Caseware UK (AP4) 2016.0.208 2016.0.208 2017-11-302017-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse2016-12-01 05986306 2016-12-01 2017-11-30 05986306 2015-12-01 2016-11-30 05986306 2017-11-30 05986306 2016-11-30 05986306 c:Director1 2016-12-01 2017-11-30 05986306 d:PlantMachinery 2016-12-01 2017-11-30 05986306 d:PlantMachinery 2017-11-30 05986306 d:PlantMachinery 2016-11-30 05986306 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-12-01 2017-11-30 05986306 d:MotorVehicles 2016-12-01 2017-11-30 05986306 d:MotorVehicles 2017-11-30 05986306 d:MotorVehicles 2016-11-30 05986306 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-12-01 2017-11-30 05986306 d:OwnedOrFreeholdAssets 2016-12-01 2017-11-30 05986306 d:FreeholdInvestmentProperty 2016-12-01 2017-11-30 05986306 d:FreeholdInvestmentProperty 2017-11-30 05986306 d:CurrentFinancialInstruments 2017-11-30 05986306 d:CurrentFinancialInstruments 2016-11-30 05986306 d:Non-currentFinancialInstruments 2017-11-30 05986306 d:Non-currentFinancialInstruments 2016-11-30 05986306 d:CurrentFinancialInstruments d:WithinOneYear 2017-11-30 05986306 d:CurrentFinancialInstruments d:WithinOneYear 2016-11-30 05986306 d:Non-currentFinancialInstruments d:AfterOneYear 2017-11-30 05986306 d:Non-currentFinancialInstruments d:AfterOneYear 2016-11-30 05986306 d:ShareCapital 2017-11-30 05986306 d:ShareCapital 2016-11-30 05986306 d:RetainedEarningsAccumulatedLosses 2017-11-30 05986306 d:RetainedEarningsAccumulatedLosses 2016-11-30 05986306 c:OrdinaryShareClass1 2016-12-01 2017-11-30 05986306 c:FRS102 2016-12-01 2017-11-30 05986306 c:AuditExempt-NoAccountantsReport 2016-12-01 2017-11-30 05986306 c:FullAccounts 2016-12-01 2017-11-30 05986306 c:PrivateLimitedCompanyLtd 2016-12-01 2017-11-30 05986306 d:KeyManagementIndividualGroup2 2016-12-01 2017-11-30 05986306 d:KeyManagementIndividualGroup2 2017-11-30 05986306 c:Director1 2017-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05986306
















LIKEMIND DEVELOPMENTS LIMITED


UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2017

































LIKEMIND DEVELOPMENTS LIMITED
REGISTERED NUMBER:05986306

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2017

2017
2016
Note
£
£

FIXED ASSETS
  

Tangible fixed assets
  
231
149

Investment property
  
290,790
-

  
291,021
149

CURRENT ASSETS
  

Stocks
  
257,551
766,656

Debtors: amounts falling due within one year
 6 
3,923
15,232

Bank and cash balances
  
326,971
34,601

  
588,445
816,489

Creditors: amounts falling due within one year
 7 
(44,127)
(23,611)

NET CURRENT ASSETS
  
 
 
544,318
 
 
792,878

TOTAL ASSETS LESS CURRENT LIABILITIES
  
835,339
793,027

Creditors: amounts falling due after more than one year
 8 
(726,620)
(731,669)

  

NET ASSETS
  
108,719
61,358


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Profit and loss account
  
108,619
61,258

  
108,719
61,358


Page 1


LIKEMIND DEVELOPMENTS LIMITED
REGISTERED NUMBER:05986306
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2017

The Director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M Cowley
Director

Date: 12 November 2018

The notes on pages 3 to 8 form part of these financial statements.

Page 2


LIKEMIND DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

1.


GENERAL INFORMATION

Likemind Developments Limited is a private limited company, limited by shares, incorporated in England and registered within the United Kingdom. The address for the registered office is 16 Queen Square, Bristol, BS1 4NT and the registered number is 05986306.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

INTEREST INCOME

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

Page 3


LIKEMIND DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

2.ACCOUNTING POLICIES (continued)

 
2.4

FINANCE COSTS

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

BORROWING COSTS

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

 
2.6

TAXATION

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.8

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

Page 4


LIKEMIND DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

2.ACCOUNTING POLICIES (continued)

 
2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

FINANCIAL INSTRUMENTS

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2016: 1).

Page 5


LIKEMIND DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Total

£
£
£



COST OR VALUATION


At 1 December 2016
421
2,128
2,549


Additions
158
-
158



At 30 November 2017

579
2,128
2,707



DEPRECIATION


At 1 December 2016
399
2,001
2,400


Charge for the year on owned assets
45
32
77



At 30 November 2017

444
2,033
2,477



NET BOOK VALUE



At 30 November 2017
135
95
230



At 30 November 2016
22
127
149

Page 6


LIKEMIND DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


Additions at cost
290,790



AT 30 NOVEMBER 2017
290,790

The 2017 valuations were made by the director, on an open market value for existing use basis.







If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2017
2016
£
£


Historic cost
290,790
-

290,790
-


6.


DEBTORS

2017
2016
£
£


Other debtors
3,923
15,232

3,923
15,232



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017
2016
£
£

Trade creditors
5,960
4,731

Corporation tax
11,218
13,604

Other creditors
2,584
3,076

Accruals and deferred income
24,365
2,200

44,127
23,611


Page 7


LIKEMIND DEVELOPMENTS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017
2016
£
£

Bank loans
233,370
233,370

Other creditors
493,250
498,299

726,620
731,669



9.


SHARE CAPITAL

2017
2016
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2016: 100) Ordinary shares of £1.00 each
100
100



10.


TRANSACTIONS WITH DIRECTORS

At the year end, the director of the company was owed £140,521 (2016: £163,490) from the company. This amount is included in other creditors. The loan is interest free and has no fixed date for repayment.


11.


RELATED PARTY TRANSACTIONS

At the year end, a shareholder of the company was owed £354,742 (2016: £344,799) from the company. This amount is included in other creditors. The loan is interest free and has no fixed date for repayment.


12.


FIRST TIME ADOPTION OF FRS 102

The policies applied under the entity's previous accounting framework are not materially different to 
FRS 102 and have not impacted on equity or profit or loss.

 
Page 8