SPN Professional Services Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08959948 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

SPN Professional Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S P Naughton

Mrs L Naughton

REGISTERED OFFICE:

1-2 Adelaide Row

Seaham

County Durham

SR7 7EF

REGISTERED NUMBER:

08959948 (England and Wales)

ACCOUNTANTS:

TTR Barnes Limited

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

FIXED ASSETS

Tangible assets

4

20,165

25,743

CURRENT ASSETS

Debtors

5

44,032

42,932

Cash at bank

8,504

1,096

52,536

44,028

CREDITORS

Amounts falling due within one year

6

49,334

49,329

NET CURRENT ASSETS/(LIABILITIES)

3,202

(5,301

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,367

20,442

CREDITORS

Amounts falling due after more than one year

7

-

21,401

NET ASSETS/(LIABILITIES)

23,367

(959

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

23,365

(961

)

SHAREHOLDERS' FUNDS

23,367

(959

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2017 and were signed on its behalf by:

S P Naughton - Director

1.	STATUTORY INFORMATION

SPN Professional Services Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis, which assumes that the company will

continue in operational existence for the foreseeable future, which the directors consider appropriate.

Reconciliation with previous generally accepted accounting practice

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with

FRS 102 Section 1a "Small Entities" - "The Financial Reporting Standard applicable in the UK and Republic of

Ireland". The date of transition is 1 April 2015. In preparing the financial statements, the directors have

considered whether in applying the accounting policies required by FRS102 Section 1a "Small Entities", the

restatement of comparative items was required.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their

settlement value.

Taxation

Taxation 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 tax

Deferred tax is recognised in respect of all 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.

Hire purchase and leasing commitments

In order to comply with FRS 102, hire purchase liabilities have been restated to fair value. This means that the

annual hire purchase interest charge has been calculated under the sum-of-digits method, whereas previously the

annual hire purchase interest charge had been calculated under the straight line method.

The effects of the changes in accounting policies are shown in note 13.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

and 31 March 2017

1,387

34,335

1,653

37,375

DEPRECIATION

At 1 April 2016

495

10,057

1,080

11,632

Charge for year

178

4,855

545

5,578

At 31 March 2017

673

14,912

1,625

17,210

NET BOOK VALUE

At 31 March 2017

714

19,423

28

20,165

At 31 March 2016

892

24,278

573

25,743

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as

follows:

Motor

vehicles

£

COST

At 1 April 2016

and 31 March 2017

34,335

DEPRECIATION

At 1 April 2016

10,057

Charge for year

4,855

At 31 March 2017

14,912

NET BOOK VALUE

At 31 March 2017

19,423

At 31 March 2016

24,278

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

44,032

42,932

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts and finance leases

20,768

3,541

Tax

11,294

9,750

Social security and other taxes

1,445

1,349

VAT

14,755

12,465

Directors' current accounts

482

21,634

Accrued expenses

590

590

49,334

49,329

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts and finance leases

-

21,401

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts and finance leases

20,768

24,942

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S P Naughton.

10.	FIRST YEAR ADOPTION

Upon adoption of FRS 102, the following shows changes which have been made to previous years accounts:

Reconciliation of Equity

As at 1 April

As at 31 MArch

2015

2016

Reserves as previously stated

2650

257

Recalculation of hire purchase interest

(1216

)

Reserves as restates

2650

(959

)

Reconciliation of profit or loss for the year

Year ended 31 March 2016

Profit for the year as previously stated

257

Recalculation of hire purchase interest

(1216

)

Profit for year as restated

(959

)

The following were changes in accounting policies arising from the transition to FRS 102:

Hire Purchase Interest

The hire purchase interest has been recalculated under the sum of digits basis, rather than the straight line basis

adopted in prior years.

Transitional relief

Upon adoption of FRS 102 section 1A the company did not take any advantage of transitional relief.