Flagship Asset Finance Limited - Period Ending 2016-05-31

Registration number: 07251401

Flagship Asset Finance Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Beevers & Co
Chartered Accountants
44 Chatsworth Gardens
Acton
London
W3 9LW

Flagship Asset Finance Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Flagship Asset Finance Limited
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Flagship Asset Finance Limited for the year ended 31 May 2016 set out on pages 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 Board of Directors of Flagship Asset Finance Limited, as a body, in accordance with the terms of our engagement letterdated 15 June 2012. Our work has been undertaken solely to prepare for your approval the accounts of Flagship Asset Finance Limited and state those matters that we have agreed to state to them, as a body, 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 Flagship Asset Finance Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Flagship Asset Finance Limited 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 Flagship Asset Finance Limited. You consider that Flagship Asset Finance 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 accounts of Flagship Asset Finance 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 accounts.

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

Beevers & Co
Chartered Accountants
44 Chatsworth Gardens
Acton
London
W3 9LW

24 June 2016

Page 1

Flagship Asset Finance Limited
(Registration number: 07251401)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1			885
Current assets
Debtors					3,410,722			3,587,498
Cash at bank and in hand					139,912			146,820
					3,550,634			3,734,318
Creditors: Amounts falling due within one year					(2,749,774)			(3,198,705)
Net current assets					800,860			535,613
Net assets					800,861			536,498
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					800,761			536,398
Shareholders' funds					800,861			536,498

For the year ending 31 May 2016 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.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 24 June 2016

.........................................
CB Henley
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Flagship Asset Finance Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover comprises hire purchase charges to customers (contract purchase).

Depreciation

Depreciation is provided on tangible fixed assets so as to write off their cost or valuation, less any estimated residual value, over the expected useful life of the asset as follows:-

Asset class	Depreciation method and rate
Office equipment	25% straight line basis

Hire purchase and leasing

Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease. Lease payments receivable are apportioned between repayments of capital and interest so as to give a constant periodic rate of return on the net cash investment in the lease.

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 3

Flagship Asset Finance Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		8,669			8,669
At 31 May 2016		8,669			8,669
Depreciation
At 1 June 2015		7,784			7,784
Charge for the year		884			884
At 31 May 2016		8,668			8,668
Net book value
At 31 May 2016		1			1
At 31 May 2015		885			885

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4