Action Inc Ltd
Registered number: 05756536
Statement of Financial Position
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 445 888
Tangible assets 3 8,506 9,808
8,951 10,696
Current assets
Debtors 4 3,006 7,472
Cash at bank and in hand 11,354 8,460
14,360 15,932
Creditors: amounts falling due within one year 5 (22,784) (25,905)
Net current liabilities (8,424) (9,973)
Net assets 527 723
Capital and reserves
Called up share capital 100 100
Profit and loss account 427 623
Shareholder's funds 527 723
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 accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Collins
Director
Approved by the board on 30 June 2017
Action Inc Ltd
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 01 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in the notes below.
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 rendering of services. 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.
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% reducing balance
Debtors
Short term debtors are measured at transaction 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. 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.
2 Intangible fixed assets £
Flying skills
Cost
At 1 April 2016 2,217
At 31 March 2017 2,217
Amortisation
At 1 April 2016 1,329
Provided during the year 443
At 31 March 2017 1,772
Net book value
At 31 March 2017 445
At 31 March 2016 888
Flying skills are being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 32,350
Additions 1,534
At 31 March 2017 33,884
Depreciation
At 1 April 2016 22,542
Charge for the year 2,836
At 31 March 2017 25,378
Net book value
At 31 March 2017 8,506
At 31 March 2016 9,808
4 Debtors 2017 2016
£ £
Trade debtors 1,910 7,472
Other debtors 1,096 -
3,006 7,472
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 447 427
Accruals 1,512 1,440
Directors' current accounts - 4,340
Corporation tax 20,819 18,424
Other taxes and social security costs 6 1,274
22,784 25,905
6 Other information
Action Inc Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
7 Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 01 April 2015.

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