Mayfair Wealth Management Ltd - Period Ending 2016-08-31

Registration number: 07227751

Mayfair Wealth Management Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Mayfair Wealth Management Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Mayfair Wealth Management Ltd
(Registration number: 07227751)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			90,750			114,950
Investments					70,202			71,607
					160,952			186,557
Current assets
Cash at bank and in hand					6,325			6,310
Creditors: Amounts falling due within one year					(28,278)			(26,008)
Net current liabilities					(21,953)			(19,698)
Net assets					138,999			166,859
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					138,899			166,759
Shareholders' funds					138,999			166,859

For the year ending 31 August 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 13 March 2017

 NS Posnansky
 Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Mayfair Wealth Management Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 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 the company’s share of profit from Sobell Rhodes LLP, a limited liability partnership of which it is a member. Revenue is recognised when profits are irrevocably allocated in accordance with the underlying methodology of the LLP deed.

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

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

Asset class	Amortisation method and rate
Goodwill	10% straight line

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for impairment.

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.

The company is a member of the firm of accountants, Sobell Rhodes LLP.

The amounts shown above represent the company’s loans and capital contributions to the limited liability partnership.

The amount is repayable on departure from the LLP.

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Mayfair Wealth Management Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

2	Fixed assets

		Intangible assets £			Investments £			Total £
Cost
At 1 September 2015		242,000			71,607			313,607
Disposals		-			(1,405)			(1,405)
At 31 August 2016		242,000			70,202			312,202
Depreciation
At 1 September 2015		127,050			-			127,050
Charge for the year		24,200			-			24,200
At 31 August 2016		151,250			-			151,250
Net book value
At 31 August 2016		90,750			70,202			160,952
At 31 August 2015		114,950			71,607			186,557

3	Share capital

Allotted, called up and fully paid shares

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

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