KBW Limited Company Accounts

false false false false false false false false false true false false false false false false false No description of principal activity 2016-10-01 Sage Accounts Production Advanced 2017 Update 2 - FRS xbrli:pure xbrli:shares iso4217:GBP 03061130 2016-10-01 2017-09-30 03061130 2017-09-30 03061130 2016-09-30 03061130 2015-10-01 2016-09-30 03061130 2016-09-30 03061130 core:FurnitureFittings 2016-10-01 2017-09-30 03061130 bus:Director2 2016-10-01 2017-09-30 03061130 core:FurnitureFittings 2016-09-30 03061130 core:FurnitureFittings 2017-09-30 03061130 core:WithinOneYear 2017-09-30 03061130 core:WithinOneYear 2016-09-30 03061130 core:ShareCapital 2017-09-30 03061130 core:ShareCapital 2016-09-30 03061130 core:RetainedEarningsAccumulatedLosses 2017-09-30 03061130 core:RetainedEarningsAccumulatedLosses 2016-09-30 03061130 core:FurnitureFittings 2016-09-30 03061130 bus:FRS102 2016-10-01 2017-09-30 03061130 bus:AuditExempt-NoAccountantsReport 2016-10-01 2017-09-30 03061130 bus:FullAccounts 2016-10-01 2017-09-30 03061130 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-09-30 03061130 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30 03061130 core:OfficeEquipment 2016-10-01 2017-09-30 03061130 core:OfficeEquipment 2016-09-30 03061130 core:OfficeEquipment 2017-09-30 03061130 core:DividendsPaidTransactions 2016-10-01 2017-09-30

COMPANY REGISTRATION NUMBER: 03061130

KBW Limited

Filleted Unaudited Financial Statements

30 September 2017

KBW Limited

Financial Statements

Year ended 30 September 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

KBW Limited

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		8,262	11,740

Current assets

Debtors	6	146,958	330,171
Cash at bank and in hand		671,349	435,511
		---------	---------
		818,307	765,682

Creditors: amounts falling due within one year	7	352,837		314,901
		---------		---------
Net current assets			465,470	450,781
			---------	---------
Total assets less current liabilities			473,732	462,521

Provisions

Taxation including deferred tax	234	569
	---------	---------
Net assets	473,498	461,952
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	472,498	460,952
	---------	---------
Members funds	473,498	461,952
	---------	---------

These 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 statement of income and retained earnings has not been delivered.

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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its 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 financial statements .

KBW Limited

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 31 July 2018 , and are signed on behalf of the board by:

Mr T Kirkpatrick

Director

Company registration number: 03061130

KBW Limited

Notes to the Financial Statements

Year ended 30 September 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 39-49 Commercial Road, Southampton, Hampshire, SO15 1GA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Employee Benefit Trusts (EBTs)

The company has purchased a trust for the benefit of employees and certain of their dependants. Monies held in this trust are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

All fixed assets are initially recorded at cost. Fixed asset investments Fixed Asset Investments are initially recorded at cost. Gains and losses caused by changes in market prices are shown in the statement of total recognised gains and losses. Revaluation gains and losses arising other than by a change in market values are recorded in the profit and loss account.

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:

Fixtures & Fittings	-	25% straight line
Equipment 25%	-	33% straight line

Impairment of fixed assets

A review for 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 reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2016: 7 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 October 2016	10,721	43,799	54,520
Additions	–	6,022	6,022
Disposals	( 280)	( 33,007)	( 33,287)
	--------	--------	--------
At 30 September 2017	10,441	16,814	27,255
	--------	--------	--------
Depreciation
At 1 October 2016	6,775	36,005	42,780
Charge for the year	2,035	1,437	3,472
Disposals	( 280)	( 26,979)	( 27,259)
	--------	--------	--------
At 30 September 2017	8,530	10,463	18,993
	--------	--------	--------
Carrying amount
At 30 September 2017	1,911	6,351	8,262
	--------	--------	--------
At 30 September 2016	3,946	7,794	11,740
	--------	--------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	45,317	313,608
Other debtors	101,641	16,563
	---------	---------
	146,958	330,171
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	85,883	75,503
Corporation tax	62,250	12,564
Social security and other taxes	45,473	50,576
Other creditors	159,231	176,258
	---------	---------
	352,837	314,901
	---------	---------

8. Contingencies

The company is in settlement negotiations with H M Revenue and Customs in respect of employee benefit trust arrangements entered into in 2006 and 2009. It is estimated that the net cost of settlement, after corporation tax relief and other credits will amount to about £175,000. At the present, the exact amount of the liability and the timing of the outflow depends on the terms of the agreement to be reached with H M Revenue and Customs.

9. Directors' advances, credits and guarantees

During the year the company made advances of £2,114 to Mr N Barnes. The advances which were interest free and repayable on demand were repaid in full before the year end.

10. Related party transactions

The company was not under the control of any individual throughout the current and previous year. During the year dividends of £231,535 (2016 - £103,600) were paid to Mr T Kirkpatrick, Mr N Barnes, Mrs F Kirkpatrick and Mrs A Barnes. All four are directors of the company. No other transactions with related parties were undertaken such as are required to be disclosed under the FRS102.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.