Accura Accountants Limited - Accounts to registrar (filleted) - small 18.1
Accura Accountants Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2017 |
| FOR |
| ACCURA ACCOUNTANTS LIMITED |
| ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| ACCURA ACCOUNTANTS LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572) |
| STATEMENT OF FINANCIAL POSITION |
| 31 August 2017 |
| 31.8.17 | 31.8.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 August 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2017 |
| 1. | STATUTORY INFORMATION |
| Accura Accountants Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
| These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance with |
| FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of |
| transition to FRS 102 Section 1A is 1 September 2015. |
| For the company the transition to FRS 102 has resulted in a change in accounting policy compared to those used |
| previously regarding deferred tax and the comparatives have been restated to reflect this. |
| Turnover |
| Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised once the |
| service has been provided |
| Under FRS 102 Section 1A, revenue is required to be recognised from tea provision of services on tea |
| completion method where is can be measured reliably. Therefore the work in progress figure represents |
| recoverable unbilled work that has been recognised within the profit and loss account. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial |
| assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
| related parties and investments in non-puttable ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
| accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently |
| amortised cost using the effective interest method. Debt instruments that are payable or receivable within one |
| year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount |
| of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
| objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
| in the Statement of Comprehensive Income. |
| ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, |
| other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank |
| overdrafts are shown within borrowings in current liabilities. |
| Impairment of assets |
| A review of 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 reversals at each reporting date. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
| required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any material unused holiday entitlement is recognised in the period in which the employee's services |
| are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to |
| terminate the employment or to provide termination benefits |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2017 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 September 2016 |
| and 31 August 2017 |
| AMORTISATION |
| At 1 September 2016 |
| Charge for year |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 September 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2017 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| Additions |
| At 31 August 2017 |
| DEPRECIATION |
| Charge for year |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.17 | 31.8.16 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Included within other debtors are prepayments of £5,065 (2016: £nil) |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.17 | 31.8.16 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Included within other creditors are accrued expenses of £30,772 (2016: £nil) |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.17 | 31.8.16 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Other creditors |
| ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2017 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.8.17 | 31.8.16 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 21,729 | 11,215 |
| Funding Circle | 158,533 | 123,791 |
| Bank loans are secured by way of fixed and floating charges over all undertakings and all property and assets of |
| the company. |
| The liability in respect of the hire purchase agreement are secured against the assets to which they relate. |
| The loan from Funding Circle is secured by way of personal guarantee on the directors, B M Leighton and A S |
| Bradstock. |
| 10. | OTHER FINANCIAL COMMITMENTS |
| The company has future operating lease commitments of £ |
| 11. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £25,000 were paid to the directors . |
| Included in other creditors due within one year is £65,000 (2016: £60000), £89,967 (2016; 150,000), £41,000 |
| (2016: £nil), £5,000 (2016: £nil) and £5,000 (2016: £nil) due to directors and shareholders, A S Bradstock, B M |
| Leighton, R M Blech, S Patel and R Boorman respectively. |
| Included in other creditors due after one year is £26,450 (2016: £86,739), £nil (2016: £80,572), £13,339 (2016: |
| £85,748), and £nil (2016: £4,337) due to directors and shareholders, A S Bradstock, B M Leighton, R M Blech |
| and S Patel respectively. |