Andrew Smith Commercial Practice Limited - Filleted accounts

Andrew Smith Commercial Practice Limited - Filleted accounts

ANDREW SMITH COMMERCIAL PRACTICE LIMITED - Company Information

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ANDREW SMITH COMMERCIAL PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2017
Company Registration Number: 06687984
ANDREW SMITH COMMERCIAL PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
ANDREW SMITH COMMERCIAL PRACTICE LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2017
DIRECTORS
A C Smith
Mrs K Smith
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
06687984 England and Wales
ANDREW SMITH COMMERCIAL PRACTICE LIMITED
BALANCE SHEET
AS AT 30 September 2017
Notes 2017 2016
£ £
FIXED ASSETS
Tangible assets 6 2,130 -
CURRENT ASSETS
Debtors 7 79,172 84,478
Cash at bank and in hand 4,386 1,482
83,558 85,960
CREDITORS: Amounts falling due within one year 8 84,882 85,372
NET CURRENT (LIABILITIES) / ASSETS (1,324) 588
TOTAL ASSETS LESS CURRENT LIABILITIES 806 588
Provisions for liabilities and charges 405 -
NET ASSETS 401 588
CAPITAL AND RESERVES
Called up share capital 1 1
Distributable profit and loss account 400 587
SHAREHOLDERS' FUNDS 401 588
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
A C Smith
Director
Date approved by the board: 22 June 2018
ANDREW SMITH COMMERCIAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1 GENERAL INFORMATION
Andrew Smith Commercial Practice Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
4 Witan Way
Witney
Oxon
OX28 6FF
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services rendered as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of the assets less their residual value over their estimated useful lives.
Computer equipment Straight line basis at 33.33% per annum
Furniture and fittings Straight line basis at 33.33% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
3 TRANSITION TO FRS 102
This is the first year in which the financial statements have been prepared under FRS 102. Note 10 gives an explanation of the effects of the transition.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
5 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2017 2016
Average number of employees 2 2
6 TANGIBLE ASSETS
Computer equipment Furniture and fittings Total
£ £ £
Cost
At 1 October 2016 2,510 - 2,510
Additions - 2,396 2,396
At 30 September 2017 2,510 2,396 4,906
Accumulated depreciation
At 1 October 2016 2,510 - 2,510
Charge for year - 266 266
At 30 September 2017 2,510 266 2,776
Net book value
At 1 October 2016 - - -
At 30 September 2017 - 2,130 2,130
7 DEBTORS
2017 2016
£ £
Prepayments and accrued income 3,788 -
Amounts recoverable on contracts - 29,212
Other debtors 75,384 55,266
79,172 84,478
8 CREDITORS: Amounts falling due within one year
2017 2016
£ £
Trade creditors - 144
Taxation and social security 82,485 82,831
Accruals and deferred income 2,397 2,397
84,882 85,372
9 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year
Balance at 1 October 2016 Amounts advanced Amounts repaid Amounts written off or waived Balance at 30 September 2017
£ £ £ £ £
A C & Mrs K Smith 55,266 176,684 156,566 - 75,384
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
10 RECONCILIATIONS ON ADOPTION OF FRS 102
These financial statements for the year ended 30 September 2017 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 October 2015.
Profit and loss for the year ended 30 September 2016 £
Profit for the year under former UK GAAP 152,118
Profit for the year under FRS 102 152,118
Balance sheet at 30 September 2016 £
Equity under former UK GAAP 588
Equity under FRS 102 588
Balance sheet at 1 October 2015 £
Equity under former UK GAAP 122
Equity under FRS 102 122
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