Bracey's Accountants (Edinburgh) Limited - Period Ending 2019-01-31
Bracey's Accountants (Edinburgh) Limited - Period Ending 2019-01-31
Registration number:
Bracey's Accountants (Edinburgh) Limited
for the Period from 27 March 2018 to 31 January 2019
Chartered Certified Accountant
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW
Bracey's Accountants (Edinburgh) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Bracey's Accountants (Edinburgh) Limited
(Registration number: SC592666)
Balance Sheet as at 31 January 2019
Note |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Bracey's Accountants (Edinburgh) Limited
(Registration number: SC592666)
Balance Sheet as at 31 January 2019
Approved and authorised by the
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Director
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Bracey's Accountants (Edinburgh) Limited
Notes to the Financial Statements for the Period from 27 March 2018 to 31 January 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date the company had net current liabilities of £54,965 and retained losses of £13,593. The directors have pledged to continue to financially support the company for the foreseeable future. On this basis the directors feel it is appropriate to prepare these financial statements using the going concern assumption.
Judgements
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. |
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Bracey's Accountants (Edinburgh) Limited
Notes to the Financial Statements for the Period from 27 March 2018 to 31 January 2019
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Specifically the company deals with contracts for the provision of professional services and in arriving at a value for these contracts the company uses an estimation of the work undertaken, with reference to costs incurred to date that will be recovered. The resultant value will be amounts recoverable on contracts, which is included within debtors.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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Bracey's Accountants (Edinburgh) Limited
Notes to the Financial Statements for the Period from 27 March 2018 to 31 January 2019
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Bracey's Accountants (Edinburgh) Limited
Notes to the Financial Statements for the Period from 27 March 2018 to 31 January 2019
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 January 2019 |
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Amortisation |
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Amortisation charge |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil.
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Bracey's Accountants (Edinburgh) Limited
Notes to the Financial Statements for the Period from 27 March 2018 to 31 January 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 January 2019 |
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Depreciation |
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Charge for the period |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
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Debtors |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Bracey's Accountants (Edinburgh) Limited
Notes to the Financial Statements for the Period from 27 March 2018 to 31 January 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
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No. |
£ |
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92 |
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8 |
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During the period the company issued 92 Ordinary A shares and 8 Ordinary B shares at par value. The shares rank equally in the event of a sale, winding up or liquidation with the exception of rights to dividends.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The company has a 12 month lease on the business premises. The total amount disclosed of £7,771 is the total amount due to the expiration of the lease in February 2020.
The company has a short term lease on the photocopier. The total amount disclosed of £1,184 is the total amount due to the expiration of the lease in May 2021.
Related party transactions |
Other transactions with directors |
At the balance sheet date the company owed £782 to Mr P Bracey and was owed £8 by Miss K McGuckin, the directors of the company. These loans are interest free and there are no terms for repayment.
Summary of transactions with other related parties
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