KARMANS ACCOUNTANTS LIMITED

KARMANS ACCOUNTANTS LIMITED

KARMANS ACCOUNTANTS LIMITED - Company Information

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KARMANS ACCOUNTANTS LIMITED

Company Registration Number:
07199155 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2017

Period of accounts

Start date: 01 April 2016

End date: 31 March 2017

KARMANS ACCOUNTANTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2017

Balance sheet
Notes

KARMANS ACCOUNTANTS LIMITED

Balance sheet

As at 31 March 2017


Notes
2017
2016


£
£
Fixed assets
Intangible assets: 2 112,140 124,600
Tangible assets: 3 568 1,119
Total fixed assets: 112,708 125,719
Current assets
Debtors:   19,667 18,052
Cash at bank and in hand: 646,612 529,579
Total current assets: 666,279 547,631
Creditors: amounts falling due within one year:   (117,896) (141,268)
Net current assets (liabilities): 548,383 406,363
Total assets less current liabilities: 661,091 532,082
Total net assets (liabilities): 661,091 532,082
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 660,991 531,982
Shareholders funds: 661,091 532,082

The notes form part of these financial statements

KARMANS ACCOUNTANTS LIMITED

Balance sheet statements

For the year ending 31 March 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 14 December 2017
and signed on behalf of the board by:

Name: K Kanabar
Status: Director

The notes form part of these financial statements

KARMANS ACCOUNTANTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents fees receivable excluding value-added-tax.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Fixtures and fittings - 25 on costComputer equipment- 33 om cost

Intangible fixed assets and amortisation policy

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses.Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life.The company previously amortised goodwill over a life of 20 years, however in order to comply with the adoption of FRS 102 Section 1A, the company has changed the amortisation period to a life of within 10 years. The company did not adjust the carrying amount upon adoption which is in line with section 19.Goodwill relates to the acquisition of business in 2010 and the carrying amount is now being evenly amortised over a finite life of 10 years from the date of the change in policy, being the 1 April 2016.

Other accounting policies

TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Deferred taxDeferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.Pension costs and other post-retirement benefitsThe company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

KARMANS ACCOUNTANTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2017

2. Intangible Assets

Total
Cost £
At 01 April 2016 178,000
At 31 March 2017 178,000
Amortisation
At 01 April 2016 53,400
Charge for year 12,460
At 31 March 2017 65,860
Net book value
At 31 March 2017 112,140
At 31 March 2016 124,600

KARMANS ACCOUNTANTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2017


3. Tangible Assets

Total
Cost £
At 01 April 2016 5,762
Additions 235
At 31 March 2017 5,997
Depreciation
At 01 April 2016 4,643
Charge for year 786
At 31 March 2017 5,429
Net book value
At 31 March 2017 568
At 31 March 2016 1,119