Britannia Accountancy & Tax Services Ltd - Period Ending 2016-03-31

Registration number: 07336661

Britannia Accountancy & Tax Services Ltd

trading as Britannia Accountancy & Tax Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2016
 

Britannia Accountancy & Tax Services Ltd
trading as 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 Services Ltd
trading as Britannia Accountancy & Tax Ltd
Company Information

Director

MR BGH Batt

Company secretary

Britannia Book-keeping Services Limited

Registered office

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

Bankers

HSBC Gosport

Accountants

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

Page 1

Britannia Accountancy & Tax Services Ltd
trading as Britannia Accountancy & Tax Ltd
Director's Report for the Year Ended 31 March 2016

The director presents his report and the unaudited financial statements for the year ended 31 March 2016.

Director of the company

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

MR BGH 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 13 August 2016 and signed on its behalf by:

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

Page 2

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Britannia Accountancy & Tax Services Ltd
trading as Britannia Accountancy & Tax Ltd
for the Year Ended 31 March 2016

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 Services Ltd for the year ended 31 March 2016 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 Services 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 Services 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 Services 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 Services Ltd.

It is your duty to ensure that Britannia Accountancy & Tax Services 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 Services Ltd. You consider that Britannia Accountancy & Tax Services 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 Services 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

13 August 2016

Page 3

Britannia Accountancy & Tax Services Ltd
trading as Britannia Accountancy & Tax Ltd
Profit and Loss Account for the Year Ended 31 March 2016

		Note			2016 £			2015 £
Turnover					360,720			189,986
Cost of sales					(15,869)			(29,060)
Gross profit					344,851			160,926
Administrative expenses					(254,035)			(126,924)
Other operating income					-			15,335
Operating profit		2			90,816			49,337
Costs of reorganisation and restructuring		3			(27,000)			(27,000)
Other interest receivable and similar income					-			30
Interest payable and similar charges					(18,597)			(17,810)
Profit on ordinary activities before taxation					45,219			4,557
Profit for the financial year		10			45,219			4,557

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

Britannia Accountancy & Tax Services Ltd
trading as Britannia Accountancy & Tax Ltd
(Registration number: 07336661)
Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		4			24,000			30,000
Tangible fixed assets		5			268,629			150,082
					292,629			180,082
Current assets
Debtors		6			99,806			111,960
Cash at bank and in hand					5,504			69,397
					105,310			181,357
Creditors: Amounts falling due within one year		7			(396,727)			(306,696)
Net current liabilities					(291,417)			(125,339)
Net assets					1,212			54,743
Capital and reserves
Called up share capital		8			100			100
Profit and loss account		10			1,113			54,644
Balance sheet suspense					(1)			(1)
Shareholders' funds					1,212			54,743

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 2015).

For the year ending 31 March 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.

Approved and authorised for issue by the director on 13 August 2016

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

Britannia Accountancy & Tax Services Ltd
trading as Britannia Accountancy & Tax Ltd
(Registration number: 07336661)
Balance Sheet at 31 March 2016
......... continued

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

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

Britannia Accountancy & Tax Services Ltd
trading as Britannia Accountancy & Tax Ltd
Notes to the Financial Statements for the Year Ended 31 March 2016
......... 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 January 2015).

Turnover

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

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.
Fixtures & Fittings	Depreciated at 18% of net book value.

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 Services Ltd
trading as Britannia Accountancy & Tax Ltd
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

2	Operating profit

Operating profit is stated after charging:

		2016 £			2015 £
Depreciation of tangible fixed assets		7,381			8,798
Amortisation		6,000			6,000

3	Exceptional items

		2016 £			2015 £
Reorganisation or restructuring		27,000			27,000

4	Intangible fixed assets

		Goodwill £			Total £
Cost
At 1 April 2015		60,000			60,000
At 31 March 2016		60,000			60,000
Amortisation
At 1 April 2015		30,000			30,000
Charge for the year		6,000			6,000
At 31 March 2016		36,000			36,000
Net book value
At 31 March 2016		24,000			24,000
At 31 March 2015		30,000			30,000

Page 8

Britannia Accountancy & Tax Services Ltd
trading as Britannia Accountancy & Tax Ltd
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

5	Tangible fixed assets

		Freehold land and buildings £			Fixtures and fittings £			Motor vehicles £			Office equipment £			Total £
Cost or valuation
At 1 April 2015		110,000			-			42,055			14,966			167,021
Revaluation		125,000			-			-			-			125,000
Additions		-			928			-			-			928
At 31 March 2016		235,000			928			42,055			14,966			292,949
Depreciation
At 1 April 2015		-			-			7,570			9,369			16,939
Charge for the year		-			167			6,207			1,007			7,381
At 31 March 2016		-			167			13,777			10,376			24,320
Net book value
At 31 March 2016		235,000			761			28,278			4,590			268,629
At 31 March 2015		110,000			-			34,485			5,597			150,082

6

Debtors

		2016 £			2015 £
Trade debtors		95,044			109,144
Other debtors		4,762			2,816
		99,806			111,960

7	Creditors: Amounts falling due within one year

		2016 £			2015 £
Trade creditors		219,533			92,163
Bank loans and overdrafts		-			17,174
Other creditors		177,194			197,359
		396,727			306,696

Page 9

Britannia Accountancy & Tax Services Ltd
trading as Britannia Accountancy & Tax Ltd
Notes to the Financial Statements for the Year Ended 31 March 2016
......... continued

8	Share capital

Allotted, called up and fully paid shares

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

9

Dividends

		2016 £			2015 £
Dividends paid
Prior year final dividend paid		40,750			-
Current year interim dividend paid		58,000			-
		98,750			-

10

Reserves

		Profit and loss account £			Total £
At 1 April 2015		54,644			54,644
Profit for the year		45,219			45,219
Dividends		(98,750)			(98,750)
At 31 March 2016		1,113			1,113

11

Control

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

Page 10