METATAXIS LIMITED |
Notes to the Accounts |
for the year ended 28 February 2018 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents the value of sales invoices rendered, excluding VAT. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment |
25% reducing balance |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2018 |
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2017 |
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Number |
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Number |
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Average number of persons employed by the company |
5 |
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6 |
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3 |
Tangible fixed assets |
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Computer Equipment |
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£ |
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Cost |
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At 1 March 2017 |
14,458 |
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Additions |
1,062 |
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At 28 February 2018 |
15,520 |
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Depreciation |
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At 1 March 2017 |
11,567 |
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Charge for the year |
988 |
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At 28 February 2018 |
12,555 |
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Net book value |
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At 28 February 2018 |
2,965 |
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At 28 February 2017 |
2,891 |
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4 |
Debtors |
2018 |
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2017 |
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£ |
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£ |
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Trade debtors |
169,962 |
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35,283 |
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Other debtors |
4,269 |
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1,325 |
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174,231 |
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36,608 |
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5 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
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£ |
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£ |
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Trade creditors |
18,665 |
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- |
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Taxation and social security costs |
115,627 |
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90,629 |
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Other creditors |
2,397 |
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899 |
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136,689 |
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91,528 |
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6 |
Capital redemption reserve |
2018 |
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2017 |
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£ |
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£ |
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At 1 March 2017 |
104 |
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104 |
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Transfer from the profit and loss account |
11 |
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- |
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At 28 February 2018 |
115 |
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104 |
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7 |
Controlling party |
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The company is under the control of the directors. |
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8 |
Other information |
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METATAXIS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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53 Cavendish Road |
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London |
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SW12 0BL |