Registered number
07987826
PrintAdapt Limited
Filleted Accounts
31 March 2018
PrintAdapt Limited
Registered number: 07987826
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 2 2,298 2,872
Tangible assets 3 1,794 2,213
4,092 5,085
Current assets
Debtors 4 - 2,196
Cash at bank and in hand 174,216 154,561
174,216 156,757
Creditors: amounts falling due within one year 5 (47,694) (47,987)
Net current assets 126,522 108,770
Total assets less current liabilities 130,614 113,855
Provisions for liabilities (55) (116)
Net assets 130,559 113,739
Capital and reserves
Called up share capital 1 1
Profit and loss account 130,558 113,738
Shareholder's funds 130,559 113,739
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr W Wiseman
Director
Approved by the board on 7 November 2018
PrintAdapt Limited
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Fixture and Fittings 15% reducing balance
Computer/ Office Equipment Straight line over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Intangible fixed assets £
Trademarks & IPR:
Cost
At 1 April 2017 5,744
At 31 March 2018 5,744
Amortisation
At 1 April 2017 2,872
Provided during the year 574
At 31 March 2018 3,446
Net book value
At 31 March 2018 2,298
At 31 March 2017 2,872
Trademarks & IPR are being written off in equal annual instalments over its estimated economic life of 10 years.
3 Tangible fixed assets
Computer/Office equipment Fixtures and fittings Total
£ £ £
Cost
At 1 April 2017 3,493 3,908 7,401
At 31 March 2018 3,493 3,908 7,401
Depreciation
At 1 April 2017 3,390 1,798 5,188
Charge for the year 103 316 419
At 31 March 2018 3,493 2,114 5,607
Net book value
At 31 March 2018 - 1,794 1,794
At 31 March 2017 103 2,110 2,213
4 Debtors 2018 2017
£ £
Trade debtors - 2,196
5 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors 210 224
Corporation tax 8,690 9,590
Other taxes and social security costs 3,734 4,283
Other creditors 35,060 33,890
47,694 47,987
6 Controlling party
The company is controlled by the director, William Wiseman who also owns the only issued share in the company.
7 Other information
PrintAdapt Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 1, 5th Floor
City Reach
5 Greenwich View Place
London
E14 9NN
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