BROAD_CHARE_ASSOCIATES_LI - Accounts

BROAD CHARE ASSOCIATES LIMITED - Company Information

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Company Registration No. 08535092 (England and Wales)

BROAD CHARE ASSOCIATES LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

Evolution Business and Tax Advisors LLP

Wynyard Park House

Wynyard Avenue

Wynyard

TS22 5TB

BROAD CHARE ASSOCIATES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

BROAD CHARE ASSOCIATES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

as restated

Notes

Fixed assets

Intangible assets

356,159

366,291

Current assets

Debtors

52,919

114,519

Cash at bank and in hand

116,453

105,889

169,372

220,408

Creditors: amounts falling due within one year

(354,645)

(446,079)

Net current liabilities

(185,273)

(225,671)

Total assets less current liabilities

170,886

140,620

Capital and reserves

Called up share capital

Profit and loss account

170,882

140,618

Shareholders' funds

170,886

140,620

For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 June 2016

Mr D McLaughlin

Director

Company Registration No. 08535092

BROAD CHARE ASSOCIATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years. The directors have reviewed the useful economic life and have revised this policy from the previous assessment of five years. The economic life is based on the directors estimate of the remaining life of contracts and clients included within the original goodwill calculation.

1.5

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Fixed assets

Intangible assets

Cost

At 1 January 2015

458,708

Disposals

(7,908)

At 31 December 2015

450,800

Depreciation

At 1 January 2015

92,417

On disposals

(1,310)

Charge for the year

3,534

At 31 December 2015

94,641

Net book value

At 31 December 2015

356,159

At 31 December 2014

366,291

BROAD CHARE ASSOCIATES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Share capital

2015

2014

Allotted, called up and fully paid

4 ordinary shares of £1 each

During the year, 2 ordinary shares of £1 each were allotted and fully paid at par.

Related party relationships and transactions

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr S Adair

23,251

(24,938)

(1,687)

23,251

(24,938)

(1,687)

Mr D McLaughlin, a director, has guaranteed the loans due to St James Place. At the balance sheet date the total liability was £336,165 (2014 - £369,848).

The company was a corporate member of Broad Chare Partnership LLP throughout the current and prior periods. The principal activity of the LLP is that of financial advisors.