Company registration number:
for the Year Ended
Footbalance System Retail Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Footbalance System Retail Limited
(Registration number: 10227630)
Balance Sheet as at 31 December 2018
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2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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For the financial year 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:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Footbalance System Retail Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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.
These financial statements are presented in Sterling (£).
Going concern
The company has net liabilities at the balance sheet date. The company is dependant on the support provided to it by its parent company, which has provided it with a loan to fund working capital. The parent company has agreed not to request the repayment of the loan unless the company has surplus funds after allowing it to meet its other liabilities. In view of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Turnover recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers. Turnover is recognised at the point of sale to the customer, when the risks and rewards of ownership transfer to the buyer.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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Footbalance System Retail Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
Straight line over 3 years |
Leasehold improvements |
Straight line over the length of the lease |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
Straight line over 3 years |
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.
Debtors
Short term debtors are measured at transaction price less any impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
Other financial liabilities, including loans, are measured individually at fair value net of transaction costs and subsequently at amortised cost using the effective interest method.
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Footbalance System Retail Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 December 2018 |
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Amortisation |
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Amortisation charge |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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Footbalance System Retail Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Included within the net book value of land and buildings above is £5,949 (2017 - £Nil) in respect of short leasehold land and buildings.
Stocks |
2018 |
2017 |
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Finished goods and goods for resale |
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Debtors |
2018 |
2017 |
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Other debtors |
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Total current trade and other debtors |
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Footbalance System Retail Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Footbalance System OY, Tammiston Kauppatie 7b, FI-01510 Vantaa, Finland.
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