Bracey's Accountants (Franchising) Limited Small abridged accounts

BRACEY’S CONSULTING LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Bracey's Accountants (Franchising) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08620972

Bracey's Accountants (Franchising) Limited

Filleted Unaudited Abridged Financial Statements

31 January 2017

Bracey's Accountants (Franchising) Limited

Abridged Financial Statements

Year ended 31 January 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Bracey's Accountants (Franchising) Limited

Abridged Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		3,728	1,515

Current assets

Debtors	35,541	24,379
Cash at bank and in hand	7,094	14,874
	--------	--------
	42,635	39,253

Creditors: amounts falling due within one year	21,476		33,529
	--------		--------
Net current assets		21,159	5,724
		--------	-------
Total assets less current liabilities		24,887	7,239

Creditors: amounts falling due after more than one year		2,200	1,100

Provisions

Taxation including deferred tax	746	303
	--------	-------
Net assets	21,941	5,836
	--------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	21,841	5,736
	--------	-------
Members funds	21,941	5,836
	--------	-------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 January 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Bracey's Accountants (Franchising) Limited

Abridged Statement of Financial Position (continued)

31 January 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 31 October 2017 , and are signed on behalf of the board by:

P Bracey
Director

Company registration number: 08620972

Bracey's Accountants (Franchising) Limited

Notes to the Abridged Financial Statements

Year ended 31 January 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 Unit 1, The Cam Centre, Wilbury Way, Hitchin, Hertfordshire, SG4 0TW, United Kingdom.

2. Statement of compliance

These abridged 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 measured at fair value through profit or loss. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities 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 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of Value Added Tax.

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.

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 and fittings	-	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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	£
Cost
At 1 February 2016	2,020
Additions	3,456
	-------
At 31 January 2017	5,476
	-------
Depreciation
At 1 February 2016	505
Charge for the year	1,243
	-------
At 31 January 2017	1,748
	-------
Carrying amount
At 31 January 2017	3,728
	-------
At 31 January 2016	1,515
	-------

5. Related party transactions

Bracey's Accountants (Franchising) Limited was owed 11,601 (2016: £11,601) by PGB Asset Holdings Limited, £67 (2016: £nil) by Bracey's Accountants (Stevenage) Limited and £1,743 (2016: £181) was owed to Bracey's Accountants Limited, all of whom are group companies. There are no terms relating to the repayment of capital or payment of interest on these loans. During the year the company received rent from Bracey's Accountants Limited of £24,000 (2016: £24,000), Bracey's Accountants Limited being a fellow group subsidiary. The company also paid rent to PGB Asset Holdings Limited, the parent company, of £48,000 (2016: £36,000). During the year dividends of £nil (2016: £47,000) were paid to PGB Asset Holdings Limited, the parent company.

6. Controlling party

In the opinion of the directors, the ultimate controlling party is Mr P Bracey (Director) by virtue of his shareholding in PGB Asset Holdings Limited , a company incorporated in England and the parent company of Bracey's Accountants (Franchising) Limited.

7. Transition to FRS 102

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

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