M_A_Williams_Accountancy_Ltd_31_Mar_2020_companies_house_set_of_accounts.html

M.A. WILLIAMS ACCOUNTANCY LTD - Company Information

Company registration number:

6156380

M A Williams Accountancy Ltd

Unaudited Filleted Financial Statements for the year ended

31 March 2020

M A Williams Accountancy Ltd

Report to the board of directors on the preparation of the unaudited statutory financial statements of M A Williams Accountancy Ltd

Year ended

31 March 2020

As described on the statement of financial position, the Board of Directors of

M A Williams Accountancy Ltd

are responsible for the preparation of the

financial statements

for the year ended

31 March 2020

, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.

You consider that the company is exempt from an audit under the Companies Act 2006.

In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.

M A Williams Accountancy Ltd

Accounting Technicians

7 Cottons Meadow

Kingstone

Hereford

Herefordshire

HR2 9EW

United Kingdom

Date:

31 December 2020

M A Williams Accountancy Ltd

Statement of Financial Position

31 March 2020

		2020		2019
	Note	£		£
Fixed assets
Intangible assets	5	11,465		16,170
Tangible assets	6	1,480		1,974
		12,945		18,144
Current assets
Stocks		11,849		9,862
Debtors	7	13,655		12,405
Cash at bank and in hand		6,586		26,519
		32,090		48,786
Creditors: amounts falling due within one year	8	(13,175	)	(35,959	)
Net current assets		18,915		12,827
Total assets less current liabilities		31,860		30,971
Provisions for liabilities		(40	)	(35	)
Net assets		31,820		30,936
Capital and reserves
Called up share capital		100		100
Profit and loss account		31,720		30,836
Shareholders funds		31,820		30,936

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.

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

31 December 2020

, and are signed on behalf of the board by:

Mr M A Williams

Director

Company registration number:

6156380

M A Williams Accountancy Ltd

Notes to the Financial Statements

Year ended

31 March 2020

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

7 Cottons Meadow

Kingstone

Hereford

Herefordshire

HR2 9EW

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis and are prepared in sterling which is the functional currency of the company.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the Company, net of Value Added Tax and trade discounts.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.

Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed to be ten years.

Intangible assets

Intangible assets are initially measured at cost less any accumulated amortisation.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill

10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office equipment	25% reducing balance
Motor vehicles	25% reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was

(2019:

2.00

5 Intangible assets

	Goodwill
	£
Cost
At 1 April 2019	40,425
Disposals	(2,210	)
At 31 March 2020	38,215
Amortisation
At 1 April 2019	24,255
Charge	3,821
Disposals	(1,326	)
At 31 March 2020	26,750
Carrying amount
At 31 March 2020	11,465
At 31 March 2019	16,170

6 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 April 2019 and 31 March 2020	7,166
Depreciation
At 1 April 2019	5,192
Charge	494
At 31 March 2020	5,686
Carrying amount
At 31 March 2020	1,480
At 31 March 2019	1,974

7 Debtors

	2020		2019
	£		£
Trade debtors	13,655		12,405

8 Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	602	765
Taxation and social security	12,386	11,048
Other creditors	187	24,146
	13,175	35,959