Mark Begg Asset Management Ltd Company Accounts

MARK BEGG ASSET MANAGEMENT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 03750658

Mark Begg Asset Management Ltd

Filleted Unaudited Financial Statements

30 April 2017

Mark Begg Asset Management Ltd

Financial Statements

Year ended 30th April 2017

Contents	Page

Statement of Financial Position	1

Notes to the Financial Statements	3

Mark Begg Asset Management Ltd

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£	£

Fixed Assets

Tangible assets	5	8,551	7,465
Investments	6	5,542	10,336
		---------	---------
		14,093	17,801

Current Assets

Debtors	7	40,414	47,054
Cash at bank and in hand		13,454	2,687
		---------	---------
		53,868	49,741

Creditors: amounts falling due within one year	8	44,133		32,317
		---------		---------
Net Current Assets			9,735		17,424
			---------		---------
Total Assets Less Current Liabilities			23,828		35,225

Creditors: amounts falling due after more than one year	9	20,000	20,000
		---------	---------
Net Assets		3,828	15,225
		---------	---------

Capital and Reserves

Called up share capital	10	1,000	1,000
Share premium account		8,100	8,100
Profit and loss account		( 5,272)	6,125
		-------	---------
Members Funds		3,828	15,225
		-------	---------

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 year ending 30th April 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 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 financial statements .

Mark Begg Asset Management Ltd

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 30 January 2018 , and are signed on behalf of the board by:

Mr M Begg
Director

Company registration number: 03750658

Mark Begg Asset Management Ltd

Notes to the Financial Statements

Year ended 30th April 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 Grail Barn, Great Argoed, Church Stoke, Montgomery, Powys, SY15 6TH.

2. Statement of Compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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

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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Fixtures and fittings	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a 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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors 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, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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 creditors, 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. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 6 (2016: 5 ).

5. Tangible Assets

	Fixtures and fittings	Total
	£	£
Cost
At 1st May 2016	28,499	28,499
Additions	3,224	3,224
	---------	---------
At 30th April 2017	31,723	31,723
	---------	---------
Depreciation
At 1st May 2016	21,034	21,034
Charge for the year	2,138	2,138
	---------	---------
At 30th April 2017	23,172	23,172
	---------	---------
Carrying amount
At 30th April 2017	8,551	8,551
	---------	---------
At 30th April 2016	7,465	7,465
	---------	---------

6. Investments

	Capital account in Claremont Financial Partners
	£
Cost
At 1st May 2016	10,336
Profit share	31,727
Draw down of capital account	( 36,521)
	---------
At 30th April 2017	5,542
	---------
Impairment
At 1st May 2016 and 30th April 2017	–
	---------

Carrying amount
At 30th April 2017	5,542
	---------
At 30th April 2016	10,336
	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	18,524	23,000
Other debtors	21,890	24,054
	---------	---------
	40,414	47,054
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	34,046	29,604
Social security and other taxes	168	433
Other creditors	9,919	2,280
	---------	---------
	44,133	32,317
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	20,000	20,000
	---------	---------

10. Called Up Share Capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

11. Director's Advances, Credits and Guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Begg	18,292	–	( 1,386)	16,906
	---------	----	-------	---------

	2016
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Begg	14,093	6,199	( 2,000)	18,292
	---------	-------	-------	---------

Interest has been charged at a rate of 3% and the loan is repayable on demand.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st May 2015.

No transitional adjustments were required in equity or profit or loss for the year.