Ardent Credit Services Limited - Period Ending 2016-06-30

Registration number: 04691960

Ardent Credit Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

Ardent Credit Services Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Ardent Credit Services Limited
(Registration number: 04691960)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					13,500			15,000
Tangible fixed assets					87,247			112,672
					100,747			127,672
Current assets
Debtors					366,949			459,387
Cash at bank and in hand					945,792			778,949
					1,312,741			1,238,336
Creditors: Amounts falling due within one year					(627,374)			(686,748)
Net current assets					685,367			551,588
Total assets less current liabilities					786,114			679,260
Creditors: Amounts falling due after more than one year					(9,966)			(33,884)
Provisions for liabilities					(16,548)			(21,436)
Net assets					759,600			623,940
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					759,500			623,840
Shareholders' funds					759,600			623,940

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Ardent Credit Services Limited
(Registration number: 04691960)
Abbreviated Balance Sheet at 30 June 2016
......... continued

For the year ending 30 June 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 3 February 2017

.........................................
Mr Steven Frederick Murray
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Ardent Credit Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 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, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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	straight line over 20 years

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
Leasehold properties	straight line over 20 years
Fixtures, fittings and equipment	15% straight line
Office equipment	33% straight line
Motor vehicles	25% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Ardent Credit Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2015		30,000			360,004			390,004
Additions		-			23,766			23,766
At 30 June 2016		30,000			383,770			413,770
Depreciation
At 1 July 2015		15,000			247,332			262,332
Charge for the year		1,500			49,191			50,691
At 30 June 2016		16,500			296,523			313,023
Net book value
At 30 June 2016		13,500			87,247			100,747
At 30 June 2015		15,000			112,672			127,672

3

Creditors

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

Page 4

Ardent Credit Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

		2016 £			2015 £
Amounts falling due within one year		23,918			23,918
Amounts falling due after more than one year		9,966			33,884
Total secured creditors		33,884			57,802

4	Share capital

Allotted, called up and fully paid shares

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

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Steven Frederick Murray
Loan (2016 & 2015 advances were repaid in full after the year end)	43,768	54,199	54,199	63
Mr Stephen Frederick Murray
Motor vehicle sold on an arms length basis	-	-	750	750

6

Control

The company is controlled by the director, Mr S F Murray. He and his wife, Mrs J Murray, hold 100% of the issued share capital.

Page 5