Micro-entity Accounts - XL INDEPENDENT FINANCIAL ADVISERS LIMITED
Micro-entity Accounts - XL INDEPENDENT FINANCIAL ADVISERS LIMITED
Registered Number 04743263
XL INDEPENDENT FINANCIAL ADVISERS LIMITED
Micro-entity Accounts
31 March 2018
XL INDEPENDENT FINANCIAL ADVISERS LIMITED Registered Number 04743263
Micro-entity Balance Sheet as at 31 March 2018
Notes | 2018 | 2017 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 1 |
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Tangible assets | 2 |
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Current assets | |||
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 March 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
XL INDEPENDENT FINANCIAL ADVISERS LIMITED Registered Number 04743263
Notes to the Micro-entity Accounts for the period ended 31 March 2018
£ | |
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Cost | |
At 1 April 2017 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2018 |
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Amortisation | |
At 1 April 2017 |
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Charge for the year |
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On disposals |
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At 31 March 2018 |
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Net book values | |
At 31 March 2018 | 3,400 |
At 31 March 2017 | 5,100 |
£ | |
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Cost | |
At 1 April 2017 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2018 |
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Depreciation | |
At 1 April 2017 |
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Charge for the year |
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On disposals |
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At 31 March 2018 |
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Net book values | |
At 31 March 2018 | 8,289 |
At 31 March 2017 | 10,280 |
3Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Intangible assets amortisation policy
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years in line with the new FRS standard (Previously 20 years).
Valuation information and policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Other accounting policies
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Controlling party
The company is ultimately controlled by Mr S Bloomfield and Mr A Bullingham, by virtue of them each owning 50% of the issued share capital.
Other information
XL Independent Financial Advisers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units 12/13, Norfolk House,
Lion Barn Industrial Estate,
Needham Market,
Suffolk
IP6 8NZ