Candleston Financial Services Ltd Company Accounts

CANDLESTON FINANCIAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05172411

Candleston Financial Services Ltd

Filleted Unaudited Financial Statements

30 June 2017

Candleston Financial Services Ltd

Financial Statements

Year ended 30 June 2017

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Candleston Financial Services Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Candleston Financial Services Ltd

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 financial statements of Candleston Financial Services Ltd for the year ended 30 June 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Candleston Financial Services Ltd, as a body, in accordance with the terms of our engagement letter dated 17 October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Candleston Financial Services Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Candleston Financial Services Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Candleston Financial Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Candleston Financial Services Ltd. You consider that Candleston Financial Services Ltd 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 financial statements of Candleston Financial Services Ltd. 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 financial statements.

CERI MILLAR & CO Chartered accountant

8 Well Street Porthcawl Mid Glamorgan CF36 3BE

27 October 2017

Candleston Financial Services Ltd

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		10,699	1,736

Current assets

Debtors	6	13,942	17,573
Cash at bank and in hand		47,114	50,261
		--------	--------
		61,056	67,834

Creditors: amounts falling due within one year	7	40,102		36,192
		--------		--------
Net current assets			20,954	31,642
			--------	--------
Total assets less current liabilities			31,653	33,378
			--------	--------
Net assets			31,653	33,378
			--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	31,651	33,376
	--------	--------
Members funds	31,653	33,378
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Candleston Financial Services Ltd

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 20 October 2017 , and are signed on behalf of the board by:

M Williams	C Williams
Director	Director

Company registration number: 05172411

Candleston Financial Services Ltd

Notes to the Financial Statements

Year ended 30 June 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 .

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover represents commission earned during the year. A provision is made for potential clawback of commission representing 10% of commission banked in the previous year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures & fittings	-	15% reducing balance
Equipment	-	25% reducing balance

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 July 2016	–	2,149	8,590	10,739
Additions	8,438	1,067	–	9,505
	-------	-------	-------	--------
At 30 June 2017	8,438	3,216	8,590	20,244
	-------	-------	-------	--------
Depreciation
At 1 July 2016	–	1,633	7,370	9,003
Charge for the year	–	237	305	542
	-------	-------	-------	--------
At 30 June 2017	–	1,870	7,675	9,545
	-------	-------	-------	--------
Carrying amount
At 30 June 2017	8,438	1,346	915	10,699
	-------	-------	-------	--------
At 30 June 2016	–	516	1,220	1,736
	-------	-------	-------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	11,532	6,857
Other debtors	2,410	10,716
	--------	--------
	13,942	17,573
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	15,637	15,036
Corporation tax	16,874	18,583
Other creditors	7,591	2,573
	--------	--------
	40,102	36,192
	--------	--------

Trade creditors represents a provision for claw back of commission.

8. Directors' advances, credits and guarantees

The directors loan of £8306 was repaid during the year.

9. Related party transactions

The company was under the joint control of Mr and Mrs Williams throughout the current year. They are the sole shareholders and directors.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

No transitional adjustments were required in equity or profit or loss for the year.