Peter Sorton & Associates Limited - Period Ending 2017-06-30
Peter Sorton & Associates Limited - Period Ending 2017-06-30
REGISTRAR OF COMPANIES |
Registration number:
|
Peter Sorton & Associates Limited
Contents
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Peter Sorton & Associates Limited
for the Year Ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peter Sorton & Associates Limited for the year ended 30 June 2017 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/membershandbook.
This report is made solely to the Board of Directors of Peter Sorton & Associates Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2013. Our work has been undertaken solely to prepare for your approval the accounts of Peter Sorton & Associates Limited and state those matters that we have agreed to state to the Board of Directors of Peter Sorton & Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peter Sorton & Associates Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Peter Sorton & Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Peter Sorton & Associates Limited. You consider that Peter Sorton & Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Peter Sorton & Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
Cornmarket
PENRITH
CA11 7HW
Page 1 |
Peter Sorton & Associates Limited
(Registration number: 04453876)
Balance Sheet as at 30 June 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash and cash equivalents |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Allotted, called up and fully paid share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 2 |
Peter Sorton & Associates Limited
(Registration number: 04453876)
Balance Sheet as at 30 June 2017 (continued)
For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
P Sorton
Director
Page 3 |
Peter Sorton & Associates Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Page 4 |
Peter Sorton & Associates Limited
Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
25% on reducing balance |
Furniture, fittings and office equipment |
15% on reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
Page 5 |
Peter Sorton & Associates Limited
Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Peter Sorton & Associates Limited
Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 July 2016 |
|
|
At 30 June 2017 |
|
|
Amortisation |
||
At 1 July 2016 |
|
|
At 30 June 2017 |
|
|
Carrying amount |
||
At 30 June 2017 |
- |
- |
Tangible assets |
Plant and equipment |
Furniture, fittings and office equipment |
Total |
|
Cost or valuation |
|||
At 1 July 2016 |
|
|
|
Additions |
|
- |
|
At 30 June 2017 |
|
|
|
Depreciation |
|||
At 1 July 2016 |
|
|
|
Charge for the year |
|
|
|
At 30 June 2017 |
|
|
|
Carrying amount |
|||
At 30 June 2017 |
|
|
|
At 30 June 2016 |
|
|
|
Page 7 |
Peter Sorton & Associates Limited
Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
Less non-current portion |
( |
( |
|
|
Creditors |
2017 |
2016 |
||
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Corporation tax liability |
154,363 |
127,246 |
|
Other creditors |
|
|
|
|
|
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2017 |
At 1 July 2016 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 30 June 2017 |
|
P Sorton |
||||||||
Directors Loan |
(333,345) |
( |
|
- |
79,300 |
(11,257) |
( |
|
T A Sorton |
||||||||
Directors Loan |
(333,345) |
( |
|
- |
79,300 |
(11,256) |
( |
|
Page 8 |
Peter Sorton & Associates Limited
Notes to the Financial Statements for the Year Ended 30 June 2017 (continued)
2016 |
At 1 July 2015 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 30 June 2016 |
|
P Sorton |
||||||||
Directors Loan |
(208,752) |
( |
|
- |
- |
(8,324) |
( |
|
T A Sorton |
||||||||
Directors Loan |
(208,752) |
( |
|
- |
- |
(8,323) |
( |
|
Directors' advances are repayable on demand.
Interest has been charged at a rate of 3% on advances to directors.
Page 9 |