Services Limited Company Accounts

Services Limited Company Accounts

SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01692903
Services Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2017
Services Limited
Financial Statements
Year ended 30 September 2017
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
10
Services Limited
Officers and Professional Advisers
The board of directors
Professor A Bendell
Mrs C Bendell
Registered office
Charnwood House
17 Caythorpe Road
Lowdham
Nottingham
NG14 7DZ
Accountants
Swandec
Chartered Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
HSBC
6 Victoria Street
Nottingham
NG1 1BL
Services Limited
Statement of Financial Position
30 September 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
4
8,000
10,000
Tangible assets
5
–
366
-------
--------
8,000
10,366
Current assets
Debtors
6
72,108
12,360
Cash at bank and in hand
7,422
30,964
--------
--------
79,530
43,324
Creditors: amounts falling due within one year
7
73,810
46,301
--------
--------
Net current assets/(liabilities)
5,720
( 2,977)
--------
--------
Total assets less current liabilities
13,720
7,389
Provisions
Taxation including deferred tax
–
73
--------
-------
Net assets
13,720
7,316
--------
-------
Capital and reserves
Called up share capital
8
102
102
Profit and loss account
13,618
7,214
--------
-------
Members funds
13,720
7,316
--------
-------
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 income statement has not been delivered.
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Services Limited
Statement of Financial Position (continued)
30 September 2017
These financial statements were approved by the board of directors and authorised for issue on 24 March 2018 , and are signed on behalf of the board by:
Professor A Bendell
Director
Company registration number: 01692903
Services Limited
Notes to the Financial Statements
Year ended 30 September 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 Charnwood House, 17 Caythorpe Road, Lowdham, Nottingham, NG14 7DZ.
2. 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 prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for work undertaken during the year. It is the amount derived from ordinary activities, and stated after trade discounts, other sales tax and net of VAT.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax.
Intangible assets
The intangible asset represents the purchase of the rights to a book. No amortisation has been applied in the first year of the asset being held.
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:
Book rights
-
20% 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.
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 & fittings
-
15% straight line
Equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
The company operates the auto enrollment pension scheme on behalf of it's employees. The amount contributed by the company is shown in the detailed income statement.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2016: 5 ).
4. Intangible assets
Book rights
£
Cost
At 1 October 2016 and 30 September 2017
10,000
--------
Amortisation
Charge for the year
2,000
--------
At 30 September 2017
2,000
--------
Carrying amount
At 30 September 2017
8,000
--------
At 30 September 2016
10,000
--------
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 October 2016
2,478
5,827
8,305
Additions
–
336
336
Disposals
–
( 2,426)
( 2,426)
-------
-------
-------
At 30 September 2017
2,478
3,737
6,215
-------
-------
-------
Depreciation
At 1 October 2016
2,478
5,461
7,939
Disposals
–
( 1,724)
( 1,724)
-------
-------
-------
At 30 September 2017
2,478
3,737
6,215
-------
-------
-------
Carrying amount
At 30 September 2017
–
–
–
-------
-------
-------
At 30 September 2016
–
366
366
-------
-------
-------
6. Debtors
2017
2016
£
£
Trade debtors
71,500
11,542
Other debtors
608
818
--------
--------
72,108
12,360
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,010
–
Corporation tax
4,711
1,912
Social security and other taxes
3,551
9,805
Other creditors
64,538
34,584
--------
--------
73,810
46,301
--------
--------
8. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 10 each
10
100
10
100
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
12
102
12
102
----
----
----
----
The ordinary B and C shares are non voting and have rights to dividends only.
9. Directors' advances, credits and guarantees
The amount owed to the directors at the statement of financial position date was £61,370 ( 2016: £24,659). The directors loan is unsecured, interest free and repayable on demand.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Services Limited
Management Information
Year ended 30 September 2017
The following pages do not form part of the financial statements.
Services Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Services Limited
Year ended 30 September 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 Services Limited for the year ended 30 September 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 Board of Directors of Services Limited, as a body, in accordance with the terms of our engagement letter dated 15 June 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Services Limited and state those matters that we have agreed to state to you, as a body, 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 Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that 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 Services Limited. You consider that 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 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.
Swandec Chartered Accountants
550 Valley Road Basford Nottingham NG5 1JJ
24 March 2018