Prema Consulting Limited Small abridged accounts

PREMA CONSULTING LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Prema Consulting Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 03711492

Prema Consulting Limited

Unaudited Abridged Financial Statements

31 January 2017

McGILLS

Chartered accountant

Oakley House

Tetbury Road

Cirencester

Glos.

GL7 1US

Prema Consulting Limited

Abridged Financial Statements

Year ended 31 January 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Prema Consulting Limited

Abridged Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		650	594

Current assets

Debtors	11,340	9,720
Cash at bank and in hand	44,133	52,667
	--------	--------
	55,473	62,387

Creditors: amounts falling due within one year	25,608		19,454
	--------		--------
Net current assets		29,865	42,933
		--------	--------
Total assets less current liabilities		30,515	43,527
		--------	--------
Net assets		30,515	43,527
		--------	--------

Capital and reserves

Called up share capital	220	40
Profit and loss account	30,295	43,487
	--------	--------
Members funds	30,515	43,527
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 January 2017 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 of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Prema Consulting Limited

Abridged Statement of Financial Position (continued)

31 January 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 18 April 2017 , and are signed on behalf of the board by:

Mr I Richardson

Director

Company registration number: 03711492

Prema Consulting Limited

Notes to the Abridged Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is McGills, Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year inclusive of Value Added Tax. This is as a result of the company being registered for VAT under the Flat Rate Scheme.

Income 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 where it is considered material.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	25% straight line
Equipment	-	25% 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.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 1 (2016: 1).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	304	603
	----	----

6. Tangible assets

	£
Cost
At 1 February 2016	6,099
Additions	360
Disposals	( 699)
	-------
At 31 January 2017	5,760
	-------
Depreciation
At 1 February 2016	5,505
Charge for the year	304
Disposals	( 699)
	-------
At 31 January 2017	5,110
	-------
Carrying amount
At 31 January 2017	650
	-------
At 31 January 2016	594
	-------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr I Richardson	( 6,007)	( 43,826)	48,578	( 1,255)
Mrs J E Richardson	( 6,008)	( 43,825)	48,579	( 1,254)
	--------	--------	--------	-------
	(12,015)	(87,651)	97,157	(2,509)
	--------	--------	--------	-------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr I Richardson	( 6,001)	( 24,996)	24,989	(6,008)
Mrs J E Richardson	( 6,001)	( 24,996)	24,990	(6,007)
	--------	--------	--------	--------
	(12,002)	(49,992)	49,979	(12,015)
	--------	--------	--------	--------

8. Related party transactions

The company was under the control of Mr I Richardson and Mrs J E Richardson throughout the current and previous year. Mr I Richardson is director and joint shareholder. Mr I Richardson received dividends of £35,200 in the year (2016: £18,591). Mr I Richardson 's loan is interest free and repayable on demand. Mrs J E Richardson is director and joint shareholder. Mrs J E Richardson received dividends of £35,200 in the year (2016: £13,590). Mrs J Richardson's loan is interest free and repayable on demand.

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.