Premier Practice Limited Small abridged accounts

Premier Practice Limited Small abridged accounts

PREMIER PRACTICE LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Premier Practice 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 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 06384076
PREMIER PRACTICE LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2017
PREMIER PRACTICE LIMITED
ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2017
Contents
Pages
Officers and Professional Advisers
1
Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements
2
Abridged Statement of Financial Position
3 to 4
Notes to the Abridged Financial Statements
5 to 7
PREMIER PRACTICE LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
R C Bishop
Registered Office
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
Accountants
Langard Lifford Hall Limited
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
PREMIER PRACTICE LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF PREMIER PRACTICE LIMITED
YEAR ENDED 31 MARCH 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Premier Practice Limited for the year ended 31 March 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Langard Lifford Hall Limited Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
19 December 2017
PREMIER PRACTICE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 March 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
4
747
1,078
Current assets
Debtors
18,513
4,920
Cash at bank and in hand
23,897
20,374
------------
------------
42,410
25,294
Creditors: amounts falling due within one year
30,655
16,327
------------
------------
Net current assets
11,755
8,967
------------
------------
Total assets less current liabilities
12,502
10,045
------------
------------
Net assets
12,502
10,045
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
2,502
45
------------
------------
Shareholders funds
12,502
10,045
------------
------------
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 March 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 .
PREMIER PRACTICE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 March 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 19 December 2017 , and are signed on behalf of the board by:
R C Bishop
Director
Company registration number: 06384076
PREMIER PRACTICE LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged 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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
The turnover shown in the profit and loss account represents the realisable value of work undertaken 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 .
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:
Fixture and fittings
-
15% reducing balance
Equipment
-
10% straight line
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible Assets
£
Cost
At 1 April 2016 and 31 March 2017
3,653
------------
Depreciation
At 1 April 2016
2,575
Charge for the year
331
------------
At 31 March 2017
2,906
------------
Carrying amount
At 31 March 2017
747
------------
At 31 March 2016
1,078
------------
5. Director's Advances, Credits and Guarantees
Amounts owed to the director at the balance sheet date are included in creditors and totalled £3,633 (2016: £255).
6. Related Party Transactions
There were no related party transactions during the period that require disclosure.
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 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.