360 Accountants Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 07028912 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

360 Accountants Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A M Steele FCCA, ACA

Mr A K Jewitt ACA

REGISTERED OFFICE:

19 Albion Street

Hull

East Yorkshire

HU1 3TG

REGISTERED NUMBER:

07028912 (England and Wales)

FIXED ASSETS

Intangible assets

4

13,227

16,533

Tangible assets

5

382,458

378,559

Investments

6

61

1

395,746

395,093

CURRENT ASSETS

Stocks

129,835

77,409

Debtors

51,799

89,678

Cash at bank and in hand

169

15,448

181,803

182,535

CREDITORS

Amounts falling due within one year

223,852

198,448

NET CURRENT LIABILITIES

(42,049

)

(15,913

)

TOTAL ASSETS LESS CURRENT LIABILITIES

353,697

379,180

CREDITORS

Amounts falling due after more than one year

7

(218,088

)

(272,911

)

ACCRUALS AND DEFERRED INCOME

(42,000

)

(42,000

)

NET ASSETS

93,609

64,269

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

93,608

64,268

SHAREHOLDERS' FUNDS

93,609

64,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 March 2017 and were signed on its behalf by:

Mr A M Steele FCCA, ACA - Director

Mr A K Jewitt ACA - Director

1.	STATUTORY INFORMATION

360 Accountants Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about 360 Accountants Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

lease.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

and 31 December 2016

36,853

AMORTISATION

At 1 January 2016

20,320

Amortisation for year

3,306

At 31 December 2016

23,626

NET BOOK VALUE

At 31 December 2016

13,227

At 31 December 2015

16,533

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

389,108

Additions

5,945

At 31 December 2016

395,053

DEPRECIATION

At 1 January 2016

10,549

Charge for year

2,046

At 31 December 2016

12,595

NET BOOK VALUE

At 31 December 2016

382,458

At 31 December 2015

378,559

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2016

1

Additions

60

At 31 December 2016

61

NET BOOK VALUE

At 31 December 2016

61

At 31 December 2015

1

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/16

31/12/15

£

£

Bank loans

160,381

226,965

Other creditors

57,707

45,946

218,088

272,911

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/16

31/12/15

£

£

Bank loans

193,457

260,041

The bank loans are secured by way of a debenture and a charge over the company's freehold property.

9.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors the ultimate controlling party is Mr A M Steele.