Chartered Financial Management (UK) Ltd - Accounts to registrar - small 17.1

CHARTERED FINANCIAL MANAGEMENT (UK) LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Butts

J S Marshfield

L O J Tawse

SECRETARY:

J J Corke

REGISTERED OFFICE:

1A King Square

Bridgwater

Somerset

TA6 3DG

REGISTERED NUMBER:

05934754 (England and Wales)

ACCOUNTANTS:

four fifty partnership

Chartered Accountants

34 Boulevard

Weston-super-Mare

Somerset

BS23 1NF

FIXED ASSETS

Intangible assets

4

47,777

81,000

Tangible assets

5

56,117

66,010

Investments

6

75,759

69,494

179,653

216,504

CURRENT ASSETS

Debtors

7

62,101

43,096

Cash at bank and in hand

305,198

35,717

367,299

78,813

CREDITORS

Amounts falling due within one year

8

148,204

98,218

NET CURRENT ASSETS/(LIABILITIES)

219,095

(19,405

)

TOTAL ASSETS LESS CURRENT LIABILITIES

398,748

197,099

PROVISIONS FOR LIABILITIES

18,723

17,780

NET ASSETS

380,025

179,319

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

10

380,013

179,307

SHAREHOLDERS' FUNDS

380,025

179,319

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

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

The financial statements were approved by the Board of Directors on 1 August 2017 and were signed on its behalf by:

J S Marshfield - Director

R J Butts - Director

1.	STATUTORY INFORMATION

Chartered Financial Management (UK) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents initial income earned and renewal

income earned during the year, from third parties exclusive of Value Added Tax. Initial income is

accounted for when the policy is issued by the product provider after taking into account provisions

for the potential cancellation of policies where income is received under indemnity terms. Renewal

income is accounted for when received. Fee income is accounted for exclusive of Value Added Tax

when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

The goodwill acquired on the acquisition of a business in 2016 is being amortised evenly over its

estimated useful life of five 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.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

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.

Investments

Investments are recognised at fair value. Annual revaluations are provided for and are shown as

gains/losses on revaluation of investments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2016 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

125,000

Disposals

(18,035

)

At 31 March 2017

106,965

AMORTISATION

At 1 April 2016

44,000

Charge for year

17,893

Eliminated on disposal

(2,705

)

At 31 March 2017

59,188

NET BOOK VALUE

At 31 March 2017

47,777

At 31 March 2016

81,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2016

117,760

Additions

3,925

At 31 March 2017

121,685

DEPRECIATION

At 1 April 2016

51,750

Charge for year

13,818

At 31 March 2017

65,568

NET BOOK VALUE

At 31 March 2017

56,117

At 31 March 2016

66,010

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2016

69,494

Additions

26,748

Disposals

(26,748

)

Revaluations

6,265

At 31 March 2017

75,759

NET BOOK VALUE

At 31 March 2017

75,759

At 31 March 2016

69,494

Cost or valuation at 31 March 2017 is represented by:

Other

investments

£

Valuation in 2016

4,575

Valuation in 2017

6,265

Cost

64,919

75,759

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

as

restated

£

£

Trade debtors

41,759

23,772

Other debtors

3,494

920

Prepayments and accrued income

16,848

18,404

62,101

43,096

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

as

restated

£

£

Trade creditors

23,870

14,818

Amounts owed to group undertakings

-

507

Tax

96,014

41,752

Social security and other taxes

16,717

-

Other creditors

-

30,000

Accruals and deferred income

11,603

11,141

148,204

98,218

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

as

restated

£

£

Within one year

2,356

1,872

Between one and five years

18,200

20,472

In more than five years

16,000

16,000

36,556

38,344

10.

RESERVES

Retained

earnings

£

At 1 April 2016

183,861

Prior year adjustment

(4,554

)

179,307

Profit for the year

373,756

Dividends

(173,050

)

At 31 March 2017

380,013

11.	RELATED PARTY DISCLOSURES

The company occupies two properties that are owned by the directors personal pension schemes.

During the year under review the company paid £34,208 (2016 - £25,108) in rent.

12.	TRANSITION TO FRS 102

On transition to FRS 102 from the previous accounting standard, FRSSE 2015, the company has

identified that investments were being carried at market value and a revaluation reserve had been

created.

FRS 102 dictates that any revaluation gain or loss on an investment that can be readily converted to

cash should not create a revaluation reserve and should create and gain or loss on revaluation of

investments to be included on the income statement.

FRS 102 also dictates that a provision for deferred tax is required for the expected gain on

investments as at the balance sheet date.