Company registration number: ROI FRS 105 Demo Client UNAUDITED FINANCIAL STATEMENTS for the year ended 31 December 2017

Transcription

1 Company rgistration numbr: UNAUDITED FINANCIAL STATEMENTS for th yar ndd 31 Dcmbr 2017

2 Profit and Loss Account Not Turnovr 422, ,200 Othr incom 1, , ,200 Cost of raw matrials and consumabls (102,740) (109,600) Staff costs (134,270) (97,310) Valu adjustmnts and othr amounts writtn off assts 4 (7,126) (6,450) Othr xpnss (41,110) (41,422) Tax (1,500) (800) Profit 136, ,618

3 Balanc Sht 31 Dcmbr 2017 Fixd assts 216, ,350 Currnt assts 261, ,738 Prpaymnts and accrud incom 1, Crditors: amounts falling du within on yar (30,676) (29,750) Nt currnt assts 231, ,488 Total assts lss currnt liabilitis 447, ,838 Crditors: amounts falling du aftr mor than on yar (210,000) (165,200) Provisions for liabilitis (1,260) 1,260 Accruals and dfrrd incom - (1,500) Nt assts 236, ,398 Capital and rsrvs 236, ,398 W, as dirctors of stat that: (a) th company is availing itslf of th xmption providd for by Chaptr 15 of Part 6 of th Companis Act 2014; (b) th company is availing itslf of th xmption on th grounds that sction 358 of th Companis Act 2014 is complid with; (c) no notic undr subsction (1) of sction 334 has, in accordanc with subsction (2) of that sction, bn srvd on th company; and (d) W acknowldg th obligations of th company undr th Companis Act 2014, to kp adquat accounting rcords and prpar financial statmnts which giv a tru and fair viw of th assts, liabilitis and financial position of th company at th nd of its financial yar and of its profit or loss for such a yar and to othrwis comply with th provisions of Companis Act 2014 rlating to financial statmnts so far as thy ar applicabl to th company. Ths financial statmnts hav bn prpard in accordanc with th micro companis rgim. 1

4 Balanc Sht (continud) 31 Dcmbr 2017 Ths financial statmnts wr approvd by th board of dirctors and authorisd for issu on 30 May 2018, and ar signd on bhalf of th board by: Mr Alan Arnold Dirctor Mrs Brnda Black Dirctor Company rgistration numbr:

5 Nots to th Financial Statmnts 1 Gnral information is a privat company limitd by shars and is rgistrd in th Rpublic of Irland. Th company rgistration numbr is and th addrss of th rgistrd offic is 16 Mnzi Strt, Straban, Dongal, Irland. 2 Statmnt of complianc Ths financial statmnts hav bn prpard in complianc with FRS 105, Th Financial Rporting Standard applicabl to th Micro-ntitis rgim. 3 Accounting policis BASIS OF PREPARATION Th financial statmnts hav bn prpard undr th historical cost basis. Th financial statmnts ar prpard in uro, which is th functional currncy of th company. TURNOVER Turnovr is masurd at th fair valu of th considration rcivd or rcivabl for goods supplid, nt of discounts and Valu Addd Tax. Rvnu from th sal of goods is rcognisd whn th significant risks and rwards of ownrship hav transfrrd to th buyr, usually on dspatch of th goods; th amount of rvnu can b masurd rliably; it is probabl that th associatd conomic bnfits will flow to th ntity; and th costs incurrd or to b incurrd in rspct of th transactions can b masurd rliably. TAXATION Tax is rcognisd on taxabl profit for th currnt and past priods. Tax is masurd at th amounts of tax xpctd to b paid or rcovrd using th tax rats and laws that hav bn nactd or substantivly nactd at th rporting dat. Dfrrd taxation is not rcognisd. GOODWILL Goodwill ariss on businss combinations and rprsnts th xcss of cost of th acquisition ovr th company s intrst in th nt amount of th idntifiabl assts, liabilitis and contingnt liabilitis of th acquird businss. Goodwill is initially rcordd at cost, and is subsquntly statd at cost lss any accumulatd amortisation and accumulatd impairmnt losss. It is amortisd on a straight-lin basis ovr th usful conomic lif of th asst. Whr a rliabl stimat of th usful lif of goodwill cannot b mad, th lif is prsumd not to xcd tn yars. INTANGIBLE ASSETS Intangibl assts ar initially masurd at cost, and ar subsquntly masurd at cost lss any accumulatd amortisation and accumulatd impairmnt losss. 3

