Finance Planning Surveying Services Limited Small abridged accounts

FINANCE PLANNING SURVEYING SERVICES LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-01-01 Sage Accounts Production Advanced 2017 Update 3 - FRS xbrli:pure xbrli:shares iso4217:GBP 04465925 2017-01-01 2017-12-31 04465925 2017-12-31 04465925 2016-12-31 04465925 2016-01-01 2016-12-31 04465925 2016-12-31 04465925 core:MotorVehicles 2017-01-01 2017-12-31 04465925 bus:Director1 2017-01-01 2017-12-31 04465925 core:WithinOneYear 2017-12-31 04465925 core:WithinOneYear 2016-12-31 04465925 core:ShareCapital 2017-12-31 04465925 core:ShareCapital 2016-12-31 04465925 core:RetainedEarningsAccumulatedLosses 2017-12-31 04465925 core:RetainedEarningsAccumulatedLosses 2016-12-31 04465925 core:FinancialAssetsFairValue 2017-12-31 04465925 core:FinancialAssetsFairValue 2016-12-31 04465925 core:FinancialLiabilitiesFairValueThroughProfitOrLoss 2017-12-31 04465925 core:FinancialLiabilitiesFairValueThroughProfitOrLoss 2016-12-31 04465925 core:BetweenOneFiveYears 2017-12-31 04465925 core:BetweenOneFiveYears 2016-12-31 04465925 bus:FRS102 2017-01-01 2017-12-31 04465925 bus:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 04465925 bus:AbridgedAccounts 2017-01-01 2017-12-31 04465925 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 04465925 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 04465925 core:OfficeEquipment 2017-01-01 2017-12-31

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Finance Planning Surveying Services Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04465925

Finance Planning Surveying Services Limited

Filleted Unaudited Abridged Financial Statements

31 December 2017

Finance Planning Surveying Services Limited

Abridged Financial Statements

Year ended 31 December 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Finance Planning Surveying Services Limited

Abridged Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		12,324	12,887

Current assets

Debtors	572,344	394,492
Cash at bank and in hand	29,538	114,802
	----------	----------
	601,882	509,294

Creditors: amounts falling due within one year	463,696		459,975
	----------		----------
Net current assets		138,186	49,319
		----------	---------
Total assets less current liabilities		150,510	62,206

Provisions

Taxation including deferred tax	2,010	2,155
	----------	---------
Net assets	148,500	60,051
	----------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	148,498	60,049
	----------	---------
Shareholders funds	148,500	60,051
	----------	---------

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

For the year ending 31 December 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 abridged 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 abridged financial statements .

Finance Planning Surveying Services Limited

Abridged Statement of Financial Position (continued)

31 December 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 6 August 2018 , and are signed on behalf of the board by:

T.S. McCutcheon

Director

Company registration number: 04465925

Finance Planning Surveying Services Limited

Notes to the Abridged Financial Statements

Year ended 31 December 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 Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex, RH17 7QX.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

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

Revenue recognition

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

	-	-% reducing balance
Equipment	-	15% reducing balance

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 are largely independent of the cash inflows from other assets or groups of assets.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 abridged 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 20 (2016: 18 ).

5. Tangible assets

	£
Cost
At 1 January 2017	41,965
Additions	1,611
	---------
At 31 December 2017	43,576
	---------
Depreciation
At 1 January 2017	29,078
Charge for the year	2,174
	---------
At 31 December 2017	31,252
	---------
Carrying amount
At 31 December 2017	12,324
	---------
At 31 December 2016	12,887
	---------

6. Financial instruments at fair value

	2017	2016
	£	£

Financial assets measured at fair value through profit or loss

Trade debtors	509,929	326,611
Cash at bank	29,538	114,802
	----------	----------
	539,467	441,413
	----------	----------

Financial liabilities measured at fair value through profit or loss

Trade creditors	31,002	55,407
Accruals and other creditors	150,242	132,917
	----------	----------
	181,244	188,324
	----------	----------

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 1 year and not later than 5 years	23,791	37,422
	---------	---------

8. Related party transactions

During the year the directors received dividends of £180,000 (2016- £300,000). Introducer fees of £118,000 (2016- £116,250) were charged by The Finance Planning Group Limited, a company in which T.S. McCutcheon is a director and shareholder. The balance due to The Finance Planning Group Limited at 31 December 2017 was £6,130 (2016- £4,790). No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.