Jason Fry Associates Ltd Small abridged accounts
Jason Fry Associates Ltd Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
04199715
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Abridged Financial Statements |
Year ended 30 April 2017
Contents |
Page |
Officers and professional advisers |
1 |
Abridged statement of financial position |
2 |
Notes to the abridged financial statements |
4 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Accountants |
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Chartered accountant |
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132 Burnt Ash Road |
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Lee |
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London |
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SE12 8PU |
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Bankers |
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P O Box 648 |
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27-32 Poultry |
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London |
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EC2P 2BX |
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Abridged Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Debtors |
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Cash at bank and in hand |
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--------- |
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Creditors: amounts falling due within one year |
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Net current liabilities |
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---- |
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Total assets less current liabilities |
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---- |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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---- |
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Members funds |
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---- |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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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
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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
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
7 October 2017
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
04199715
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Notes to the Abridged Financial Statements |
Year ended 30 April 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 1 Hurstmead, Bull Lane, Chislehurst, Kent, BR7 6NU.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue recognition
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.
Tangible assets
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:
Equipment |
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25% reducing balance |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to
2
(2016:
2
).
5.
Tangible assets
£ |
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Cost |
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At 1 May 2016 |
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Additions |
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------- |
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At 30 April 2017 |
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------- |
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Depreciation |
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At 1 May 2016 |
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Charge for the year |
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------- |
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At 30 April 2017 |
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------- |
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Carrying amount |
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At 30 April 2017 |
679 |
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At 30 April 2016 |
523 |
------- |
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6.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017 |
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Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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(
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(
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2016 |
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Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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– |
(
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– |
(
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(
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7.
Related party transactions
During the year dividends amounting to £110,500 were paid to the directors.
8.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the year.