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Registration number: 07598325

Iblis 2011 Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2017 to 6 April 2018

 

Iblis 2011 Limited

Contents

Directors' Report

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Iblis 2011 Limited

Directors' Report for the Period from 1 April 2017 to 6 April 2018

The directors present their report and the financial statements for the period from 1 April 2017 to 6 April 2018.

Directors of the company

The directors who held office during the period were as follows:

Mr MD Gallagher

Miss N E Carnie

Principal activity

The principal activity of the company is Coffee Shop

Small companies provision statement

This report has 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.

Approved by the Board on 8 June 2018 and signed on its behalf by:

.........................................
Mr MD Gallagher
Director

 

Iblis 2011 Limited

(Registration number: 07598325)
Balance Sheet as at 6 April 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

-

30,000

Tangible assets

5

-

2,005

 

-

32,005

Current assets

 

Stocks

6

-

700

Debtors

7

1,439

1,403

Cash at bank and in hand

 

27

4,886

 

1,466

6,989

Creditors: Amounts falling due within one year

8

(20,432)

(49,361)

Net current liabilities

 

(18,966)

(42,372)

Net liabilities

 

(18,966)

(10,367)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(18,968)

(10,369)

Total equity

 

(18,966)

(10,367)

 

Iblis 2011 Limited

(Registration number: 07598325)
Balance Sheet as at 6 April 2018

For the financial period ending 6 April 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 period 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 8 June 2018 and signed on its behalf by:
 

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

Mr MD Gallagher
Director

 

Iblis 2011 Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 6 April 2018

1

General information

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

The address of its registered office is:
21 Owen Street
Rosegrove
Burnley
Lancashire
BB12 6HL
England

The principal place of business is:
26 Green End Avenue
Earby
Barnoldswick
England
Lancashire
BB18 6NT
England

These financial statements were authorised for issue by the Board on 8 June 2018.

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 in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

Iblis 2011 Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 6 April 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Furniture and fittings

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

Equal instalments over 10 years

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.

 

Iblis 2011 Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 6 April 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Iblis 2011 Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 6 April 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4 (2017 - 7).

 

Iblis 2011 Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 6 April 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

75,000

75,000

Disposals

(75,000)

(75,000)

At 6 April 2018

-

-

Amortisation

At 1 April 2017

45,000

45,000

Amortisation eliminated on disposals

(45,000)

(45,000)

At 6 April 2018

-

-

Carrying amount

At 6 April 2018

-

-

At 31 March 2017

30,000

30,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

7,779

7,779

Disposals

(7,779)

(7,779)

At 6 April 2018

-

-

Depreciation

At 1 April 2017

5,774

5,774

Eliminated on disposal

(5,774)

(5,774)

At 6 April 2018

-

-

Carrying amount

At 6 April 2018

-

-

At 31 March 2017

2,005

2,005

6

Stocks

2018
£

2017
£

Other inventories

-

700

 

Iblis 2011 Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 6 April 2018

7

Debtors

2018
£

2017
£

Trade debtors

-

400

Other debtors

1,439

1,003

1,439

1,403

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

9

-

1,050

Trade creditors

 

671

-

Taxation and social security

 

-

139

Accruals and deferred income

 

844

1,060

Other creditors

 

18,917

47,112

 

20,432

49,361

9

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

-

1,050

 

Iblis 2011 Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 6 April 2018

10

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

Repayment by the company to director
£

At 6 April 2018
£

Mr MD Gallagher

This is an interest free loan to the company and is repayable on demand

47,112

(28,196)

18,916