F J Samuely & Partners Limited - Limited company accounts 11.4

REGISTERED NUMBER: 03924834 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2014

for

F J Samuely & Partners Limited

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

T E Schollar

REGISTERED OFFICE:

Celtic House

33 Johns Mews

London

WC1N 2NS

REGISTERED NUMBER:

03924834 (England and Wales)

ACCOUNTANTS:

Sawin & Edwards

Suite 1.3 Vernon House

23 Sicilian Avenue

London

WC1A 2QS

The director presents his report with the financial statements of the company for the year ended 31 March 2014.

DIRECTORS

T E Schollar has held office during the whole of the period from 1 April 2013 to the date of this report.

Other changes in directors holding office are as follows:

P J Crocombe - resigned 7 May 2013

G T Scott - resigned 7 May 2013

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

T E Schollar - Director

16 December 2014

TURNOVER

2

449,273

461,964

Administrative expenses

(399,833

)

(431,348

)

49,440

30,616

Other operating income

22,927

26,999

OPERATING PROFIT and

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

3

72,367

57,615

Tax on profit on ordinary activities

4

(14,474

)

(11,523

)

PROFIT FOR THE FINANCIAL YEAR

57,893

46,092

FIXED ASSETS

Tangible assets

6

15,197

13,227

CURRENT ASSETS

Debtors

7

191,835

148,758

Cash at bank

232

23,790

192,067

172,548

CREDITORS

Amounts falling due within one year

8

(140,546

)

(127,558

)

NET CURRENT ASSETS

51,521

44,990

TOTAL ASSETS LESS CURRENT LIABILITIES

66,718

58,217

PROVISIONS FOR LIABILITIES

9

(2,066

)

(1,458

)

NET ASSETS

64,652

56,759

CAPITAL AND RESERVES

Called up share capital

10

2,001

2,001

Profit and loss account

11

62,651

54,758

SHAREHOLDERS' FUNDS

64,652

56,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 16 December 2014 and were signed by:

T E Schollar - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with

the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the value of services supplied by the company, net of value added tax and trade

discounts. In accordance with UITF 40 - revenue recognition and service contracts, all unbilled,

completed work has been included as accrued income at a realisable invoice value.

Tangible fixed assets

Depreciation has been provided at the following rates in order to write off the assets over their estimated

useful lives.

Plant and machinery

25% on written down value

Fixtures and fittings

10% on written down value

Furniture

25% on written down value

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

Operating rentals

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the

lease term.

2.

TURNOVER

In the opinion of the directors, sales made outside the UK represent 0% (2013: 0%) of total turnover.

3.	OPERATING PROFIT

The operating profit is stated after charging:

2014

2013

£

£

Depreciation - owned assets

4,884

4,207

Pension costs

17,442

30,753

Directors' remuneration and other benefits etc

20,301

109,250

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

2014

2013

£

£

Current tax:

UK corporation tax

13,866

11,703

Deferred tax

608

(180

)

Tax on profit on ordinary activities

14,474

11,523

5.

DIVIDENDS

2014

2013

£

£

Ordinary shares Class A of £1 each shares of £1 each

Final

30,000

30,400

Ordinary shares Class B of £1 each shares of £1 each

Final

20,000

21,100

50,000

51,500

6.	TANGIBLE FIXED ASSETS

Furniture,

fixtures

Plant and

and

machinery

fittings

etc

Totals

£

£

£

COST

At 1 April 2013

12,035

56,222

68,257

Additions

171

6,683

6,854

At 31 March 2014

12,206

62,905

75,111

DEPRECIATION

At 1 April 2013

10,412

44,618

55,030

Charge for year

312

4,572

4,884

At 31 March 2014

10,724

49,190

59,914

NET BOOK VALUE

At 31 March 2014

1,482

13,715

15,197

At 31 March 2013

1,623

11,604

13,227

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Trade debtors

114,908

103,814

Amounts due under contracts

not yet invoiced

70,453

38,655

Other debtors

6,474

6,289

191,835

148,758

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Bank loans and overdrafts

23,953

-

Taxation and social security

17,368

28,266

Other creditors

99,225

99,292

140,546

127,558

9.	PROVISIONS FOR LIABILITIES

2014

2013

£

£

Deferred tax

2,066

1,458

Deferred

tax

£

Balance at 1 April 2013

1,458

Movement

608

Balance at 31 March 2014

2,066

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,001

Ordinary shares Class A of £1

each

£1

1,001

1,001

1,000

Ordinary shares Class B of £1

each

£1

1,000

1,000

2,001

2,001

11.

RESERVES

Profit

and loss

account

£

At 1 April 2013

54,758

Profit for the year

57,893

Dividends

(50,000

)

At 31 March 2014

62,651

12.	OTHER FINANCIAL COMMITMENTS

At the year end the company had annual commitments under non-cancellable operating leases as set out below:

2014

2013

£

£

Operating leases which expire within two to five years

27,000

27,000

13.	RELATED PARTY DISCLOSURES

The director, T E Schollar, has advanced loans to the company. At the year end the company owed T E

Schollar £85,196 (2013: £85,196). No loan interest was charged in the current or the previous year.

During the year, the director T E Schollar was paid a dividend of £30,000 (2013: £30,400) and Mrs C

Schollar was paid a dividend of £20,000 (2013: £21,100).

14.	ULTIMATE CONTROLLING PARTY

The company is under the control of, T E Schollar who owns 100% of the class A issued share capital.

Mrs C Schollar owns 100% of the class B issued share capital.