SMART_ACCOUNTING_SOLUTION - Accounts

SMART ACCOUNTING SOLUTIONS (LONDON) LIMITED - Company Information

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Company Registration No. 07759740 (England and Wales)

SMART ACCOUNTING SOLUTIONS (LONDON) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

SMART ACCOUNTING SOLUTIONS (LONDON) LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

SMART ACCOUNTING SOLUTIONS (LONDON) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

20,000

Tangible assets

3,094

4,125

3,094

24,125

Current assets

Debtors

48,797

32,252

Cash at bank and in hand

13,174

16,875

61,971

49,127

Creditors: amounts falling due within one year

(43,520)

(32,656)

Net current assets

18,451

16,471

Total assets less current liabilities

21,545

40,596

Creditors: amounts falling due after more than one year

(13,025)

(34,572)

Provisions for liabilities

(264)

8,520

5,760

Capital and reserves

Called up share capital

100

Profit and loss account

8,420

5,660

Shareholders' funds

8,520

5,760

SMART ACCOUNTING SOLUTIONS (LONDON) LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 AUGUST 2016

- 2 -

For the financial year ended 31 August 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 of its 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 financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 May 2017

Mr B Peake

Director

Company Registration No. 07759740

SMART ACCOUNTING SOLUTIONS (LONDON) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

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 less estimated residual value of each asset over its expected useful life, as follows:

Motor vehicles

25% reducing balance

1.6

Leasing

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

SMART ACCOUNTING SOLUTIONS (LONDON) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 September 2015 & at 31 August 2016

100,000

7,333

107,333

Depreciation

At 1 September 2015

80,000

3,208

83,208

Charge for the year

20,000

1,031

21,031

At 31 August 2016

100,000

4,239

104,239

Net book value

At 31 August 2016

3,094

At 31 August 2015

20,000

4,125

24,125

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £13,025 (2015 - £34.572.

Share capital

2016

2015

Allotted, called up and fully paid

100 ordinary shares of £1 each

100

Related party relationships and transactions

Other transactions

At the year end the company owed the director Mr B Peake £16,263 (2015: £37,438) of which £10,000 (2015: £30,000) is disclosed as a long term liability. The director has given his assurance that this £10,000 (2015-£30,000) will not be withdrawn to the detriment of the company within twelve months of signature of these financial statements.

During the year the company traded rent free from the director's home address.