Registered number
07219684
Erudite Agency Ltd
Report and unaudited Financial Statements
30 April 2017
Erudite Agency Ltd
Registered number: 07219684
Balance sheet
as at 30 April 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 4 100 120
Tangible assets 5 6,270 4,932
6,370 5,052
Current assets
Debtors 6 80,620 44,065
Cash at bank and in hand 50,053 34,675
130,673 78,740
Creditors: amounts falling due within one year 7 (57,169) (55,249)
Net current assets 73,504 23,491
Total assets less current liabilities 79,874 28,543
Provisions for liabilities (1,255) (986)
Net assets 78,619 27,557
Capital and reserves
Called up share capital 4 4
Profit and loss account 78,615 27,553
Shareholder's funds 78,619 27,557
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the profit and loss account has been taken, under s444.
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 her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of unaudited financial statements.
………………………………
Ms N Stott
Director
Approved by the board on 16.11.2017
Erudite Agency Ltd
Notes to the unaudited financial statements
for the year ended 30 April 2017
1 General Information
Erudite Agency Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is : Opus House - Stables Manor Court, Herriard, Basingstoke, Hampshire, RG25 2PH.
2 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A "Small Entities". "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 cost convention.
First year adoption
These financial statements for the year ended 30 April 2017 are the first financial statements of the Company following the adoption of FRS 102. The date of transition to FRS 102 was 1 May 2015. The Company previously reported under old UK GAAP. The Company has made no measurement and recognition adjustments.
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:
Plant and machinery 25% - 50% reducing balance
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.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Average number of employees during the year
The average number of employees, including directors, during the year was as follows:
2017 2016
Number Number
Number of employees 7 6
4 Intangible fixed assets £
Patents and licences:
Cost
At 1 May 2016 200
At 30 April 2017 200
Amortisation
At 1 May 2016 80
Provided during the year 20
At 30 April 2017 100
Net book value
At 30 April 2017 100
At 30 April 2016 120
Patents and licences is being written off in equal annual instalments over its estimated economic life of 10 years.
5 Tangible fixed assets
Plant and machinery
£
Cost
At 1 May 2016 13,716
Additions 2,795
At 30 April 2017 16,511
Depreciation
At 1 May 2016 8,784
Charge for the year 1,457
At 30 April 2017 10,241
Net book value
At 30 April 2017 6,270
At 30 April 2016 4,932
6 Debtors 2017 2016
£ £
Trade debtors 62,260 37,372
Other taxes and social security costs - 193
Corporation tax receivable 11,381 -
Prepayments and accrued income 2,979 2,500
Other debtors 4,000 4,000
80,620 44,065
7 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 527 -
Trade creditors 1,171 1,763
Corporation tax - 8,456
Other taxes and social security costs 24,088 13,345
Director's loan account 30,191 30,348
Other creditors 1,192 1,337
57,169 55,249
8 Related party transactions
Ms N Stott
Director and shareholder
During the year, the director's current account of Ms N Stott was credited with capital introduced of £208 and charged with drawings of £365. The balance owed to Ms N Stott at 30 April 2017 was £30,191 (2016 : £30,348)
These amounts are interest free and there is no fixed repayment date.
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