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COMPANY REGISTRATION NUMBER: 08966569
Blue Morpheus Limited
Filleted Unaudited Financial Statements
31 March 2017
Blue Morpheus Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Blue Morpheus Limited
Officers and Professional Advisers
The board of directors
Mr H Zambarloukos
Mrs R Zambarloukos
Registered office
10 Orange Street
Haymarket
London
UK
WC2H 7DQ
Accountants
Shipleys LLP
Chartered accountant
3 Godalming Business Centre
Woolsack Way
Godalming
Surrey
GU7 1XW
Blue Morpheus Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
30,355
31,348
Current assets
Debtors
6
11,174
5,000
Cash at bank and in hand
118,855
12,936
---------
--------
130,029
17,936
Creditors: amounts falling due within one year
7
( 68,213)
( 46,312)
---------
--------
Net current assets/(liabilities)
61,816
( 28,376)
--------
--------
Total assets less current liabilities
92,171
2,972
--------
-------
Net assets
92,171
2,972
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
92,071
2,872
--------
-------
Members funds
92,171
2,972
--------
-------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Blue Morpheus Limited
Statement of Financial Position (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 23 June 2017 , and are signed on behalf of the board by:
Mr H Zambarloukos
Director
Company registration number: 08966569
Blue Morpheus 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 10 Orange Street, Haymarket, London, WC2H 7DQ, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor Vehicle
-
20% straight line
Equipment
-
33% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2016
39,388
1,483
40,871
Additions
8,523
8,523
--------
--------
--------
At 31 March 2017
39,388
10,006
49,394
--------
--------
--------
Depreciation
At 1 April 2016
9,191
332
9,523
Charge for the year
7,877
1,639
9,516
--------
--------
--------
At 31 March 2017
17,068
1,971
19,039
--------
--------
--------
Carrying amount
At 31 March 2017
22,320
8,035
30,355
--------
--------
--------
At 31 March 2016
30,197
1,151
31,348
--------
--------
--------
6. Debtors
2017
2016
£
£
Trade debtors
33
Other debtors
11,141
5,000
--------
-------
11,174
5,000
--------
-------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
40,202
2,427
Social security and other taxes
18,608
6,667
Other creditors
9,403
37,218
--------
--------
68,213
46,312
--------
--------
8. Directors' advances, credits and guarantees
As at the year end, the directors owed the company £8,039 (2016: the company owed the directors £32,886). No interest or s455 tax has been charged as this advance has been repaid back to the company shortly after the year end on 31 May 2017.
9. Related party transactions
The company was under the control of Mr H Zambarloukos throughout the current period. Mr H Zambarloukos is the managing director and majority shareholder. During the period the directors Mr H and Mrs R Zambarloukos paid expenses on behalf of the company totalling £11,665 (2016: £26,323). The directors also received dividends totalling £70,000 (2016: £10,000). As at the year end, the directors owed the company £6,191 (2016: the company owed the directors £32,886). This advance has been repaid back to the company shortly after the year end on 31 May 2017.
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.