6 Nots to th Financial Statmnts (continud) Amortisation is calculatd so as to writ off th cost of an asst, lss its stimatd rsidual valu, ovr th usful conomic lif of that asst as follows: Goodwill 25% straight lin TANGIBLE ASSETS Tangibl assts ar initially masurd at cost, and ar subsquntly masurd at cost lss any accumulatd dprciation and accumulatd impairmnt losss. Dprciation is calculatd so as to writ off th cost of an asst, lss its stimatd rsidual valu, ovr th usful conomic lif of that asst as follows: Land and buildings Plant and machinry Fixturs and fittings Straight lin ovr 40 yars 25% straight lin 25% straight lin IMPAIRMENT A rviw for indicators of impairmnt is carrid out at ach rporting dat, with th rcovrabl amount bing stimatd whr such indicators xist. Whr th carrying valu xcds th rcovrabl amount, th asst is impaird accordingly. Prior impairmnts ar also rviwd for possibl rvrsal at ach rporting dat. STOCKS Stocks ar masurd at th lowr of cost and stimatd slling pric lss costs to complt and sll. Cost includs all costs of purchas, costs of convrsion and othr costs incurrd in bringing th stocks to thir prsnt location and condition. FINANCIAL INSTRUMENTS A financial asst or a financial liability is rcognisd only whn th ntity bcoms a party to th contractual provisions of th instrumnt. Financial instrumnts ar initially rcognisd at cost, which is th transaction pric. Invstmnts in shars, subsidiaris or participating intrsts ar subsquntly masurd at cost lss impairmnt. Drivativs ar subsquntly masurd at th cost plus any transaction costs not immdiatly rcognisd in profit or loss lss any impairmnt losss rcognisd to dat. This is allocatd to profit or loss ovr th trm of th contract on a straight-lin basis, unlss anothr systmatic basis of allocation is mor appropriat. 4

7 Nots to th Financial Statmnts (continud) Othr financial instrumnts ar subsquntly masurd at th cost plus any transaction costs not immdiatly rcognisd in profit or loss, plus accumulatd intrst incom or xpns rcognisd to dat, lss all rpaymnts of principal or intrst to dat, lss impairmnt. Financial assts ar rviwd for objctiv vidnc of impairmnt at th nd of ach rporting dat. If thr is objctiv vidnc of impairmnt, an impairmnt loss is rcognisd in profit or loss immdiatly. Any rvrsals of impairmnt ar rcognisd in profit or loss immdiatly. PROVISION FOR LIABILITIES Provisions ar rcognisd whn th ntity has an obligation at th rporting dat as a rsult of a past vnt; it is probabl that th ntity will b rquird to transfr conomic bnfits in sttlmnt and th amount of th obligation can b stimatd rliably. Provisions ar rcognisd as a liability in th balanc sht and th amount of th provision as an xpns. Provisions ar initially masurd at th bst stimat of th amount rquird to sttl th obligation at th rporting dat and subsquntly rviwd at ach rporting dat and adjustd to rflct th currnt bst stimat of th amount that would b rquird to sttl th obligation. Any adjustmnts to th amounts prviously rcognisd ar rcognisd in profit or loss unlss th provision was originally rcognisd as part of th cost of an asst. Whn a provision is masurd at th prsnt valu of th amount xpctd to b rquird to sttl th obligation, th unwinding of th discount is rcognisd in financ costs in profit or loss in th priod it ariss. DEFINED CONTRIBUTION PENSION PLAN Contributions to dfind contribution plans ar rcognisd as an xpns in th priod in which th rlatd srvic is providd. Prpaid contributions ar rcognisd as an asst to th xtnt that th prpaymnt will lad to a rduction in futur paymnts or a cash rfund. Whn contributions ar not xpctd to b sttld wholly within 12 months of th rporting dat in which th mploys rndr th rlatd srvic, th liability is masurd on a discountd prsnt valu basis. Th unwinding of th discount is rcognisd in financ costs in profit or loss in th priod in which it ariss. 4 Fixd asst impairmnts and rvrsals Includd within valu adjustmnts and othr amounts writtn off is an impairmnt of 1,026 (2016: Nil) in rlation to tangibl assts. 5 Assts or liabilitis rlating to mor than on itm on th balanc sht Th company has a bank loan is is includd in both th balanc sht as follows: Crditors: amounts falling du within on yar 10,000 (2016: 12,000) Crditors: amounts falling du within on yar 40,000 (2016: 45,000) 5

8 Nots to th Financial Statmnts (continud) 6 Dirctors transactions At start of yar 10,000 10,000 Advancs mad 3,000 - Amounts rpaid (1,000) - At nd of yar 12,000 10,000 Th valu of loan arrangmnts xprssd as a prcntag of nt assts was as follows: % % At start of yar 3 2 At nd of yar Guarants and othr financial commitmnts Th company has capital commitmnt on Plant, machinry and quipmnt of 31,500) (2016: 27,500). No scuritis hav bn givn in rspct of th abov. 8 Appropriation of profit and loss account At start of yar 199,658 91,680 Profit for th financial yar 136, ,618 Dividnds paid (100,000) (15,000) At nd of yar 236, ,298 6