F J Samuely & Partners Limited - Limited company accounts 16.3

REGISTERED NUMBER: 03924834 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2016

for

F J Samuely & Partners Limited

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

T E Schollar

REGISTERED OFFICE:

Celtic House

33 Johns Mews

London

WC1N 2NS

REGISTERED NUMBER:

03924834 (England and Wales)

ACCOUNTANTS:

Sawin & Edwards Chartered Accountants

52 Kingsway Place

Sans Walk

London

EC1R 0LU

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

DIRECTOR

T E Schollar 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.

ON BEHALF OF THE BOARD:

T E Schollar - Director

23 December 2016

TURNOVER

2

456,026

400,987

Administrative expenses

(402,673

)

(343,133

)

53,353

57,854

Other operating income

22,789

19,644

OPERATING PROFIT and

PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION

3

76,142

77,498

Tax on profit on ordinary activities

4

(15,228

)

(15,500

)

PROFIT FOR THE FINANCIAL
YEAR

60,914

61,998

FIXED ASSETS

Tangible assets

6

8,724

11,511

CURRENT ASSETS

Debtors

7

226,317

187,178

Cash at bank

257

55,350

226,574

242,528

CREDITORS

Amounts falling due within one year

8

(135,393

)

(170,134

)

NET CURRENT ASSETS

91,181

72,394

TOTAL ASSETS LESS CURRENT
LIABILITIES

99,905

83,905

PROVISIONS FOR LIABILITIES

9

(1,091

)

(1,505

)

NET ASSETS

98,814

82,400

CAPITAL AND RESERVES

Called up share capital

10

2,001

Profit and loss account

11

96,813

80,399

SHAREHOLDERS' FUNDS

98,814

82,400

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 23 December 2016 and were signed by:

T E Schollar - 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).

Turnover

Turnover represents the value of services supplied by the company, net of value added tax and trade

discounts. In accordance with UITF 40 - revenue recognition and service contracts, all unbilled,

completed work has been included as accrued income at a realisable invoice value.

Tangible fixed assets

Depreciation has been provided at the following rates in order to write off the assets over their

estimated useful lives.

Plant and machinery

25% on written down value

Fixtures and fittings

10% on written down value

Furniture

25% on written down value

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

Operating rentals

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the

lease term.

2.

TURNOVER

In the opinion of the directors, sales made outside the UK represent 0% (2015: 0%) of total turnover.

3.	OPERATING PROFIT

The operating profit is stated after charging:

2016

2015

£

Depreciation - owned assets

2,787

3,686

Pension costs

14,810

12,737

Director's remuneration and other benefits etc

11,600

4.

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

15,642

16,061

Deferred tax

(414

)

(561

)

Tax on profit on ordinary activities

15,228

15,500

5.

DIVIDENDS

2016

2015

£

Ordinary shares Class A of £1 each shares of £1 each

Final

30,250

29,500

Ordinary shares Class B of £1 each shares of £1 each

Final

14,250

14,750

44,500

44,250

6.	TANGIBLE FIXED ASSETS

Furniture,

fixtures

Plant and

and

machinery

fittings

etc

Totals

£

COST

At 1 April 2015

and 31 March 2016

12,206

62,905

75,111

DEPRECIATION

At 1 April 2015

10,981

52,619

63,600

Charge for year

124

2,663

2,787

At 31 March 2016

11,105

55,282

66,387

NET BOOK VALUE

At 31 March 2016

1,101

7,623

8,724

At 31 March 2015

1,225

10,286

11,511

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Trade debtors

95,870

85,716

Amounts due under contracts

not yet invoiced

125,033

94,669

Other debtors

5,414

6,793

226,317

187,178

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Bank loans and overdrafts

14,809

-

Taxation and social security

34,656

36,634

Other creditors

85,928

133,500

135,393

170,134

9.	PROVISIONS FOR LIABILITIES

2016

2015

£

Deferred tax

1,091

1,505

Deferred

tax

£

Balance at 1 April 2015

1,505

Movement

(414

)

Balance at 31 March 2016

1,091

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,001

Ordinary shares Class A of £1

each

£1

1,001

1,000

Ordinary shares Class B of £1

each

£1

1,000

2,001

11.

RESERVES

Profit

and loss

account

£

At 1 April 2015

80,399

Profit for the year

60,914

Dividends

(44,500

)

At 31 March 2016

96,813

12.	OTHER FINANCIAL COMMITMENTS

At the year end the company had annual commitments under
non-cancellable operating leases as set out below:

2014

2013

£

Operating leases which expire within two to five years

27,000

13.	RELATED PARTY DISCLOSURES

The director, T E Schollar, has advanced loans to the company. At the year end the company owed T

E Schollar £64,697 (2015: £114,697). No loan interest was charged in the current or the previous

year.

During the year, the director T E Schollar was paid a dividend of £30,250 (2015: £29,500) and Mrs C

Schollar was paid a dividend of £14,250 (2015: £14,750).

14.	ULTIMATE CONTROLLING PARTY

The company is under the control of, T E Schollar who owns 100% of the class A issued share

capital. Mrs C Schollar owns 100% of the class B issued share capital.