Company Registration No. 05562035 (England and Wales)
DOUBLE NINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
BN44 3TN
DOUBLE NINE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DOUBLE NINE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
31,248
46,215
Investment properties
5
225,000
225,000
256,248
271,215
Current assets
Stocks
43,431
33,648
Debtors
57,614
58,214
Cash at bank and in hand
95,659
63,079
196,704
154,941
Creditors: amounts falling due within one year
(117,807)
(81,482)
Net current assets
78,897
73,459
Total assets less current liabilities
335,145
344,674
Creditors: amounts falling due after more than one year
6
(83,652)
(94,678)
Provisions for liabilities
(16,329)
(19,405)
Net assets
235,164
230,591
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
234,964
230,391
Total equity
235,164
230,591
DOUBLE NINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2018
31 August 2018
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 9 November 2018 and are signed on its behalf by:
Mr S J Long
Director
Company Registration No. 05562035
The notes on pages 4 to 8 form part of these financial statements
DOUBLE NINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 4 -
1
Accounting policies
Company information
Double Nine Limited (05562035) is a private company limited by shares incorporated in England and Wales. The registered office is 2 Albert Drive, Burgess Hill, West Sussex, RH15 9TN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website costs
fully amortised over useful life of 10 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost and 10% on cost
Fixtures and fittings
20% on cost and 15% on cost
Computers
20% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
DOUBLE NINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DOUBLE NINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 7).
3
Intangible fixed assets
Other
£
Cost
At 1 September 2017 and 31 August 2018
10,587
Amortisation and impairment
At 1 September 2017 and 31 August 2018
10,587
Carrying amount
At 31 August 2018
-
At 31 August 2017
-
DOUBLE NINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2017
83,761
3,550
10,449
24,970
122,730
Additions
735
-
-
-
735
Disposals
(6,787)
(791)
(1,748)
-
(9,326)
At 31 August 2018
77,709
2,759
8,701
24,970
114,139
Depreciation and impairment
At 1 September 2017
59,487
2,324
7,198
7,505
76,514
Depreciation charged in the year
9,119
396
1,194
4,994
15,703
Eliminated in respect of disposals
(6,787)
(791)
(1,748)
-
(9,326)
At 31 August 2018
61,819
1,929
6,644
12,499
82,891
Carrying amount
At 31 August 2018
15,890
830
2,057
12,471
31,248
At 31 August 2017
24,274
1,225
3,251
17,465
46,215
5
Investment property
2018
£
Fair value
At 1 September 2017 and 31 August 2018
225,000
The fair value of the investment property arrived at on the basis of a valuation carried by the directors.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2018
2017
£
£
Cost
152,087
152,087
Accumulated depreciation
-
-
Carrying amount
152,087
152,087
DOUBLE NINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 8 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
83,652
94,678
7
Non-distributable reserves
Included in reserves are non-distributable reserves totalling £60,518.