The Business Loan Reclaim Co Ltd - Accounts to registrar (filleted) - small 17.3
The Business Loan Reclaim Co Ltd - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| THE BUSINESS LOAN RECLAIM CO LTD |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
| THE BUSINESS LOAN RECLAIM CO LTD (REGISTERED NUMBER: SC478500) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2017 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| THE BUSINESS LOAN RECLAIM CO LTD (REGISTERED NUMBER: SC478500) |
| BALANCE SHEET |
| 31 MAY 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Work in progress |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| THE BUSINESS LOAN RECLAIM CO LTD (REGISTERED NUMBER: SC478500) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2017 |
| 1. | STATUTORY INFORMATION |
| The Business Loan Reclaim Co Ltd is a private company, limited by shares, registered in Scotland. The |
| company's registered office is Caledonia House, Seaward Street, Glasgow, G41 1HJ. |
| The presentation currency of the financial statements is Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There were no material departures from this standard. |
| Turnover |
| Turnover represents commission receivable and invoices rendered and is recognised when the company has met |
| its contractual obligations and therefore earned the right to consideration. Commissions are recognised on an |
| earned basis according to the amount of insurance payments received. |
| Work in progress |
| Work in progress is valued at the lower of cost and estimated selling price less costs to sell. |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
| Financial instruments |
| The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic |
| financial instruments are initially recorded at transaction value and subsequently measured at their settlement |
| value. |
| Taxation |
| Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
| calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
| The charge for taxation takes into account taxation deferred as a result of timing differences between the |
| treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
| respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
| deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that |
| there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
| deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in |
| the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted |
| at the balance sheet date. |
| With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
| presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the |
| transaction that resulted in the tax expense. |
| Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
| Operating lease commitments |
| Rentals paid under operating leases where substantially all the benefits and risks of ownership remain with the |
| lessor, are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company makes contributions to the personal pension plans of certain employees. Contributions to such |
| plans are charged to the profit and loss account in the period to which they relate. |
| THE BUSINESS LOAN RECLAIM CO LTD (REGISTERED NUMBER: SC478500) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2017 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 6. | FIRST YEAR ADOPTION |
| As required in Section 35 of FRS 102, the balances previously reported under the old UK GAAP at the date of |
| transition, 1 June 2015, and the prior year end, 31 May 2016, need to be restated for the changes which have |
| occurred on transition to FRS 102. |
| No restatement of the Profit and Loss Account or Balance Sheet and no changes to accounting policies have been |
| required on transition. |