Friends Capital Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08902973 (England and Wales)

FRIENDS CAPITAL LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

P M Collier

P Hancock

REGISTERED OFFICE:

Beehive Works

Milton Street

Sheffield

South Yorkshire

S3 7WL

REGISTERED NUMBER:

08902973 (England and Wales)

ACCOUNTANTS:

Duncan Chartered Accountants

5 Cherrytree

Union Road

Sheffield

South Yorkshire

S11 9EF

FIXED ASSETS

Tangible assets

4

11,501

1,330

CURRENT ASSETS

Debtors

5

12,337

5,266

Cash at bank

13,662

7,750

25,999

13,016

CREDITORS

Amounts falling due within one year

6

34,239

14,037

NET CURRENT LIABILITIES

(8,240

)

(1,021

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,261

309

PROVISIONS FOR LIABILITIES

2,200

-

NET ASSETS

1,061

309

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

961

209

SHAREHOLDER FUNDS

1,061

309

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 3 April 2019 and were signed on its behalf by:

P M Collier - Director

P Hancock - Director

1.	STATUTORY INFORMATION

Friends Capital Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 March 2018

1,926

2,242

4,168

Additions

-

12,820

12,820

At 28 February 2019

1,926

15,062

16,988

DEPRECIATION

At 1 March 2018

910

1,928

2,838

Charge for year

254

2,395

2,649

At 28 February 2019

1,164

4,323

5,487

NET BOOK VALUE

At 28 February 2019

762

10,739

11,501

At 28 February 2018

1,016

314

1,330

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade debtors

7,771

-

Other debtors

4,566

5,266

12,337

5,266

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Tax

6,553

2,956

Social security and other taxes

2,829

917

Other creditors

12,708

6,438

Accrued expenses

12,149

3,726

34,239

14,037

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

28.2.19

28.2.18

£

£

Within one year

-

7,800

Between one and five years

-

1,300

-

9,100

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.19

28.2.18

value:

£

£

81

Ordinary A

£1

81

81

19

Ordinary B

£1

19

19

100

100

9.

RESERVES

Retained

earnings

£

At 1 March 2018

209

Profit for the year

35,908

Dividends

(35,156

)

At 28 February 2019

961

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2019

and 28 February 2018:

28.2.19

28.2.18

£

£

P M Collier

Balance outstanding at start of year

2,258

-

Amounts advanced

2,792

2,258

Amounts repaid

(2,258

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,792

2,258

P Hancock

Balance outstanding at start of year

2,258

-

Amounts advanced

1,124

2,258

Amounts repaid

(2,258

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,124

2,258

No interest has been charged on these advances, and there are no fixed terms for repayment.

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required

to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2019 set out on pages three to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Duncan Chartered Accountants

5 Cherrytree

Union Road

Sheffield

South Yorkshire

S11 9EF

3 April 2019