Aardvark Design Studio Limited Company Accounts

COMPANY REGISTRATION NUMBER: 01769008

Aardvark Design Studio Limited

Filleted Unaudited Financial Statements

31 March 2017

Aardvark Design Studio Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Aardvark Design Studio Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Aardvark Design Studio Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aardvark Design Studio Limited for the year ended 31 March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

SHERIDAN BROOKS LIMITED Chartered accountant

176 Brighton Road Coulsdon Surrey CR5 2NF

10 November 2017

Aardvark Design Studio Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		4,063	13,120

Current assets

Stocks		–	2,000
Debtors	6	16,350	39,100
Cash at bank and in hand		16,017	17,264
		--------	--------
		32,367	58,364

Creditors: amounts falling due within one year	7	9,668		28,608
		--------		--------
Net current assets			22,699	29,756
			--------	--------
Total assets less current liabilities			26,762	42,876

Creditors: amounts falling due after more than one year	8	–	1,857
		--------	--------
Net assets		26,762	41,019
		--------	--------

Capital and reserves

Called up share capital	53	53
Capital redemption reserve	47	47
Profit and loss account	26,662	40,919
	--------	--------
Shareholders funds	26,762	41,019
	--------	--------

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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Aardvark Design Studio Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 10 November 2017 , and are signed on behalf of the board by:

Mr S Heath-Smith
Director

Company registration number: 01769008

Aardvark Design Studio Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 129 Warren Road, Banstead, Surrey, SM7 1LT, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Corporation 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. No assets have been revalued.

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:

Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Computers	-	25% 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.

Stock and work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	1,538	22,138	7,081	30,757
Additions	–	–	2,061	2,061
Disposals	–	( 22,138)	–	( 22,138)
	-------	--------	-------	--------
At 31 March 2017	1,538	–	9,142	10,680
	-------	--------	-------	--------
Depreciation
At 1 April 2016	1,444	12,799	3,394	17,637
Charge for the year	23	778	1,756	2,557
Disposals	–	( 13,577)	–	( 13,577)
	-------	--------	-------	--------
At 31 March 2017	1,467	–	5,150	6,617
	-------	--------	-------	--------
Carrying amount
At 31 March 2017	71	–	3,992	4,063
	-------	--------	-------	--------
At 31 March 2016	94	9,339	3,687	13,120
	-------	--------	-------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	16,350	38,460
Other debtors	–	640
	--------	--------
	16,350	39,100
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	4,651	13,714
Corporation tax	1,408	3,582
Social security and other taxes	2,009	1,615
Other creditors	1,600	9,697
	-------	--------
	9,668	28,608
	-------	--------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	–	1,857
	----	-------

9. Related party transactions

The company was under the control of Mr S J Heath-Smith throughout the current and previous year. Mr S J Heath-Smith is a director and majority shareholder.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.