ADG Financial Consultants Limited 31/03/2020 iXBRL

ADG Financial Consultants Limited 31/03/2020 iXBRL

ADG FINANCIAL CONSULTANTS LIMITED - Company Information

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Company registration number: 07932770
ADG Financial Consultants Limited
Unaudited filleted financial statements
31 March 2020
ADG Financial Consultants Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
ADG Financial Consultants Limited
Directors and other information
Director A Giddings
Secretary E Giddings
Company number 07932770
Registered office 365a Ongar Road
Pilgrims Hatch
Brentwood
CM15 9HU
Business address 365a Ongar Road
Pilgrims Hatch
Brentwood
CM15 9HU
Accountants Hill Allen (Wickford) Limited
Office 1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
ADG Financial Consultants Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 376,853 376,210
_______ _______
376,853 376,210
Current assets
Debtors 6 2,347 2,075
Investments 7 331,656 -
Cash at bank and in hand 145,826 225,019
_______ _______
479,829 227,094
Creditors: amounts falling due
within one year 8 ( 28,408) ( 44,905)
_______ _______
Net current assets 451,421 182,189
_______ _______
Total assets less current liabilities 828,274 558,399
Creditors: amounts falling due
after more than one year 9 ( 405,257) ( 192,297)
_______ _______
Net assets 423,017 366,102
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 46,196 46,196
Profit and loss account 376,721 319,806
_______ _______
Shareholders funds 423,017 366,102
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have 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 Section 1A of 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 December 2020 , and are signed on behalf of the board by:
A Giddings
Director
Company registration number: 07932770
ADG Financial Consultants Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 365a Ongar Road, Pilgrims Hatch, Brentwood, CM15 9HU.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Investment Property Total
£ £ £
Cost
At 1 April 2019 8,611 375,000 383,611
Additions 1,693 - 1,693
_______ _______ _______
At 31 March 2020 10,304 375,000 385,304
_______ _______ _______
Depreciation
At 1 April 2019 7,401 - 7,401
Charge for the year 1,050 - 1,050
_______ _______ _______
At 31 March 2020 8,451 - 8,451
_______ _______ _______
Carrying amount
At 31 March 2020 1,853 375,000 376,853
_______ _______ _______
At 31 March 2019 1,210 375,000 376,210
_______ _______ _______
Investment property
The investment property is valued by the director based on open market valuations of similar properties in similar areas.
Tangible assets held at valuation
The investment propery was valued by the director at the accounting period end date based on comparable properties sale prices.
6. Debtors
2020 2019
£ £
Other debtors 2,347 2,075
_______ _______
7. Investments
2020 2019
£ £
Other investments 331,656 -
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts - 13,558
Trade creditors - 3,956
Corporation tax 25,819 23,505
Social security and other taxes 842 529
Other creditors 1,747 3,357
_______ _______
28,408 44,905
_______ _______
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 398,907 185,947
Corporation tax 6,350 6,350
_______ _______
405,257 192,297
_______ _______
10. Controlling party
The company is controlled by the director, A Giddings , by reason of their shareholding.