Oliver Cox Limited - Limited company accounts 16.1

REGISTERED NUMBER: 06296437 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

OLIVER COX LIMITED

Page

Company Information

1

Report of the Director

2

Chartered Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTOR:

O Cox

REGISTERED OFFICE:

75 Park Lane

Croydon

Surrey

CR9 1XS

REGISTERED NUMBER:

06296437 (England and Wales)

ACCOUNTANTS:

Kings Mill Partnership

75 Park Lane

Croydon

Surrey

CR9 1XS

The director presents his report with the financial statements of the company for the year ended 31 March 2016.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of independent financial advice.

DIRECTOR

O Cox held office during the whole of the period from 1 April 2015 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

THIS REPORT WAS APPROVED BY THE BOARD:

O Cox - Director

26 June 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Oliver Cox Limited for the year ended 31 March 2016 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Oliver Cox Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oliver Cox Limited and state those matters that we have agreed to state to the director of Oliver Cox Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Oliver Cox Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oliver Cox Limited. You consider that Oliver Cox Limited 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 financial statements of Oliver Cox Limited. 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 financial statements.

Kings Mill Partnership

75 Park Lane

Croydon

Surrey

CR9 1XS

28 June 2016

TURNOVER

500,271

439,126

Administrative expenses

65,597

41,468

OPERATING PROFIT

2

434,674

397,658

Interest payable and similar charges

(88

)

(81

)

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

434,586

397,577

Tax on profit on ordinary activities

3

89,628

83,125

PROFIT FOR THE FINANCIAL YEAR

344,958

314,452

FIXED ASSETS

Intangible assets

5

92,169

100,423

Tangible assets

6

328

567

Investments

7

86,185

178,682

187,175

CURRENT ASSETS

Debtors

8

439,706

12,765

Cash at bank

32,380

293,959

472,086

306,724

CREDITORS

Amounts falling due within one year

9

194,648

132,737

NET CURRENT ASSETS

277,438

173,987

TOTAL ASSETS LESS CURRENT
LIABILITIES

456,120

361,162

CREDITORS

Amounts falling due after more than one
year

10

17,389

NET ASSETS

438,731

343,773

CAPITAL AND RESERVES

Called up share capital

11

4

Profit and loss account

12

438,727

343,769

SHAREHOLDERS' FUNDS

438,731

343,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the director on 26 June 2016 and were signed by:

O Cox - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Cash flow statement

The company qualifies as a small company under the Companies Act 2006. The director has elected to take

advantage of the exemption under the FRSSE not to prepare a cash flow statement.

Turnover

Turnover represents the amounts derived from providing independent financial advice during the period.

Goodwill

Goodwill attaching to the database and contacts list acquired from a related company has been capitalised under

the heading of Intangible Fixed Assets. The director has undertaken an impairment review of the goodwill in the

light of FRS 11, taking account of future cash flows and current operating results. Goodwill is amortised through

the Profit and Loss Account over a period not exceeding 20 years, estimated by the Director to be the useful

economic life.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on both a reducing balance

and straight line basis on tangible assets at rates calculated to write off the cost, less estimated residual value, of

each asset over the expected useful life. The following annual rates have been applied:

Computer Equipment - 33% reducing balance

Office Equipment - 25% straight line

Deferred tax

Deferred tax is provided using the liability method in respect of all material timing differences that have

originated but not reversed by the balance sheet date. Deferred tax assets are recognised where it is considered

more likely than not that future profits will be available for offset. The company has not adopted a policy of

discounting deferred tax assets and liabilities.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

2.	OPERATING PROFIT

The operating profit is stated after charging:

2016

2015

£

Depreciation - owned assets

239

502

Goodwill amortisation

8,254

Director's remuneration and other benefits etc

8,060

7,956

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

2016

2015

£

Current tax:

UK corporation tax

89,628

83,125

Tax on profit on ordinary activities

89,628

83,125

4.

DIVIDENDS

2016

2015

£

Final

250,000

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2015

and 31 March 2016

165,079

AMORTISATION

At 1 April 2015

64,656

Charge for year

8,254

At 31 March 2016

72,910

NET BOOK VALUE

At 31 March 2016

92,169

At 31 March 2015

100,423

6.	TANGIBLE FIXED ASSETS

Office

Computer

Equipment

equipment

Totals

£

COST

At 1 April 2015

and 31 March 2016

1,019

2,635

3,654

DEPRECIATION

At 1 April 2015

946

2,141

3,087

Charge for year

74

165

239

At 31 March 2016

1,020

2,306

3,326

NET BOOK VALUE

At 31 March 2016

(1

)

329

328

At 31 March 2015

73

494

567

7.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2015

and 31 March 2016

86,185

NET BOOK VALUE

At 31 March 2016

86,185

At 31 March 2015

86,185

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Amounts owed by associates

429,706

12,765

Other debtors

10,000

-

439,706

12,765

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Trade creditors

50,249

46,206

Corporation tax

89,628

83,125

Director's loan account

53,511

2,164

Accruals

1,260

1,242

194,648

132,737

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2016

2015

£

Loans

17,389

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

4

Ordinary

£1

4

12.

RESERVES

Profit

and loss

account

£

At 1 April 2015

343,769

Profit for the year

344,958

Dividends

(250,000

)

At 31 March 2016

438,727

13.	RELATED PARTY DISCLOSURES

O Cox

Director and Shareholder of Company

Dividends to the value of £125,000 (2015: £187,500) were paid during the year.

Rachel Cox

Shareholder of the company

Dividends to the value of £125,000 (2015: £62,500) were paid during the year.

Lord Financial Limited

A company in which Mr Cox is a shareholder and director.

Commission to the value of £496,771 (2015: £439,126) was received during the year.

Premier Ground Rents No. 3 Limited

A company in which Mr Cox is a shareholder and director.

During the year, the company loaned £312,408 (2015: £12,765) to Premier Ground Rents No. 3 Limited. These

amounts are treated as an intercompany loan and are repayable on demand.

Premier Ground Rents No. 4 Limited

A company in which Mr Cox is a shareholder and director

During the year, the company loaned £89,533 (2015: NIL) to Premier Ground Rents No. 4 Limited. This

balance is treated as an intercompany loan and is repayable on demand.

Cox Financial Limited

A company in which Mr Cox is a shareholder and director

During the year, the company loaned £15,000 (2015: NIL) to Oliver Cox Limited. This balance is treated as an

intercompany loan and is repayable on demand.