Plymouth Defence Solicitors Limited - Period Ending 2018-03-31
Plymouth Defence Solicitors Limited - Period Ending 2018-03-31
Period from 14 October 2016 to
Registration number:
Plymouth Defence Solicitors Limited
Contents
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Balance Sheet |
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Notes to the Financial Statements |
Plymouth Defence Solicitors Limited
Balance Sheet
31 March 2018
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2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
Plymouth Defence Solicitors Limited
Balance Sheet
31 March 2018
For the financial period ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 10429648
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Page 2 |
Plymouth Defence Solicitors Limited
Notes to the Financial Statements
Period from 14 October 2016 to 31 March 2018
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is gross sales, including VAT, less payments due to HMRC using the VAT Flat Rate Scheme. Revenue is recognised in the period to which the work was undertaken.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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Page 3 |
Plymouth Defence Solicitors Limited
Notes to the Financial Statements
Period from 14 October 2016 to 31 March 2018
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office Furniture and Equipment |
20% reducing balance |
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Computer Equipment |
33% straight line |
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
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Page 4 |
Plymouth Defence Solicitors Limited
Notes to the Financial Statements
Period from 14 October 2016 to 31 March 2018
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2018 |
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Depreciation |
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Charge for the period |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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Debtors |
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31 March 2018 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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31 March 2018 |
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Due within one year |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Page 5 |
Plymouth Defence Solicitors Limited
Notes to the Financial Statements
Period from 14 October 2016 to 31 March 2018
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Share capital |
Allotted, called up and fully paid shares
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2018 |
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No. |
£ |
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100 |
During the period, 100 ordinary shares with a nominal value of £1 per share were allotted.
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Page 6 |