| P WADE ASSOCIATES LTD |
| Notes to the Accounts |
| for the year ended 30 April 2017 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value of fees and commissions receivable, exclusive of VAT. |
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Premises Expenses |
10% straight line |
|
Office Equipment |
25% reducing balance |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
| 2 |
Employees |
2017 |
|
2016 |
|
|
|
|
|
|
Number |
|
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Premises Costs |
|
Office Equipment |
|
Total |
|
|
|
|
£ |
|
£ |
|
£ |
|
Cost |
|
At 1 May 2016 |
- |
|
750 |
|
750 |
|
Additions |
18,750 |
|
2,982 |
|
21,732 |
|
At 30 April 2017 |
18,750 |
|
3,732 |
|
22,482 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2016 |
- |
|
250 |
|
250 |
|
Charge for the year |
1,875 |
|
977 |
|
2,852 |
|
At 30 April 2017 |
1,875 |
|
1,227 |
|
3,102 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2017 |
16,875 |
|
2,505 |
|
19,380 |
|
At 30 April 2016 |
- |
|
500 |
|
500 |
|
|
| 4 |
Debtors |
2017 |
|
2016 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Trade debtors |
- |
|
19,980 |
|
Director's loan account |
|
|
|
|
3,608 |
|
- |
|
Other debtors |
1,500 |
|
- |
|
|
|
|
|
|
5,108 |
|
19,980 |
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Director's loan account |
|
|
|
|
- |
|
2,327 |
|
Taxation and social security costs |
14,811 |
|
18,395 |
|
Other creditors |
125 |
|
8,870 |
|
|
|
|
|
|
14,936 |
|
29,592 |
|
|
|
|
|
|
|
|
|
| 6 |
Loans to directors |
|
Description and conditions |
B/fwd |
|
Paid |
|
Repaid |
|
C/fwd |
|
|
£ |
|
£ |
|
£ |
|
£ |
|
P G Wade |
|
Loan account |
(2,327) |
|
25,460 |
|
(19,525) |
|
3,608 |
|
|
|
(2,327) |
|
25,460 |
|
(19,525) |
|
3,608 |
|
|
|
|
|
|
|
|
|
| 7 |
Controlling party |
|
|
The company is under the control of the director. |
|
| 8 |
Other information |
|
|
P WADE ASSOCIATES LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
53 Cavendish Road |
|
London |
|
SW12 0BL |
