Financial Accounting Services Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01982830 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

FINANCIAL ACCOUNTING SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C A Hall

J L Baker

M Hafiz

SECRETARY:

R J Hall

REGISTERED OFFICE:

Virginia House

56 Warwick Road

Solihull

United Kingdom

West Midlands

B92 7HX

REGISTERED NUMBER:

01982830 (England and Wales)

ACCOUNTANTS:

Financial Accounting Services Limited

Virginia House

56 Warwick Road

Olton

Solihull

West Midlands

B92 7HX

FIXED ASSETS

Intangible assets

4

430

575

Tangible assets

5

15,762

11,130

Investments

6

15,000

-

31,192

11,705

CURRENT ASSETS

Stocks

55,240

48,498

Debtors

7

119,186

137,495

Cash at bank

121,566

115,900

295,992

301,893

CREDITORS

Amounts falling due within one year

8

65,258

79,535

NET CURRENT ASSETS

230,734

222,358

TOTAL ASSETS LESS CURRENT LIABILITIES

261,926

234,063

PROVISIONS FOR LIABILITIES

3,536

2,134

NET ASSETS

258,390

231,929

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

9

258,380

231,919

SHAREHOLDERS' FUNDS

258,390

231,929

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 22 December 2017 and were signed on its behalf by:

C A Hall - Director

1.	STATUTORY INFORMATION

Financial Accounting 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Lease costs are being amortised evenly over their estimated useful life of ten years.

Lease costs

The costs incurred for the lease of the property have been capitalised and are being charged to the profit and loss on a

straight line basis over the period of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	INTANGIBLE FIXED ASSETS

Lease

costs

£

COST

At 1 April 2016

and 31 March 2017

1,445

AMORTISATION

At 1 April 2016

870

Amortisation for year

145

At 31 March 2017

1,015

NET BOOK VALUE

At 31 March 2017

430

At 31 March 2016

575

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

equipment

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2016

1,939

10,276

23,763

35,978

Additions

-

-

10,895

10,895

Disposals

-

-

(5,379

)

(5,379

)

At 31 March 2017

1,939

10,276

29,279

41,494

DEPRECIATION

At 1 April 2016

1,326

7,025

16,497

24,848

Charge for year

153

813

4,289

5,255

Eliminated on disposal

-

-

(4,371

)

(4,371

)

At 31 March 2017

1,479

7,838

16,415

25,732

NET BOOK VALUE

At 31 March 2017

460

2,438

12,864

15,762

At 31 March 2016

613

3,251

7,266

11,130

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

Additions

15,000

At 31 March 2017

15,000

NET BOOK VALUE

At 31 March 2017

15,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

102,572

124,284

Other debtors

16,614

13,211

119,186

137,495

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

7,632

9,941

Taxation and social security

42,390

43,743

Other creditors

15,236

25,851

65,258

79,535

9.

RESERVES

Retained

earnings

£

At 1 April 2016

231,919

Profit for the year

40,461

Dividends

(14,000

)

At 31 March 2017

258,380

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £9,800 (2016 - £9,800) were paid to the directors .

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C A Hall.