Advanced Financial Services UK Limited Company Accounts

Advanced Financial Services UK Limited Company Accounts

ADVANCED FINANCIAL SERVICES UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06559581
Advanced Financial Services UK Limited
Filleted Unaudited Financial Statements
30 June 2017
Advanced Financial Services UK Limited
Financial Statements
Period ended 30 June 2017
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Advanced Financial Services UK Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Advanced Financial Services UK Limited
Period ended 30 June 2017
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the period ended 30 June 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
MURRAY AND LAMB Chartered accountant
27 Medomsley Road Consett County Durham DH8 5HE
17 November 2017
Advanced Financial Services UK Limited
Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
Current assets
Debtors
4
9,000
9,469
Cash at bank and in hand
18,766
9,012
--------
--------
27,766
18,481
Creditors: amounts falling due within one year
5
2,974
2,055
--------
--------
Net current assets
24,792
16,426
--------
--------
Total assets less current liabilities
24,792
16,426
--------
--------
Net assets
24,792
16,426
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
24,692
16,326
--------
--------
Shareholders funds
24,792
16,426
--------
--------
These 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 statement of income and retained earnings has not been delivered.
For the period ending 30 June 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 period 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 were approved by the board of directors and authorised for issue on 17 November 2017 , and are signed on behalf of the board by:
M Bage
PJ Bousfield
Director
Director
Company registration number: 06559581
Advanced Financial Services UK Limited
Notes to the Financial Statements
Period ended 30 June 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 27 Medomsley Road, Consett, County Durham, DH8 5HE.
2. Statement of compliance
These 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 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 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 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2017
2016
£
£
Trade debtors
9,000
9,000
Other debtors
–
469
-------
-------
9,000
9,469
-------
-------
5. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
215
123
Corporation tax
2,059
1,116
Other creditors
700
816
-------
-------
2,974
2,055
-------
-------
6. Related party transactions
The company was under the control of Mr Bage and Mr Bousfield throughout the current and previous year. Mr Bage and Mr Bousfield are the Directors and majority shareholders. Mr Bage controls the company Martin Bage Limited and Mr Bousefield controls the company Advanced Financial Planning (NE) Limited. Each of these companies paid Advanced Financial Services UK Limited £20,500 for compliance services in the current period. These transactions were on normal commercial terms. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
7. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.