KBW Limited Small abbreviated accounts

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COMPANY REGISTRATION NUMBER 03061130

KBW LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR

30 September 2016

ALDERWICK JAMES & CO

Chartered Accountants

4 The Sanctuary

23 Oakhill Grove

Surbiton

Surrey

KT6 6DU

KBW LIMITED

ABBREVIATED BALANCE SHEET

30 September 2016

		2016		2015
Note		£	£	£	£
FIXED ASSETS	2
Tangible assets			11,740		16,639

CURRENT ASSETS

Debtors	330,171		68,969
Cash at bank and in hand	435,511		614,902
	----------		----------
	765,682		683,871
CREDITORS: amounts falling due within one year	314,901		175,940
	----------		----------
NET CURRENT ASSETS		450,781		507,931
		----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES		462,521		524,570

PROVISIONS FOR LIABILITIES	569	1,281
	----------	----------
	461,952	523,289
	----------	----------

CAPITAL AND RESERVES

Called up equity share capital	4	1,000	1,000
Profit and loss account		460,952	522,289
		----------	----------
SHAREHOLDERS' FUNDS		461,952	523,289
		----------	----------

For the year ended 30th September 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 accounts for the year in question in accordance with section 476; and

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

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 27 June 2017 , and are signed on their behalf by:

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T KIRKPATRICK N BARNES

DIRECTOR DIRECTOR

Company Registration Number: 03061130

KBW LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30TH SEPTEMBER 2016

1. ACCOUNTING POLICIES

Basis of accounting

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

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Fixed assets

All fixed assets are initially recorded at cost. Fixed asset investments Fixed Asset Investments are initially recorded at cost. Gains and losses caused by changes in market prices are shown in the statement of total recognised gains and losses. Revaluation gains and losses arising other than by a change in market values are recorded in the profit and loss account.

Depreciation

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

Fixtures & Fittings-25% straight line

Equipment-25 to 33.3% straight line

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Two directors are accruing benefits under money purchase schemes (2015 - two).

Deferred taxation

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 that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Employee benefit trusts (ebts)

The company has purchased a trust for the benefit of employees and certain of their dependants. Monies held in this trust are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1st October 2015	51,536
Additions	3,511
Disposals	( 527)
	---------
At 30th September 2016	54,520
	---------

DEPRECIATION

At 1st October 2015	34,897
Charge for year	8,311
On disposals	( 428)
	---------
At 30th September 2016	42,780
	---------

NET BOOK VALUE

At 30th September 2016	11,740
	---------

At 30th September 2015	16,639
	---------

3. RELATED PARTY TRANSACTIONS

The company was not under the control of any individual throughout the current and previous year. During the year dividends of £103,600 (2015 - £132,500) were paid to Mr T Kirkpatrick, Mr N Barnes, Mrs F Kirkpatrick and Mrs A Barnes. All four are directors of the company. During the year the company made advances of £2,669 to Mr N Barnes. The advances which were interest free and repayable on demand were repaid in full before the year end. No other transactions with related parties were undertaken such as are required to be disclosed under the FRSSE.

4. SHARE CAPITAL

Authorised share capital:

	2016	2015
	£	£
1,000 Ordinary shares of £ 1 each	1,000	1,000
	-------	-------

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------