Edward_Snape_Limited - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Directors' responsibilities:

• •    The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Edward Snape Limited is a private company limited by shares incorporated in England and Wales. The registered office is 60-66 Wardour Street, 2nd Floor National House, London, W1F 0TA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Amendment to FRS 102 ( May 2017) optional interim relief for small entities

The company has early adopted Amendment to FRS 102 (May 2017) optional interim relief for small entities, with regards to the valuation of director's loan accounts.

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 and loss.

The average monthly number of persons (including directors) employed by the company during the year was: 0 (2016:0)

Fiery Angel Ltd    

E G C Snape and A Eardley are directors of and jointly control Fiery Angel Ltd (formerly Fiery Angel Partners 2014 Ltd).

During the year Fiery Angel Limited paid for expenses on behalf of the company in the amount of £nil (2016: £2,500).

As at the balance sheet date Fiery Angel Ltd owed the company £275,409 (2016: £275,409).        

E G C Snape     

In which E G C Snape is a director.

As at the balance sheet date the company owed E G C Snape £12,329 (2016: £8,248).        

Ultimate control is shared equally between the directors by virtue of the ownership of the share capital.

The prior year's turnover contained rental income which should have been allocated to one of the director's loan accounts.

The impact of this was that turnover was overstated by £6,623.