Britannia Accountancy & Tax Ltd - Period Ending 2015-03-31

Registration number: 07336661

Britannia Accountancy & Tax Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2015
 

Britannia Accountancy & Tax Ltd
Contents

Company Information 1

Director's Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 10

Britannia Accountancy & Tax Ltd
Company Information

Director

MR Batt

Company secretary

Britannia Book-keeping Ltd Britannia Book-keeping Ltd

Registered office

Unit A66 The Sanderson Centre Lees Lane Gosport Hampshire PO12 3UL

Accountants

Britannia Accountancy & Tax Ltd Unit A66 The Sanderson Centre Lees Lane Gosport Hampshire PO12 3UL

Page 1

Britannia Accountancy & Tax Ltd
Director's Report for the Year Ended 31 March 2015

The director presents his report and the unaudited financial statements for the year ended 31 March 2015.

Director of the company

The director who held office during the year was as follows:

MR Batt

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 7 August 2015 and signed on its behalf by:

.........................................
MR Batt
Director

Page 2

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Britannia Accountancy & Tax Ltd
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Britannia Accountancy & Tax Ltd for the year ended 31 March 2015 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Britannia Accountancy & Tax Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Britannia Accountancy & Tax Ltd and state those matters that we have agreed to state to them, as a body, in this report. . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Britannia Accountancy & Tax Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by Britannia Accountancy & Tax Ltd.

It is your duty to ensure that Britannia Accountancy & Tax Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Britannia Accountancy & Tax Ltd. You consider that Britannia Accountancy & Tax Ltd 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 accounts of Britannia Accountancy & Tax Ltd. 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 accounts.

......................................

Britannia Accountancy & Tax Ltd
Unit A66
The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

7 August 2015

Page 3

Britannia Accountancy & Tax Ltd
Profit and Loss Account for the Year Ended 31 March 2015

		Note			2015 £			2014 £
Turnover					189,986			213,049
Cost of sales					(29,060)			(3,241)
Gross profit					160,926			209,808
Administrative expenses					(126,924)			(159,823)
Other operating income					15,335			90
Operating profit		2			49,337			50,075
Costs of reorganisation and restructuring		3			(27,000)			(81,000)
Other interest receivable and similar income					30			-
Interest payable and similar charges					(17,810)			(17,365)
Profit/(loss) on ordinary activities before taxation					4,557			(48,290)
Profit/(loss) for the financial year		10			4,557			(48,290)

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 4

Britannia Accountancy & Tax Ltd
(Registration number: 07336661)
Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		4			30,000			36,000
Tangible fixed assets		5			150,082			116,825
					180,082			152,825
Current assets
Debtors		6			111,960			123,942
Cash at bank and in hand					69,397			77,486
					181,357			201,428
Creditors: Amounts falling due within one year		7			(306,696)			(285,483)
Net current liabilities					(125,339)			(84,055)
Total assets less current liabilities					54,743			68,770
Creditors: Amounts falling due after more than one year		8			-			(18,583)
Net assets					54,743			50,187
Capital and reserves
Called up share capital		9			100			100
Profit and loss account		10			54,644			50,087
Balance sheet suspense					(1)			-
Shareholders' funds					54,743			50,187

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the director on 7 August 2015

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 5

Britannia Accountancy & Tax Ltd
(Registration number: 07336661)
Balance Sheet at 31 March 2015
......... continued

.........................................
MR Batt
Director

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 6

Britannia Accountancy & Tax Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Intangible assets are amortised over their useful economic life, on the rates outlined below.

Asset class	Amortisation method and rate
Goodwill	10% on cost.

Depreciation

Tangible assests are depreciated over their useful economic life at the rates outlined below.

Asset class	Depreciation method and rate
Office Equipment	Depreciated at 18% of net book value.
Vehicles	Depreciated at 18% of net book value.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 7

Britannia Accountancy & Tax Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
......... continued

2	Operating profit

Operating profit is stated after charging:

		2015 £			2014 £
Depreciation of tangible fixed assets		8,798			1,498
Amortisation		6,000			6,000

3	Exceptional items

		2015 £			2014 £
Reorganisation or restructuring		27,000			81,000

4	Intangible fixed assets

		Goodwill £			Total £
Cost
At 1 April 2014		60,000			60,000
At 31 March 2015		60,000			60,000
Amortisation
At 1 April 2014		24,000			24,000
Charge for the year		6,000			6,000
At 31 March 2015		30,000			30,000
Net book value
At 31 March 2015		30,000			30,000
At 31 March 2014		36,000			36,000

Page 8

Britannia Accountancy & Tax Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
......... continued

5	Tangible fixed assets

		Freehold land and buildings £			Motor vehicles £			Office equipment £			Total £
Cost or valuation
At 1 April 2014		110,000			-			14,966			124,966
Additions		-			42,055			-			42,055
At 31 March 2015		110,000			42,055			14,966			167,021
Depreciation
At 1 April 2014		-			-			8,141			8,141
Charge for the year		-			7,570			1,228			8,798
At 31 March 2015		-			7,570			9,369			16,939
Net book value
At 31 March 2015		110,000			34,485			5,597			150,082
At 31 March 2014		110,000			-			6,825			116,825

6

Debtors

		2015 £			2014 £
Trade debtors		109,144			112,195
Other debtors		2,816			11,747
		111,960			123,942

7	Creditors: Amounts falling due within one year

		2015 £			2014 £
Trade creditors		92,163			128,585
Bank loans and overdrafts		17,174			-
Other creditors		197,359			156,898
		306,696			285,483

Page 9

Britannia Accountancy & Tax Ltd
Notes to the Financial Statements for the Year Ended 31 March 2015
......... continued

8	Creditors: Amounts falling due after more than one year

		2015 £			2014 £
Bank loans and overdrafts		-			18,583

9	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		100			100			100			100

10

Reserves

		Profit and loss account £			Total £
At 1 April 2014		50,087			50,087
Profit for the year		4,557			4,557
At 31 March 2015		54,644			54,644

11

Control

The company is controlled by the director who owns 100% of the called up share capital.

Page 10