360 Accountants Limited - Accounts to registrar (filleted) - small 18.2

360 Accountants Limited - Accounts to registrar (filleted) - small 18.2

360 ACCOUNTANTS LIMITED - Company Information

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REGISTERED NUMBER: 07028912 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2019

for

360 Accountants Limited
360 Accountants Limited (Registered number: 07028912)






Contents of the Financial Statements
for the Year Ended 31 December 2019




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


360 Accountants Limited

Company Information
for the Year Ended 31 December 2019







DIRECTORS: Mr A M Steele FCCA, FCA



REGISTERED OFFICE: 19 Albion Street
Hull
East Yorkshire
HU1 3TG



REGISTERED NUMBER: 07028912 (England and Wales)



ACCOUNTANTS: 360 Accountants Limited
18-19 Albion Street
Hull
East Yorkshire
HU1 3TG



BANKERS: Handelsbanken
Marina Court
18 Castle Street
Hull
East Yorkshire
HU1 1TJ
Page 1
360 Accountants Limited (Registered number: 07028912)

Abridged Balance Sheet
31 December 2019

31/12/19 31/12/18
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 207,167 6,615
Tangible assets 5 681,601 657,960
Investments 6 61 61
888,829 664,636

CURRENT ASSETS
Stocks 190,683 180,546
Debtors 172,507 114,971
Cash at bank and in hand 65 15,292
363,255 310,809
CREDITORS
Amounts falling due within one year 578,689 308,101
NET CURRENT (LIABILITIES)/ASSETS (215,434 ) 2,708
TOTAL ASSETS LESS CURRENT
LIABILITIES
673,395
667,344

CREDITORS
Amounts falling due after more than one
year
7
(578,068
)
(530,269
)

ACCRUALS AND DEFERRED INCOME (68,535 ) (68,535 )
NET ASSETS 26,792 68,540

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 26,791 68,539
SHAREHOLDERS' FUNDS 26,792 68,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 notes form part of these financial statements

Page 2 continued...
360 Accountants Limited (Registered number: 07028912)

Abridged Balance Sheet - continued
31 December 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 18 March 2020 and were signed on its behalf by:





Mr A M Steele FCCA, FCA - Director


The notes form part of these financial statements

Page 3
360 Accountants Limited (Registered number: 07028912)

Notes to the Financial Statements
for the Year Ended 31 December 2019

1. STATUTORY INFORMATION

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

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing stocks to their present location and condition.

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.

Page 4 continued...
360 Accountants Limited (Registered number: 07028912)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2011 and 2019, is being
amortized evenly over it's estimated useful life of ten years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2018 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2019 36,853
Additions 203,864
At 31 December 2019 240,717
AMORTISATION
At 1 January 2019 30,238
Amortisation for year 3,312
At 31 December 2019 33,550
NET BOOK VALUE

At 31 December 2019 207,167
At 31 December 2018 6,615

Page 5 continued...
360 Accountants Limited (Registered number: 07028912)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2019 691,160
Additions 44,097
At 31 December 2019 735,257
DEPRECIATION
At 1 January 2019 33,200
Charge for year 20,456
At 31 December 2019 53,656
NET BOOK VALUE
At 31 December 2019 681,601
At 31 December 2018 657,960

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2019
and 31 December 2019 32,877
DEPRECIATION
At 1 January 2019 10,959
Charge for year 10,959
At 31 December 2019 21,918
NET BOOK VALUE
At 31 December 2019 10,959
At 31 December 2018 21,918

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2019
and 31 December 2019 61
NET BOOK VALUE
At 31 December 2019 61
At 31 December 2018 61

Page 6 continued...
360 Accountants Limited (Registered number: 07028912)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31/12/19 31/12/18
£    £   
Repayable by instalments
Bank loans more 5 yr by instal - 170,357

8. SECURED DEBTS

The following secured debts are included within creditors:

31/12/19 31/12/18
£    £   
Bank loans 252,385 576,059

The bank loans are secured by way of a debenture and a charge over the company's freehold property.

One of the other loans is secured by a second charge over 18 Albion Street.

9. RELATED PARTY DISCLOSURES

The bank loans and several of the other loans have been secured by a personal guarantee from director Mr A M
Steele.

10. ULTIMATE CONTROLLING PARTY

In the opinion of the directors the ultimate controlling party is Mr A M Steele.

Page 7