ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-05-312017-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-06-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 09038548 2016-06-01 2017-05-31 09038548 2015-06-01 2016-05-31 09038548 2017-05-31 09038548 2016-05-31 09038548 c:Director1 2016-06-01 2017-05-31 09038548 d:OfficeEquipment 2016-06-01 2017-05-31 09038548 d:OfficeEquipment 2017-05-31 09038548 d:OfficeEquipment 2016-05-31 09038548 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-06-01 2017-05-31 09038548 d:CurrentFinancialInstruments 2017-05-31 09038548 d:CurrentFinancialInstruments 2016-05-31 09038548 d:CurrentFinancialInstruments d:WithinOneYear 2017-05-31 09038548 d:CurrentFinancialInstruments d:WithinOneYear 2016-05-31 09038548 d:ShareCapital 2017-05-31 09038548 d:ShareCapital 2016-05-31 09038548 d:RetainedEarningsAccumulatedLosses 2017-05-31 09038548 d:RetainedEarningsAccumulatedLosses 2016-05-31 09038548 c:OrdinaryShareClass1 2016-06-01 2017-05-31 09038548 c:OrdinaryShareClass1 2017-05-31 09038548 c:FRS102 2016-06-01 2017-05-31 09038548 c:AuditExempt-NoAccountantsReport 2016-06-01 2017-05-31 09038548 c:FullAccounts 2016-06-01 2017-05-31 09038548 c:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09038548

JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED

REGISTERED NUMBER: 09038548

BALANCE SHEET

AS AT 31 MAY 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		1,851		385
			1,851		385
Current assets
Debtors: amounts falling due within one year	5	56,457		39,834
Cash at bank and in hand	6	1,816		12,087
		58,273		51,921
Creditors: amounts falling due within one year	7	(12,339)		(9,471)
Net current assets			45,934		42,450
Total assets less current liabilities			47,785		42,835

Net assets			47,785		42,835

Capital and reserves
Called up share capital	100	100
Profit and loss account	47,685	42,735
	47,785	42,835

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JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED

REGISTERED NUMBER: 09038548

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2017

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 December 2017.

John Antony Wilkes

Director

The notes on pages 3 to 7 form part of these financial statements.

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JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

1.	General information

Johnny Wilkes Independent Consultant Limited is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at 17 Pensfold, Bicton Heath, Shrewsbury, Shropshire, SY3 5HF.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the

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JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

2.Accounting policies (continued)

2.6

Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.9

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

2.10

Taxation

Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

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JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

4.	Tangible fixed assets

		Equipment
		£
	Cost or valuation
	At 1 June 2016	685
	Additions	2,467
	Disposals	(684)
	At 31 May 2017	2,468
	Depreciation
	At 1 June 2016	299
	Charge for the year on owned assets	617
	Disposals	(299)
	At 31 May 2017	617
	Net book value
	At 31 May 2017	1,851
	At 31 May 2016	385

Debtors

					2017	2016
					£	£


Trade debtors	1,995	949
Other debtors	54,462	38,885
	56,457	39,834

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JOHNNY WILKES INDEPENDENT CONSULTANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

6.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	1,816	12,087
	1,816	12,087

7.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	11,019	8,151
Accruals and deferred income	1,320	1,320
	12,339	9,471

Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

9.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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