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COMPANY REGISTRATION NUMBER: 11829271
Speechy Ltd
Filleted Unaudited Abridged Financial Statements
29 February 2020
Speechy Ltd
Abridged Statement of Financial Position
29 February 2020
2020
Note
£
Fixed assets
Tangible assets
5
211
Current assets
Debtors
452
Cash at bank and in hand
1,897
-------
2,349
Creditors: amounts falling due within one year
6,198
-------
Net current liabilities
3,849
-------
Total assets less current liabilities
( 3,638)
-------
Net liabilities
( 3,638)
-------
Capital and reserves
Called up share capital
10
Profit and loss account
( 3,648)
-------
Shareholders deficit
( 3,638)
-------
These abridged 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 Section 1A of 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 comprehensive income has not been delivered.
For the period ending 29 February 2020 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 abridged financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the period ending 29 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Speechy Ltd
Abridged Statement of Financial Position (continued)
29 February 2020
These abridged financial statements were approved by the board of directors and authorised for issue on 2 June 2020 , and are signed on behalf of the board by:
Mrs H Ellert-McDermott
Director
Company registration number: 11829271
Speechy Ltd
Notes to the Abridged Financial Statements
Period ended 29 February 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.
2. Statement of compliance
These abridged 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 going concern basis. This basis may not be appropriate because the company has net liabilities at 29 February 2020. The future of the company is dependent upon the continued support of the creditors and directors. The accounts do not include any provisions for liabilities that may arise if the creditors or directors support is withdrawn.
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.
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:
Equipment
-
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. 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Tangible assets
£
Cost
At 1 March 2019
Additions
282
----
At 29 February 2020
282
----
Depreciation
At 1 March 2019
Charge for the period
71
----
At 29 February 2020
71
----
Carrying amount
At 29 February 2020
211
----
6. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
2020
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs H Ellert-McDermott
( 3,013)
( 3,013)
----
-------
-------
This loan is interest free and repayable on demand.