Burley Financial Services Limited - Period Ending 2016-04-30

Registration number: 01217536

Burley Financial Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016
 

Landin Wilcock & Co
Chartered Accountants
Queen Street Chambers
68 Queen Street
Sheffield
South Yorkshire
S1 1WR

Burley Financial Services Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

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 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Burley Financial Services Limited
for the Year Ended 30 April 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Burley Financial Services Limited for the year ended 30 April 2016 set out on pages 4 to 14 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 Burley Financial Services Limited, 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 Burley Financial Services 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 Burley Financial Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Burley Financial Services 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 Burley Financial Services Limited. You consider that Burley Financial Services 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 Burley Financial Services 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.

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

Landin Wilcock & Co
Chartered Accountants
Queen Street Chambers
68 Queen Street
Sheffield
South Yorkshire
S1 1WR

9 August 2016

Page 1

Burley Financial Services Limited
(Registration number: 01217536)
Abbreviated Balance Sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			34,020			8,902
Investments		2			21,732			21,733
					55,752			30,635
Current assets
Debtors					93,380			46,884
Cash at bank and in hand					2,628			32,444
					96,008			79,328
Creditors: Amounts falling due within one year		3			(26,464)			(27,115)
Net current assets					69,544			52,213
Net assets					125,296			82,848
Capital and reserves
Called up share capital		4			120,000			120,000
Revaluation reserve					1,500			1,500
Profit and loss account					3,796			(38,652)
Shareholders' funds					125,296			82,848

For the year ending 30 April 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 directors acknowledge their 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Burley Financial Services Limited
(Registration number: 01217536)
Abbreviated Balance Sheet at 30 April 2016
......... continued

Approved by the Board on 5 August 2016 and signed on its behalf by:

.........................................
Mr Steven Burley
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Burley Financial Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 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 represents amounts chargeable in respect of the sale of services to customers for independent financial advice. Revenue is recognised in the accouting period in which the services are rendered.

Depreciation

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

Asset class	Depreciation method and rate
Fixtures and Fittings	25% on reducing balance
Office Equipment	33% on cost
Property Improvements	10% straight line

Fixed asset investments

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

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

Burley Financial Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 May 2015		41,960			21,733			63,693
Additions		35,670			-			35,670
Disposals		(612)			(1)			(613)
At 30 April 2016		77,018			21,732			98,750
Depreciation
At 1 May 2015		33,058			-			33,058
Charge for the year		10,552			-			10,552
Eliminated on disposals		(612)			-			(612)
At 30 April 2016		42,998			-			42,998
Net book value
At 30 April 2016		34,020			21,732			55,752
At 30 April 2015		8,902			21,733			30,635

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
DEB Wealth Management & Protection Ltd	England and Wales	Ordinary A Shares	50%	Financial Services

The financial period end of DEB Wealth Management & Protection Ltd is 30 April 2016. The profit for the financial period of DEB Wealth Management & Protection Ltd was £3,829 and the aggregate amount of capital and reserves at the end of the period was £3,833.

Page 5

Burley Financial Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		-			3,197

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		120,000			120,000			120,000			120,000

5

Control

The company is controlled by the directors and their spouses.

Page 6