Advantage Accountancy Tax & Outsourcing Limited
Advantage Accountancy Tax & Outsourcing Limited
Registered number: 07384943
Unaudited Financial Statements
For The Year Ended 30 September 2017
Advantage ATO
Chartered Certified Accountants
3 Brenton Business Complex
Bond Street
Bury
BL9 7BE
Advantage Accountancy Tax & Outsourcing Limited
Unaudited Financial Statements
For The Year Ended 30 September 2017
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
Advantage Accountancy Tax & Outsourcing Limited
Balance Sheet
As at
30 September 2017
Balance Sheet
Registered number:
07384943
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.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 7 |
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Tangible Assets | 8 |
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CURRENT ASSETS | |||||
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 11 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 12 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 14 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 8,215 | 8,934 | |||
Page 1
Advantage Accountancy Tax & Outsourcing Limited
Balance Sheet (continued)
As at
30 September 2017
Directors' responsibilities:
-
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 Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Advantage Accountancy Tax & Outsourcing Limited
Notes to the Financial Statements
For The Year Ended 30 September 2017
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These financial statements are the first financial statements prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the 'UK and Republic of Ireland' (FRS 102). The financial statements for the year ended 30 September 2016 were prepared in accordance with Financial Reporting Standard for Smaller Entities (effective January 2015).
Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy choices differ from FRSSE. Consequently, the directors have amended certain accounting policies to comply w ith FRS 102. The directors have also taken advantage of certain exemptions from the requirements of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Comparative figures have been restated to reflect the adjustments made, except to the extent that the directors have taken advantage of exemptions to retrospective application of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'. Adjustments are recognised directly in retained earnings at the transition date..
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 3 years. At the balance sheet the goodiwll has been fully amortised.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Advantage Accountancy Tax & Outsourcing Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2017
1.7.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.9.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2017 | 2016 | ||
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Office and administration |
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Advantage Accountancy Tax & Outsourcing Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2017
7.
Intangible Assets
Goodwill | |||
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£ | |||
Cost | |||
As at |
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As at |
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Amortisation | |||
As at |
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Provided during the period |
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As at |
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Net Book Value | |||
As at |
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As at |
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8.
Tangible Assets
Fixtures & Fittings | Computer Equipment | Total | |
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£ | £ | £ | |
Cost | |||
As at |
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Additions |
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As at |
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Depreciation | |||
As at |
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Provided during the period |
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As at |
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Net Book Value | |||
As at |
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As at |
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9.
Stocks
2017 | 2016 | ||
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£ | £ | ||
Stock - work in progress |
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Advantage Accountancy Tax & Outsourcing Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2017
10.
Debtors
2017 | 2016 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Amounts owed by associates |
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11.
Creditors: Amounts Falling Due Within One Year
2017 | 2016 | ||
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£ | £ | ||
Corporation tax |
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Other taxes and social security |
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VAT |
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Other creditors |
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Directors' loan accounts |
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Amounts owed to associates |
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12.
Creditors: Amounts Falling Due After More Than One Year
2017 | 2016 | ||
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£ | £ | ||
Other creditors and loans |
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13.
Secured Creditors
Of the other creditors falling due within and after more than one year the following amounts are secured by a Personal Guarantee for the amount of £53,000 provided by the directors.
2017 | 2016 | ||
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£ | £ | ||
Other Creditors | 49,462 | - |
Page 6
Advantage Accountancy Tax & Outsourcing Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2017
15.
Other Commitments
At the end of the period the company had minimum lease payments under non-cancellable leases for an average of 1 year on the rental of the business premises 3 years regarding company vehicles as follows:
Land and buildings | Other | |||
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2017 | 2016 | 2017 | 2016 | |
£ | £ | £ | £ | |
Within 1 year | 9,000 | 5,244 | 8,136 | - |
Between 1 and 5 years | - | 7,866 | 13,560 | - |
9,000 | 13,110 | 21,696 | - | |
16.
Dividends
2017 | 2016 | ||
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£ | £ | ||
On equity shares: | |||
Interim dividend paid |
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76,072 | 63,672 | ||
17.
Related Party Transactions
The company has taken advantage of the exemption under Financial Reporting Standard 102 'Related Party Disclosures' from disclosing transactions with group and related companies. At 30 September 2017 the company was owed £17,989 (2016 : £2,192) by group and related companies. The company also owed £244 (2016 : £7,516) to group and related companies.
18.
Controlling Party
The company's controlling party is Mr Michael Jackson by virtue of his ownership of 54.5% of the issued share capital in the company.
19.
General Information
Advantage Accountancy Tax & Outsourcing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07384943 . The registered office is Unit 3, Brenton Business Complex, Bond Street, Bury, BL9 7BE.
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