REGISTERED NUMBER: |
Get It Made Ltd |
Unaudited Financial Statements for the Year Ended 31 July 2018 |
REGISTERED NUMBER: |
Get It Made Ltd |
Unaudited Financial Statements for the Year Ended 31 July 2018 |
Get It Made Ltd (Registered number: 07707730) |
Contents of the Financial Statements |
for the Year Ended 31 July 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Get It Made Ltd |
Company Information |
for the Year Ended 31 July 2018 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Get It Made Ltd (Registered number: 07707730) |
Balance Sheet |
31 July 2018 |
31.7.18 | 31.7.17 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director on |
Get It Made Ltd (Registered number: 07707730) |
Notes to the Financial Statements |
for the Year Ended 31 July 2018 |
1. | STATUTORY INFORMATION |
Get It Made Ltd is a private company, limited by shares and registered in England and Wales. The company's registered number and |
registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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 |
Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements is |
sterling. All amounts in the financial statements have been rounded to the nearest £1. |
Going concern |
The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or |
support will be more than adequate for the company's needs. In assessing going concern, the director has a reasonable expectation that the |
company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date |
of approval of these financial statements. |
Turnover |
Revenue is recognised to the extent that it is probable 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. |
Revenue from a contract to provide services is recognised in the period in which the services are provided. |
Interest receivable and payable |
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
Intangible assets |
Research and Development costs |
Expenditure on research activities is recognised within profit or loss as an expense is incurred. |
Development costs are capitalised only where they can be identified with a specific product or project that will generate probable future |
economic benefits. They are amortised on a straight line basis to profit or loss over their estimated useful life, the costs can be reliably |
measured and all the criteria under FRS 102 are met. All other development costs are expensed as incurred. |
Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of |
is written off to profit or loss. |
Capitalised development costs are not treated as a realised loss under section 844( 1) of the Companies Act as the directors believe that they |
are subject to the permitted exception in section 844(3) as the costs have been capitalised in accordance with applicable accounting |
standards. |
Capitalised development costs are not treated as a realised loss for the purpose of determining the company's distributable profits as the costs |
meet the conditions permitting them to be treated as an asset under FRS 102. |
All intangible assets are considered to have a finite useful life. The estimated useful lives are as follows: |
Website - 5 years on a straight line basis |
At each reporting date the company assesses whether there is any indication of impairment. If such indications exists, the recoverable amount |
of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised |
immediately as an expense within profit or loss. |
Get It Made Ltd (Registered number: 07707730) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2018 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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 to profit or loss over the estimated useful economic lives, as follows - |
- Computer equipment - Over 3 years on a straight line |
- Office equipment - Over 3 years on a straight line |
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. |
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount |
of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. |
Any impairment loss is recognised immediately as an expense within the profit or loss. |
Basic financial instruments |
Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are |
recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised |
cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing |
transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments |
discounted at a market rate of interest for a similar debt instrument. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of |
impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss. |
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying |
amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount |
and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Current and deferred taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates |
to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other |
comprehensive income. |
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively |
enacted at the balance sheet date. |
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because |
certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or |
smaller than the corresponding income or expense. |
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or |
substantively enacted at the balance sheet date. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the |
reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the |
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional |
currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss. |
Pensions |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company |
pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The |
contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity |
dividends are recognised when approved by the shareholders. |
Get It Made Ltd (Registered number: 07707730) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2018 |
3. | STAFF NUMBERS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Website |
£ |
COST |
Additions |
At 31 July 2018 |
AMORTISATION |
Amortisation for year |
At 31 July 2018 |
NET BOOK VALUE |
At 31 July 2018 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2017 |
Additions |
At 31 July 2018 |
DEPRECIATION |
At 1 August 2017 |
Charge for year |
At 31 July 2018 |
NET BOOK VALUE |
At 31 July 2018 |
At 31 July 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.18 | 31.7.17 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.18 | 31.7.17 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
8. | RELATED PARTY TRANSACTIONS |
During the year the company received loans from a director of £125 (2017: £1,051) and repaid £nil (2017: £931). As at 31 July 2018 Get it |
made Limited owed £245 (2017: £120) to the director. All balances attract a nil rate of interest and are repayable on demand. |