Andrew Copeland International Limited - Limited company accounts 16.3

REGISTERED NUMBER: 02203828 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Andrew Copeland International Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

Reconciliation of Equity

11

Reconciliation of Profit

13

DIRECTORS:

R H Thomas

A R Copeland

P J Anson

SECRETARY:

R H Thomas

REGISTERED OFFICE:

230 Portland Road

South Norwood

London

SE25 4SL

REGISTERED NUMBER:

02203828 (England and Wales)

ACCOUNTANTS:

M S Aulak Bsc CIPFA FCCA

Certified Accountant and

Registered Auditor

25 Coolgardie Avenue

Chigwell

Essex

IG7 5AX

The directors present their report with the financial statements of the company for the year ended 31 December 2016.

DIVIDENDS

An interim dividend of £75.00 per share was paid on 1 September 2016. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2016 will be £ 75,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this

report.

R H Thomas

A R Copeland

P J Anson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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.

ON BEHALF OF THE BOARD:

P J Anson - Director

21 July 2017

TURNOVER

356,911

333,929

Distribution costs

121,687

116,325

Administrative expenses

198,024

209,892

319,711

326,217

37,200

7,712

Other operating income

50,000

11,293

OPERATING PROFIT

87,200

19,005

Interest receivable and similar income

277

169

PROFIT BEFORE TAXATION

4

87,477

19,174

Tax on profit

5

17,874

3,816

PROFIT FOR THE FINANCIAL YEAR

69,603

15,358

PROFIT FOR THE YEAR

69,603

15,358

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

69,603

15,358

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

7,485

8,296

7,485

8,296

CURRENT ASSETS

Debtors

9

32,745

21,327

Cash at bank

293,309

352,692

326,054

374,019

CREDITORS

Amounts falling due within one year

10

156,338

199,717

NET CURRENT ASSETS

169,716

174,302

TOTAL ASSETS LESS CURRENT LIABILITIES

177,201

182,598

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Revaluation reserve

13

950

950

Retained earnings

175,251

180,648

SHAREHOLDERS' FUNDS

177,201

182,598

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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 July 2017 and were signed on its behalf by:

R H Thomas - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2015

1,000

165,290

950

167,240

Changes in equity

Total comprehensive income

-

15,358

-

15,358

Balance at 31 December 2015

1,000

180,648

950

182,598

Changes in equity

Dividends

-

(75,000

)

-

(75,000

)

Total comprehensive income

-

69,603

-

69,603

Balance at 31 December 2016

1,000

175,251

950

177,201

1.	STATUTORY INFORMATION

Andrew Copeland International 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 preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-

paragraph 50 of IAS 41 Agriculture;

•

the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements;

•

the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;

•

the requirements of IAS 7 Statement of Cash Flows;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Tangible fixed assets

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

Office equipment

-

25% on cost

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax

rules, using tax rates enacted or substantially enacted by 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 transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.16

31.12.15

£

£

Wages and salaries

171,567

188,288

Social security costs

9,857

8,991

Other pension costs

5,027

5,232

186,451

202,511

The average monthly number of employees during the year was as follows:

31.12.16

31.12.15

Office administration

6

6

31.12.16

31.12.15

£

£

Directors' remuneration

60,626

82,276

4.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

31.12.16

31.12.15

£

£

Depreciation - owned assets

2,741

1,525

5.

TAXATION

Analysis of tax expense

31.12.16

31.12.15

£

£

Current tax:

Taxation on current year

17,874

3,816

Total tax expense in income statement

17,874

3,816

6.

DIVIDENDS

31.12.16

31.12.15

£

£

Ordinary shares of 1 each

Interim

75,000

-

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

35,000

AMORTISATION

At 1 January 2016

and 31 December 2016

35,000

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

8.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 January 2016

23,036

Additions

1,930

At 31 December 2016

24,966

DEPRECIATION

At 1 January 2016

14,740

Charge for year

2,741

At 31 December 2016

17,481

NET BOOK VALUE

At 31 December 2016

7,485

At 31 December 2015

8,296

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

25,997

17,559

Other debtors

6,748

3,768

32,745

21,327

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts (see note 11)

4,021

2,532

Trade creditors

3,014

135

Underwriter account

114,987

177,941

Amount due subagents

932

16

return premium outstanding

1,598

243

Tax

17,874

3,395

PAYE and other taxes

5,006

-

Income in advance

3,117

9,661

Directors' current accounts

42

81

Accrued expenses

5,747

5,713

156,338

199,717

11.	FINANCIAL LIABILITIES - BORROWINGS

31.12.16

31.12.15

£

£

Current:

Bank overdrafts

4,021

2,532

Terms and debt repayment schedule

1 year or

less

£

Bank overdrafts

4,021

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

1,000

Ordinary

1

1,000

1,000

13.

RESERVES

Revaluation

reserve

£

At 1 January 2016

and 31 December 2016

950

FIXED ASSETS

Tangible assets

6

7,483

-

7,483

CURRENT ASSETS

Debtors

8

22,490

-

22,490

Cash at bank

289,796

-

289,796

312,286

-

312,286

CREDITORS

Amounts falling due within one year

8

(152,529

)

-

(152,529

)

NET CURRENT ASSETS

159,757

-

159,757

TOTAL ASSETS LESS CURRENT LIABILITIES

167,240

-

167,240

NET ASSETS

167,240

-

167,240

CAPITAL AND RESERVES

Called up share capital

9

1,000

-

1,000

Revaluation reserve

10

950

-

950

Retained earnings

165,290

-

165,290

SHAREHOLDERS' FUNDS

167,240

-

167,240

FIXED ASSETS

Tangible assets

6

8,296

-

8,296

CURRENT ASSETS

Debtors

8

21,327

-

21,327

Cash at bank

352,692

-

352,692

374,019

-

374,019

CREDITORS

Amounts falling due within one year

8

(199,717

)

-

(199,717

)

NET CURRENT ASSETS

174,302

-

174,302

TOTAL ASSETS LESS CURRENT LIABILITIES

182,598

-

182,598

NET ASSETS

182,598

-

182,598

CAPITAL AND RESERVES

Called up share capital

9

1,000

-

1,000

Revaluation reserve

10

950

-

950

Retained earnings

180,648

-

180,648

SHAREHOLDERS' FUNDS

182,598

-

182,598

TURNOVER

333,929

-

333,929

Distribution costs

(116,325

)

-

(116,325

)

Administrative expenses

(209,892

)

-

(209,892

)

Other operating income

11,293

-

11,293

OPERATING PROFIT

19,005

-

19,005

Interest receivable and similar income

169

-

169

PROFIT BEFORE TAXATION

19,174

-

19,174

Tax on profit

(3,816

)

-

(3,816

)

PROFIT FOR THE FINANCIAL YEAR

15,358

-

15,358