MJF Financial Services Limited Company Accounts

MJF Financial Services Limited Company Accounts

MJF FINANCIAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07296592
MJF Financial Services Limited
Filleted Unaudited Financial Statements
30 June 2017
MJF Financial Services Limited
Financial Statements
Year ended 30 June 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
7
MJF Financial Services Limited
Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
Current assets
Debtors
8
183,140
147,377
Cash at bank and in hand
99,714
93,797
---------
---------
282,854
241,174
Creditors: amounts falling due within one year
9
37,416
41,915
---------
---------
Net current assets
245,438
199,259
---------
---------
Total assets less current liabilities
245,438
199,259
---------
---------
Net assets
245,438
199,259
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
245,338
199,159
---------
---------
Shareholders funds
245,438
199,259
---------
---------
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 30 June 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 .
These financial statements were approved by the board of directors and authorised for issue on 30 October 2017 , and are signed on behalf of the board by:
M J Finch
Director
Company registration number: 07296592
MJF Financial Services Limited
Notes to the Financial Statements
Year 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 59 Fowler Street, South Shields, Tyne and Wear, NE33 1NS.
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 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, rounded to the nearest £1.
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 12.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tax on profit
Major components of tax expense
2017
2016
£
£
Current tax:
UK current tax expense
25,355
25,671
--------
--------
Tax on profit
25,355
25,671
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2016: higher than) the standard rate of corporation tax in the UK of 19.80 % (2016: 20 %).
2017
2016
£
£
Profit on ordinary activities before taxation
127,284
127,817
---------
---------
Profit on ordinary activities by rate of tax
25,139
25,564
Effect of expenses not deductible for tax purposes
216
107
---------
---------
Tax on profit
25,355
25,671
---------
---------
6. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2017
2016
£
£
Dividends on equity shares
55,750
30,000
--------
--------
7. Intangible assets
Goodwill
£
Cost
At 1 July 2016 and 30 June 2017
20,000
--------
Amortisation
At 1 July 2016 and 30 June 2017
20,000
--------
Carrying amount
At 30 June 2017
–
--------
At 30 June 2016
–
--------
8. Debtors
2017
2016
£
£
Other debtors
183,140
147,377
---------
---------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
25,355
25,670
Other creditors
12,061
16,245
--------
--------
37,416
41,915
--------
--------
10. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2017
2016
2017
2016
£
£
£
£
M J Finch
44,600
30,000
( 3,111)
( 7,896)
Goldfinch Ventures Ltd
4,692
4,609
147,868
137,605
--------
--------
---------
---------
The company was under the control of M J Finch, the managing director and majority shareholder. Transactions with M J Finch relate to dividends paid by the company, balances relate to interest free loans (due by the company) repayable on demand. Goldfinch Ventures Limited is a company controlled by M J Finch, transactions relate to rent paid and recharged expenses received, balances relate to interest free loans (due to the company) 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 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.
MJF Financial Services Limited
Management Information
Year ended 30 June 2017
The following pages do not form part of the financial statements.
MJF Financial Services Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of MJF Financial Services Limited
Year ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MJF Financial Services Limited for the year ended 30 June 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of MJF Financial Services Limited in accordance with the terms of our engagement letter dated 6 October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of MJF Financial Services Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MJF Financial Services Limited and its director for our work or for this report.
It is your duty to ensure that MJF Financial Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MJF Financial Services Limited. You consider that MJF Financial Services Limited 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 financial statements of MJF Financial Services Limited. 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 statutory financial statements.
A NICHOL & CO Chartered accountant
191 New Ridley Road Stocksfield Northumberland NE43 7QD
30 October 2017