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Expert Collections Ltd.
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2016
MG Mellor Accountancy Services Ltd
Directors' Report and Unaudited Financial Statements
Company Information
Page 1
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2016.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who held office during the year were as follows:
|
Mr Richard Price
|
APPOINTED |
04/01/2016
|
|
Mr Gary Ainley
|
APPOINTED |
04/01/2016
|
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Page 2
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Expert Collections Ltd. for the year ended year which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the directors of Expert Collections Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Expert Collections Ltd. and state those matters that we have agreed to state to the directors of Expert Collections Ltd. in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Expert Collections Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Expert Collections Ltd.. You consider that Expert Collections 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 financial statements of Expert Collections 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 financial statements.
MG Mellor Accountancy Services Ltd
CIMA MIP
9-10 Rooley Lane
Sowerby Bridge
West Yorkshire
HX6 1JG
Page 3
Profit and Loss Account
|
2016 |
|
Notes |
£ |
| TURNOVER |
|
117,710
|
| Cost of sales |
|
(1,345
)
|
| |
|
|
| GROSS PROFIT |
|
116,365
|
|
| Distribution costs |
|
(21,178
)
|
| Administrative expenses |
|
(60,042
)
|
| Other operating expenses |
|
(480
)
|
| |
|
|
| OPERATING PROFIT |
2
|
34,665
|
| Other interest receivable and similar income |
|
-
|
| Interest payable and similar charges |
4
|
(702
)
|
| |
|
|
| PROFIT BEFORE TAXATION |
|
33,963
|
| Tax on profit |
5
|
(6,567
)
|
| |
|
|
| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
|
27,396
|
| |
|
|
The notes on pages 8 to 10 form part of these financial statements.
Page 4
Balance Sheet
|
2016 |
|
Notes |
£ |
£ |
| FIXED ASSETS |
| Tangible Assets |
6
|
|
1,241
|
| |
|
|
|
|
|
|
1,241
|
| CURRENT ASSETS |
| Debtors |
7
|
10,143
|
|
| Cash at bank and in hand |
|
3,598
|
|
| |
|
|
|
|
13,741
|
|
| Creditors: Amounts Falling Due Within One Year |
8
|
(12,576
)
|
|
| |
|
|
| NET CURRENT ASSETS (LIABILITIES) |
|
|
1,165
|
| |
|
|
|
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
2,406
|
| |
|
|
|
| NET ASSETS |
|
|
2,406
|
| |
|
|
|
| CAPITAL AND RESERVES |
| Called up share capital |
9
|
|
10
|
| Profit and loss account |
|
|
2,396
|
| |
|
|
|
| SHAREHOLDERS' FUNDS |
|
|
2,406
|
| |
|
|
|
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
-
The directors acknowledge their 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.
On behalf of the board
Page 5
The notes on pages 8 to 10 form part of these financial statements.
Page 6
Statement of Changes in Equity
|
Share Capital |
Profit & Loss Account |
Total |
|
£ |
£ |
£ |
| As at 4 January 2016 |
10
|
-
|
10
|
| Profit for the year and total comprehensive income |
-
|
27,396
|
27,396
|
| |
|
|
|
| Dividends paid |
-
|
(25,000)
|
(25,000)
|
| |
|
|
|
| As at 31 December 2016 |
10
|
2,396
|
2,406
|
| |
|
|
|
Page 7
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
4 Years straight line
|
| Computer Equipment |
4 Years straight line
|
2.
Operating Profit
The operating profit is stated after charging:
|
2016 |
|
£ |
| Directors' remuneration |
22,997
|
| Depreciation of tangible fixed assets |
251
|
| |
|
3.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
|
2016 |
|
£ |
| Wages and salaries |
22,997
|
| |
|
|
22,997
|
| |
|
4.
Interest Payable
|
2016 |
|
£ |
| Bank loans and overdrafts |
702
|
| |
|
|
702
|
| |
|
Page 8
5.
Tax on Profit on Ordinary Activities
|
Tax Rate |
2016 |
|
2016 |
|
£ |
| UK Corporation Tax |
20% |
|
6,567
|
| |
|
|
|
| Total Current Tax Charge |
|
|
6,567
|
| |
|
|
|
|
2016 |
|
£ |
| Profit on ordinary activities before tax |
|
|
33,963
|
| |
|
|
|
| Breakdown of Tax Charge is: |
| Tax on profit at 20% (UK standard rate) |
|
|
6,793
|
| Goodwill/depreciation not allowed for tax |
|
|
50
|
| Expenses not deductible for tax purposes |
|
|
21
|
| minus the following: |
| Capital allowances in excess of depreciation |
|
|
297
|
| |
|
|
|
| Current tax charge for the period |
|
|
6,567
|
| |
|
|
|
6.
Tangible Assets
|
|
|
Fixtures & Fittings |
Computer Equipment |
Total |
|
£ |
£ |
£ |
| Cost |
| As at 4 January 2016 |
839
|
653
|
1,492
|
| |
|
|
|
| As at 31 December 2016 |
839
|
653
|
1,492
|
| |
|
|
|
| Depreciation |
| As at 4 January 2016 |
-
|
-
|
-
|
| Provided during the period |
112
|
139
|
251
|
| |
|
|
|
| As at 31 December 2016 |
112
|
139
|
251
|
| |
|
|
|
| Net Book Value |
| As at 31 December 2016 |
727
|
514
|
1,241
|
| |
|
|
|
| As at 4 January 2016 |
839
|
653
|
1,492
|
| |
|
|
|
7.
Debtors
|
2016 |
|
£ |
| Due within one year |
| Trade debtors |
5,593
|
| Prepayments and accrued income |
4,550
|
| |
|
|
10,143
|
| |
|
Page 9
8.
Creditors: Amounts Falling Due Within One Year
|
2016 |
|
£ |
| Corporation tax |
6,567
|
| VAT |
3,479
|
| Accruals and deferred income |
530
|
| Directors' loan accounts |
2,000
|
| |
|
|
12,576
|
| |
|
9.
Share Capital
|
Value |
Number |
2016 |
| Allotted and called up |
£ |
|
£ |
|
Ordinary shares
|
1.000
|
10
|
10
|
| |
|
|
|
|
10.
Transactions With and Loans to Directors
Included within Debtors are the following loans to directors:
|
As at 4 January 2016 |
Amounts advanced |
Amounts repaid |
As at 31 December 2016 |
|
£ |
£ |
£ |
£ |
| Mr Richard Price |
-
|
8,500
|
6,500
|
2,000
|
| Mr Gary Ainley |
-
|
1,500
|
1,500
|
-
|
| |
|
|
|
|
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
11.
Dividends
|
2016 |
|
£ |
| On equity shares: |
| Final dividend paid |
25,000
|
| |
|
|
25,000
|
| |
|
Page 10
