2018	153	(20,474)	(20,321)

	Share capital £	Profit and loss account £	Total £
Loss for the year	-	(50,538)	(50,538)
Total comprehensive income	-	(50,538)	(50,538)
New share capital subscribed	153	-	153
At 30 September 2017	153	(50,538)	(50,385)

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Chord Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

1	General information

The company registration number is: 10395122

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
20-22 Wenlock Road
London
England
N1 7GU
England

2	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.

Going concern

The company is showing negative reserves as a result of the long term projects that it operates. General operational overheads are incurred to support the ongoing projects that hence generates losses in early years. However, the directors are confident that the agreed contracts in place will generate sufficient income in coming years to generate profits in excess of the early losses. The directors also expect the company's cash funds to remain positive over the next twelve months and have hence prepared the accounts on the going concern basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Intangible assets

Separately acquired intellectual property is shown at historical cost.

Intellectual property and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Page 5

Chord Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

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
Intellectual property	10% straight line, none in the year of acquisition

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Trade 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.

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.

3	Exceptional items

During the year £209,219 (2017 - £nil) of expenditure of exceptional size was recorded. This amount related to the impairment of intellectual property on the company's balance sheet to a nil market value.

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2017 - 3).

Page 6

Chord Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

5	Intangible assets

	Intellectual property  £	Total £
Cost or valuation
At 1 October 2017	41,772	41,772
Additions acquired separately	167,447	167,447
At 30 September 2018	209,219	209,219
Amortisation
At 1 October 2017	-	-
Impairment	209,219	209,219
At 30 September 2018	209,219	209,219
Carrying amount
At 30 September 2018	-	-
At 30 September 2017	41,772	41,772

Page 7

Chord Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

6

Debtors

	2018 £	2017 £
Deferred project costs	-	68,285

7

Creditors

	Note	2018 £	2017 £
Due within one year
Trade creditors		32,243	-
Other creditors		-	164,357
		32,243	164,357

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary share of £1 each	153	153	153	153

9	Related party transactions

Key management personnel

Relationship: Directors

Summary of transactions with key management

During the year the company paid fees and commissions totalling £26,563 (2017 - £42,192) to the directors.
 

Page 8