William Fraser Financial Planning Ltd - Period Ending 2017-02-28

Registration number: 08188355

William Fraser Financial Planning Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 February 2016 to 28 February 2017

Corrigan Associates Bristol LLP
The Tramshed
25 Lower Park Row
Bristol
BS1 5BN

William Fraser Financial Planning Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

William Fraser Financial Planning Ltd

Company Information

Directors

M Gough

Registered office

3rd Floor Churchfields Westbury Hill Westbury On Trym Bristol BS9 3AA

Registered number

08188355

Accountants

Corrigan Associates Bristol LLP The Tramshed 25 Lower Park Row Bristol BS1 5BN

1

William Fraser Financial Planning Ltd

(Registration number: 08188355)
Balance Sheet as at 28 February 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	-	137
Current assets
Debtors	5	-	600
Cash at bank and in hand		97,335	69,746
		97,335	70,346
Creditors: Amounts falling due within one year	6	(46,103)	(52,012)
Net current assets		51,232	18,334
Net assets		51,232	18,471
Capital and reserves
Called up share capital		100	100
Profit and loss account		51,132	18,371
Total equity		51,232	18,471

For the financial period ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

William Fraser Financial Planning Ltd

(Registration number: 08188355)
Balance Sheet as at 28 February 2017

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 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 director on 13 July 2017
 

.........................................

M Gough

Director

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

William Fraser Financial Planning Ltd

Notes to the Financial Statements for the Period from 1 February 2016 to 28 February 2017

1	Statutory information

The company is a private company limited by share capital incorporated in England .

The address of its registered office is:
3rd Floor Churchfields
Westbury Hill
Westbury On Trym
Bristol
BS9 3AA

2	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 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.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

These accounts for the period ended 28 February 2017 are the first financial statements for William Fraser Financial Planning Limited to be prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial statements for the year ended 31 January 2016 were prepared in accordance with the Financial Reporting Standard for Smaller entities (FRSSE) (effective January 2015). The date of transition to FRS 102 was 1 January 2015.

Some of the FRS102 recognition, measurement, presentation and disclosure requirements and accounting policy choices differ from FRSSE. Consequently, the directors have amended certain accounting policies to comply with FRS102.

The reported financial position and financial performance for the previous year are not affected by the transition to FRS102.

Page 4

William Fraser Financial Planning Ltd

Notes to the Financial Statements for the Period from 1 February 2016 to 28 February 2017

Reporting period

The financial statements have been presented for the extended period 1 February 2016 to 28 February 2017 being the date of sale of the shares in the company. The prior year figures were prepared for the year 1 February 2015 to 31 January 2016 and are therefore not entirely comparable.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

The depreciation charge for year is recognised within administrative expenses.

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
Furniture, fittings and equipment	33%

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William Fraser Financial Planning Ltd

Notes to the Financial Statements for the Period from 1 February 2016 to 28 February 2017

Impairment of non-financial assets

The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revalued decrease.

An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

Deferred tax

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements, except that:

- where there are differences between amounts that can be deducted for tax for assets (other than goodwill) and liabilities compared with the amounts that are recognised for those assets and liabilities in a business combination a deferred tax liability/(asset) shall be recognised. The amount attributed to goodwill is adjusted by the amount of the deferred tax recognised; and

- unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

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.

Page 6

William Fraser Financial Planning Ltd

Notes to the Financial Statements for the Period from 1 February 2016 to 28 February 2017

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2016 - 1).

Page 7

William Fraser Financial Planning Ltd

Notes to the Financial Statements for the Period from 1 February 2016 to 28 February 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 February 2016	1,543	1,543
Additions	1,303	1,303
Disposals	(2,846)	(2,846)
At 28 February 2017	-	-
Depreciation
At 1 February 2016	1,406	1,406
Charge for the year	275	275
Eliminated on disposal	(1,681)	(1,681)
At 28 February 2017	-	-
Carrying amount
At 28 February 2017	-	-
At 31 January 2016	137	137

Page 8

William Fraser Financial Planning Ltd

Notes to the Financial Statements for the Period from 1 February 2016 to 28 February 2017

5	Debtors: amounts falling due within one year

	28 February 2017  £	31 January 2016  £
Other debtors	-	600
	-	600

6	Creditors: amounts falling due within one year

	Note	28 February 2017  £	31 January 2016  £
Due within one year
Trade creditors		-	600
Corporation tax		33,794	26,410
Director's current account		10,689	13,382
Director's loan account		-	10,000
Accrued expenses		1,620	1,620
		46,103	52,012

Page 9

William Fraser Financial Planning Ltd

Notes to the Financial Statements for the Period from 1 February 2016 to 28 February 2017

7	Share capital

Allotted, called up and fully paid shares

	28 February 2017		31 January 2016
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Each share has full rights in the company with respect to voting, dividends and distributions.

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