SERVICES FAMILY LTD
SERVICES FAMILY LTD
Registered number: 09079706
Directors' Report and
Unaudited Financial Statements
For The Year Ended 30 June 2017
Brooks & Partners Accountants Ltd
SERVICES FAMILY LTD
Directors' Report and Unaudited Financial Statements
For The Year Ended 30 June 2017
Directors' Report and Unaudited Financial Statements
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| Company Information | 1 |
| Directors' Report | 2—3 |
| Accountant's Report | 4 |
| Profit and Loss Account | 5 |
| Balance Sheet | 6—7 |
| Statement of Changes in Equity | 8 |
| Notes to the Financial Statements | 9—10 |
SERVICES FAMILY LTD
Company Information
For The Year Ended 30 June 2017
Company Information
| Directors |
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| Company Number |
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| Registered Office | 22 St Peter's Street |
| Stamford | |
| Lincolnshire | |
| PE9 2PF | |
| Accountants |
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| Stamford | |
| Lincs | |
| PE9 2PF | |
Page 1
SERVICES FAMILY LTD
Company No. 09079706
Directors' Report For The Year Ended 30 June 2017
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2017 .
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
Review of Business
The Services Family Limited (TSFL) is a start-up British financial services business aimed at reaching, what are currently, underserved customer segments who suffer from restricted access to banking and insurance services. The company is developing modern data and information techniques to build fairer customer profiles and address our customers’ needs in a more holistic manner – very few currently do this. In addition, the UK Financial Capability Strategy has recognised areas of concern around limited awareness and understanding of household financial services, which can lead to poor decision making, we are working with financial charities and the Money Advice Service to help address these issues. TSFL will build a strong customer community and intend to improve customers’ financial wellbeing through access to financial education and community services.
Directors
The directors who held office during the year were as follows:
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APPOINTED |
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APPOINTED |
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Page 2
SERVICES FAMILY LTD
Directors' Report (continued)
For The Year Ended 30 June 2017
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Page 3
SERVICES FAMILY LTD
Accountant's Report
For The Year Ended 30 June 2017
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of SERVICES FAMILY LTD For The Year Ended 30 June 2017
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of SERVICES FAMILY LTD which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of SERVICES FAMILY LTD , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of SERVICES FAMILY LTD and state those matters that we have agreed to state to the directors of SERVICES FAMILY LTD , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SERVICES FAMILY LTD and its directors as a body for our work or for this report.
It is your duty to ensure that SERVICES FAMILY LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of SERVICES FAMILY LTD . You consider that SERVICES FAMILY LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of SERVICES FAMILY LTD . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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22 St Peter's Street
Stamford
Lincs
PE9 2PF
Page 4
SERVICES FAMILY LTD
Profit and Loss Account
For The Year Ended 30 June 2017
Profit and Loss Account
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| Notes | £ | £ | ||
| Administrative expenses |
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| OPERATING LOSS AND LOSS FOR THE FINANCIAL YEAR |
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The notes on pages 9 to 10 form part of these financial statements.
Page 5
SERVICES FAMILY LTD
Balance Sheet
As at
30 June 2017
Balance Sheet
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Share premium account |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 434,504 | 200 | |||
Page 6
SERVICES FAMILY LTD
Balance Sheet (continued)
As at
30 June 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 9 to 10 form part of these financial statements.
Page 7
SERVICES FAMILY LTD
Statement of Changes in Equity
For The Year Ended 30 June 2017
Statement of Changes in Equity
| Share Capital | Share Premium | Profit & Loss Account | Total | |
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| £ | £ | £ | £ | |
| As at 1 July 2015 |
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200 |
| As at 30 June 2016 and 1 July 2016 |
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200 |
| Loss for the year and total comprehensive income | - | - |
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(45,702) |
| Arising on shares issued during the period |
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479,963 | - | 479,963 |
| As at |
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434,504 |
Page 8
SERVICES FAMILY LTD
Notes to the Unaudited Accounts
For The Year Ended 30 June 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Intangible Fixed Assets and Amortisation - Other Intangible
Software assets are focussed on the development and creation of a bespoke system to allow customer profiling, product development, distribution and supporting new income streams in the Insurance and Lending business lines. They will be amortised to the profit and loss account over its estimated economic life of 10 years once development has been completed, tested and is available for use.
1.3.
Intangible fixed assets and amortisation - Intellectual Property
Intellectual property assets are trademarks owned and in the process of development by the company. The cost of these are amortised to the profit and loss account over their estimated economic life of 10 years.
2.
Operating Loss
| 2017 | 2016 | ||
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| Amortisation of intangible fixed assets |
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3.
Average number of employees
Average number of employees, including directors, during the year was as follows:
4.
Intangible Assets
| Other | Intellectual Property | Total | |
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| Additions |
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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Page 9
SERVICES FAMILY LTD
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 June 2017
5.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| VAT |
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Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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8.
Controlling Party
The company's controlling parties are Thomas O'Brien and Michael Jenkins by virtue of their ownership of 68.8% of the issued share capital in the company.
9.
General Information
SERVICES FAMILY LTD Registered number 09079706 is a limited by shares company incorporated in England & Wales. The Registered Office is 22 St Peter's Street, Stamford, Lincolnshire, PE9 2PF.
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