Johnson Smith & Co Ltd - Abbreviated accounts 16.1
Johnson Smith & Co Ltd - Abbreviated accounts 16.1
REGISTERED NUMBER: |
Abbreviated Unaudited Accounts for the Year Ended 30 June 2016 |
for |
Johnson Smith & Co Ltd |
Johnson Smith & Co Ltd (Registered number: 04009191) |
Contents of the Abbreviated Accounts |
for the Year Ended 30 June 2016 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 3 |
Johnson Smith & Co Ltd |
Company Information |
for the Year Ended 30 June 2016 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Johnson Smith & Co Ltd (Registered number: 04009191) |
Abbreviated Balance Sheet |
30 June 2016 |
30.6.16 | 30.6.15 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 3 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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 were approved by the Board of Directors on |
Johnson Smith & Co Ltd (Registered number: 04009191) |
Notes to the Abbreviated Accounts |
for the Year Ended 30 June 2016 |
1. | ACCOUNTING POLICIES |
Basis of accounting |
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). |
Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
Turnover |
Revenue represents amounts due from clients for professional services provided during the year. The Revenue is |
measured at the fair value of consideration received or receivable oneach client assignment, including expenses |
and disbursements and excluding Value Added Tax. Revenue isrecognised when the amount can be reliably |
measured andit is probable that future economic benefits will flow. Revenue recognition occurs in the period in |
which services are rendered by reference to the stage of completion. |
Unbilled revenue on individual assignments is included as unbilled amounts for client work within trade and |
other debtors. |
Fixed assets |
All fixed assets are initially recorded at cost. |
Depreciation |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful |
economic life of that assets as follows: |
Computer equipment - 33% straight line |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
as either 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or |
a right to pay less or to receive more tax, with the following exceptions: |
Provision is made for tax on gains arising from the revaluation ( and similar fair value adjustments) of fixed |
assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent |
that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no |
provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not |
that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement |
assets are sold. |
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. |
Deferred tax is measured on an undiscovered basis at the tax rates that are expected to apply in the periods in |
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance |
sheet date. |
Johnson Smith & Co Ltd (Registered number: 04009191) |
Notes to the Abbreviated Accounts - continued |
for the Year Ended 30 June 2016 |
2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 July 2015 |
Additions |
Disposals | ( |
) |
At 30 June 2016 |
DEPRECIATION |
At 1 July 2015 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2016 |
NET BOOK VALUE |
At 30 June 2016 |
At 30 June 2015 |
3. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.16 | 30.6.15 |
value: | £ | £ |
Ordinary shares | £1 |
4. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2016 and |
30 June 2015: |
30.6.16 | 30.6.15 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Balance outstanding at end of year |
5. | RELATED PARTY DISCLOSURES |
In the course of normal operations, related party transactions entered into by the company have been contracted |
on an arms-length basis. |
At the balance sheet date, the company owed sums of £26,162 (2015: £23,031) to director M Brooks and a sums |
of £43,802 (2015: £22,596) to director M I Ullah. |
6. | POST BALANCE SHEET EVENTS |
There are no post balance sheet events which require disclosure in accounts. |