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Registration number: 11111830

ISPS Live Ltd

Annual Report and Unaudited Financial Statements

for the Period from 14 December 2017 to 31 December 2018

Welch & Co (South West) Limited
2 Drake House Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ

 

ISPS Live Ltd

(Registration number: 11111830)
Balance Sheet as at 31 December 2018

Note

2018
£

Fixed assets

 

Tangible assets

3

4,963

Current assets

 

Cash at bank and in hand

 

1,995

Creditors: Amounts falling due within one year

4

(5,756)

Net current liabilities

 

(3,761)

Total assets less current liabilities

 

1,202

Creditors: Amounts falling due after more than one year

4

(1,200)

Net assets

 

2

Capital and reserves

 

Called up share capital

2

Total equity

 

2

For the financial period ending 31 December 2018 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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.

 

ISPS Live Ltd

(Registration number: 11111830)
Balance Sheet as at 31 December 2018

Approved and authorised by the Board on 21 January 2019 and signed on its behalf by:
 

.........................................

Mr Stuart David Comley

Director

.........................................

Mr Isaac George Cowlard

Director

 

ISPS Live Ltd

Notes to the Financial Statements for the Period from 14 December 2017 to 31 December 2018

1

General information

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

ISPS Live Ltd

Notes to the Financial Statements for the Period from 14 December 2017 to 31 December 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

ISPS Live Ltd

Notes to the Financial Statements for the Period from 14 December 2017 to 31 December 2018

3

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

Additions

4,963

4,963

At 31 December 2018

4,963

4,963

Depreciation

Carrying amount

At 31 December 2018

4,963

4,963

4

Creditors

Note

2018
£

Due within one year

 

Trade creditors

 

220

Other creditors

 

1,000

Amounts due to related parties

 

4,536

 

5,756

Due after one year

 

Loans and borrowings

5

1,200

5

Loans and borrowings

2018
£

Non-current loans and borrowings

Other borrowings

1,200

6

Dividends

Final dividends paid

 

2018
£

Final dividend of £2,000 per each Ordinary share

4,000