Strand Asset Management Limited 31/03/2019 iXBRL

Strand Asset Management Limited 31/03/2019 iXBRL

STRAND ASSET MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI630206
STRAND ASSET MANAGEMENT LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 March 2019
Strand Asset Management Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Strand Asset Management Limited
Directors and other information
Director Mr Gavin O'Kane
Company number NI630206
Registered office 16 Main Street
Limavady
Co Derry
BT49 0EU
Business address 92 Altinure Road
Park
Co Derry
BT47 4DE
Accountants PFS & Partners
16 Main Street
Limavady
Co Derry
BT49 0EU
Bankers Bank of Ireland
37-39 Main Street
Limavady
Co Derry
BT49 0EP
Solicitors Kelly and Corr Solicitors
65 Clarendon Street
Derry
BT48 7ER
Strand Asset Management Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Strand Asset Management Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Strand Asset Management Limited for the year ended 31 March 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/prof essional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the director of Strand Asset Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Strand Asset Management Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/ technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Strand Asset Management Limited and its director as a body for our work or for this report.
It is your duty to ensure that Strand Asset Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Strand Asset Management Limited. You consider that Strand Asset Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Strand Asset Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PFS & Partners
Chartered Certified Accountants
16 Main Street
Limavady
Co Derry
BT49 0EU
17 December 2019
Strand Asset Management Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Current assets
Debtors 4 976,107 444,557
Cash at bank and in hand 96,320 137,758
_______ _______
1,072,427 582,315
Creditors: amounts falling due
within one year 5 ( 94,596) ( 519,837)
_______ _______
Net current assets 977,831 62,478
_______ _______
Total assets less current liabilities 977,831 62,478
Creditors: amounts falling due
after more than one year 6 ( 654,695) -
Provisions for liabilities 2,797 1,023
_______ _______
Net assets 325,933 63,501
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 325,833 63,401
_______ _______
Shareholder funds 325,933 63,501
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 17 December 2019 , and are signed on behalf of the board by:
Mr Gavin O'Kane
Director
Company registration number: NI630206
Strand Asset Management Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 16 Main Street, Limavady, Co Derry, BT49 0EU.
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 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2019 2018
£ £
Other debtors 976,107 444,557
_______ _______
5. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax - 2,198
Other creditors 94,596 517,639
_______ _______
94,596 519,837
_______ _______
6. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 654,695 -
_______ _______