Second West Securities Limited Small abridged accounts

Second West Securities Limited Small abridged accounts

SECOND WEST SECURITIES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Second West Securities Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 02782518
Second West Securities Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
31 July 2017
Second West Securities Limited
Abridged Financial Statements
Year ended 31 July 2017
Contents
Page
Officers and professional advisers
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Second West Securities Limited
Officers and Professional Advisers
The board of directors
Mrs L M Richards
Mr S B Richards
Company secretary
Mrs L M Richards
Registered office
Paddocks
Barns Lane
Burford
Oxfordshire
England
OX18 4NE
Accountants
ACE Accountants Ltd
Accountants
The White House
Denchworth Road
Grove
Oxon
OX12 0AR
Second West Securities Limited
Abridged Statement of Financial Position
31 July 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
4
1,767
1
Current assets
Debtors
5,200
–
Cash at bank and in hand
10,324
3,366
--------
-------
15,524
3,366
Creditors: amounts falling due within one year
630
630
--------
-------
Net current assets
14,894
2,736
--------
-------
Total assets less current liabilities
16,661
2,737
Creditors: amounts falling due after more than one year
19,636
12,232
--------
--------
Net liabilities
( 2,975)
( 9,495)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 2,977)
( 9,497)
-------
-------
Shareholders deficit
( 2,975)
( 9,495)
-------
-------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 abridged 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 abridged financial statements .
Second West Securities Limited
Abridged Statement of Financial Position (continued)
31 July 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 16 April 2018 , and are signed on behalf of the board by:
Mr S B Richards
Director
Company registration number: 02782518
Second West Securities Limited
Notes to the Abridged Financial Statements
Year ended 31 July 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 Paddocks, Barns Lane, Burford, Oxfordshire, OX18 4NE, England.
2. Statement of compliance
These abridged 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 abridged 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 abridged 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 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Computer equipment
-
33% reducing balance
4. Tangible assets
£
Cost
At 1 August 2016
12,122
Additions
2,649
--------
At 31 July 2017
14,771
--------
Depreciation
At 1 August 2016
12,121
Charge for the year
883
--------
At 31 July 2017
13,004
--------
Carrying amount
At 31 July 2017
1,767
--------
At 31 July 2016
1
--------
5. Directors' advances, credits and guarantees
Included in other creditors is £19,636 (£12,232) owed to the directors.
6. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the year.