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Useum Ltd
Registered Number:07961826
For the year ended 28 February 2018
England and Wales
Unaudited Financial Statements
2
For the year ended 28 February 2018
Useum Ltd
Contents Page
1
Statement of Financial Position
2 to 3
Notes to the Financial Statements
3
As at 28 February 2018
Useum Ltd
Statement of Financial Position
Registered Number :
07961826
£
£
2017
2018
Notes
Fixed assets
Property, plant and equipment
552
650
2
552
650
Current assets
617
Cash and cash equivalents
295
295
617
Trade and other payables: amounts falling due within one
year
(2,834)
(3,636)
3
(2,217)
(3,341)
Net current liabilities
Total assets less current liabilities
(2,789)
(1,567)
(2,789)
Net liabilities
(1,567)
Capital and reserves
Called up share capital
100
100
Share premium account
99,990
99,990
Retained earnings
(102,879)
(101,657)
(2,789)
(1,567)
Shareholders' funds
For the year ended 28 February 2018 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
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 Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Miss Foteini Valeonti Director
These financial statements were approved and authorised for issue by the Board on 13 November 2018 and were signed by:
The notes form part of these financial statements
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4
For the year ended 28 February 2018
Useum Ltd
Notes to the Financial Statements
Statutory Information
Useum Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
07961826.
Registered address:
21 Aylmer Parade
Aylmer Road
London
N2 0AT
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
15% Reducing balance
Computer Equipment
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a
past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable
estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to
settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest
expense.
Short term debtors and creditors
Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising
from impairment are recognised in profit and loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term
highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of
financial position, bank overdrafts are shown within borrowings or current liabilities.
For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of
the Company's cash management are included as a component of cash and cash equivalents.
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5
For the year ended 28 February 2018
Useum Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment
Computer
Equipment
£
Cost or
valuation
At 01 March 2017
1,245
At 28 February 2018
1,245
Provision for depreciation and impairment
At 01 March 2017
595
Charge for year
98
At 28 February 2018
693
At 28 February 2018
Net book value
552
At 28 February 2017
650
3. Trade and other payables: amounts falling due within one year
2017
2018
£
£
Trade creditors
40
1,000
Other creditors
3,596
1,834
3,636
2,834
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