Andrew Smith Commercial Practice Limited - Filleted accounts
Andrew Smith Commercial Practice Limited - Filleted accounts
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
30 SEPTEMBER 2019 | |||||||||||
Company Registration Number: 06687984 | |||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 SEPTEMBER 2019 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 8 | ||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 30 SEPTEMBER 2019 | |||||||||||
DIRECTORS | |||||||||||
SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
06687984 England and Wales | |||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 30 SEPTEMBER 2019 | |||||||||||
Notes | 2019 | 2018 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Tangible assets | 5 | ||||||||||
CURRENT ASSETS | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT ASSETS | |||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 30 SEPTEMBER 2019 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board of directors | |||||||||||
A C Smith | |||||||||||
Director | |||||||||||
Date approved by the board: |
|||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 SEPTEMBER 2019 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
Andrew Smith Commercial Practice Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: | |||||||||||
4 Witan Way | |||||||||||
Witney | |||||||||||
Oxon | |||||||||||
OX28 6FF | |||||||||||
The financial statements are presented in Sterling, which is the functional currency of the company. | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services rendered as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Computer equipment | |||||||||||
Furniture and fittings | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 SEPTEMBER 2019 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 SEPTEMBER 2019 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits. | |||||||||||
Deferred tax is measured using 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. | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2019 | 2018 | ||||||||||
Average number of employees | |||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 SEPTEMBER 2019 | |||||||||||
5 | TANGIBLE ASSETS | ||||||||||
Computer equipment | Furniture and fittings | Total | |||||||||
£ | £ | £ | |||||||||
Cost | |||||||||||
At 1 October 2018 | |||||||||||
Additions | |||||||||||
At 30 September 2019 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 October 2018 | |||||||||||
Charge for year | |||||||||||
At 30 September 2019 | |||||||||||
Net book value | |||||||||||
At 1 October 2018 | - | ||||||||||
At 30 September 2019 | |||||||||||
6 | DEBTORS | ||||||||||
2019 | 2018 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
130,411 | 61,021 | ||||||||||
7 | CREDITORS: Amounts falling due within one year | ||||||||||
2019 | 2018 | ||||||||||
£ | £ | ||||||||||
Trade creditors | - | ||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
95,185 | 83,790 | ||||||||||
ANDREW SMITH COMMERCIAL PRACTICE LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 SEPTEMBER 2019 | |||||||||||
8 | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES | ||||||||||
The following directors' advances, credits and guarantees took place during the year | |||||||||||
Balance at 1 October 2018 | Amounts advanced | Amounts repaid | Balance at 30 September 2019 | ||||||||
£ | £ | £ | £ | ||||||||
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand. |