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COMPANY REGISTRATION NUMBER: 06588776
Corvin Fox Ltd
Filleted Unaudited Financial Statements
31 May 2017
Corvin Fox Ltd
Financial Statements
Year ended 31 May 2017
Contents
Page
Officers and Professional Advisers
1
Statement of Financial Position
2
Accounting Policies
4
Notes to the Financial Statements
7
Corvin Fox Ltd
Officers and Professional Advisers
The board of directors
Mr D O'Driscoll
Mrs Z O'Driscoll
Registered office
4 Office Village
Forder Way
Cygnet Park
Hampton
Peterborough
PE7 8GX
Accountants
Winham Hughes Limited
Chartered Certified Accountants
4 Office Village
Forder Way
Cygnet Park
Hampton
Peterborough
PE7 8GX
Corvin Fox Ltd
Statement of Financial Position
31 May 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
4
4,029
457
Current assets
Debtors
5
176,166
105,062
Cash at bank and in hand
53,252
23,873
---------
---------
229,418
128,935
Prepayments and accrued income
79,256
31,361
Creditors: amounts falling due within one year
6
239,600
155,181
---------
---------
Net current assets
69,074
5,115
--------
-------
Total assets less current liabilities
73,103
5,572
Provisions
Taxation including deferred tax
715
--------
-------
Net assets
72,388
5,572
--------
-------
Capital and reserves
Called up share capital
125
125
Profit and loss account
72,263
5,447
--------
-------
Members funds
72,388
5,572
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Corvin Fox Ltd
Statement of Financial Position (continued)
31 May 2017
These financial statements were approved by the board of directors and authorised for issue on 2 August 2017 , and are signed on behalf of the board by:
Mr D O'Driscoll
Director
Company registration number: 06588776
Corvin Fox Ltd
Accounting Policies
Year ended 31 May 2017
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at transaction price less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of VAT, and adjusted for any amounts invoiced after the services have been delivered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Corvin Fox Ltd
Notes to the Financial Statements
Year ended 31 May 2017
1. General information
The company is a private company limited by shares, registered in . The address of the registered office is 4 Office Village, Forder Way, Cygnet Park, Hampton, Peterborough, PE7 8GX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 June 2016
5,245
5,245
Additions
3,999
3,999
-------
-------
At 31 May 2017
9,244
9,244
-------
-------
Depreciation
At 1 June 2016
4,788
4,788
Charge for the year
427
427
-------
-------
At 31 May 2017
5,215
5,215
-------
-------
Carrying amount
At 31 May 2017
4,029
4,029
-------
-------
At 31 May 2016
457
457
-------
-------
5. Debtors
2017
2016
£
£
Trade debtors
168,968
105,062
Other debtors
7,198
---------
---------
176,166
105,062
---------
---------
6. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
121,764
88,072
Accruals and deferred income
70,748
30,132
Corporation tax
43,407
14,468
Social security and other taxes
232
7,708
Director loan accounts
3,449
14,801
---------
---------
239,600
155,181
---------
---------
7. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.