ACCOUNTS - Final Accounts

601 FINANCIAL SOLUTIONS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-11-302017-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-12-01 05620436 2016-12-01 2017-11-30 05620436 2015-12-01 2016-11-30 05620436 2017-11-30 05620436 2016-11-30 05620436 c:Director1 2016-12-01 2017-11-30 05620436 d:CurrentFinancialInstruments 2017-11-30 05620436 d:CurrentFinancialInstruments 2016-11-30 05620436 d:CurrentFinancialInstruments d:WithinOneYear 2017-11-30 05620436 d:CurrentFinancialInstruments d:WithinOneYear 2016-11-30 05620436 d:ShareCapital 2017-11-30 05620436 d:ShareCapital 2016-11-30 05620436 d:RetainedEarningsAccumulatedLosses 2017-11-30 05620436 d:RetainedEarningsAccumulatedLosses 2016-11-30 05620436 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-11-30 05620436 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-11-30 05620436 c:FRS102 2016-12-01 2017-11-30 05620436 c:AuditExempt-NoAccountantsReport 2016-12-01 2017-11-30 05620436 c:FullAccounts 2016-12-01 2017-11-30 05620436 c:PrivateLimitedCompanyLtd 2016-12-01 2017-11-30 iso4217:GBP xbrli:pure

Registered number: 05620436

601 FINANCIAL SOLUTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2017

601 FINANCIAL SOLUTIONS LIMITED

REGISTERED NUMBER: 05620436

BALANCE SHEET

AS AT 30 NOVEMBER 2017

		2017		2016
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	11,687		8,460
Cash at bank and in hand	5	74,297		65,658
		85,984		74,118
Creditors: amounts falling due within one year	6	(18,665)		(18,497)
Net current assets			67,319		55,621
Total assets less current liabilities			67,319		55,621

Net assets			67,319		55,621

Capital and reserves
Called up share capital	10,000	10,000
Profit and loss account	57,319	45,621
	67,319	55,621

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2018.

C R Smith

Director

The notes on pages 2 to 6 form part of these financial statements.

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601 FINANCIAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

1.	General information

Enter user text here...

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

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601 FINANCIAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Employees
	Staff costs were as follows:

The average monthly number of employees, including directors, during the year was 5 (2016 - 5).

Debtors

					2017	2016
					£	£


Trade debtors	7,231	4,269
Other debtors	476	-

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601 FINANCIAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

4.Debtors (continued)

Prepayments and accrued income	3,980	4,191
	11,687	8,460

5.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	74,297	65,658
	74,297	65,658

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	1,070	-
Corporation tax	13,715	15,503
Other taxation and social security	3,017	1,530
Other creditors	113	903
Accruals and deferred income	750	561
	18,665	18,497

7.	Financial instruments
		2017	2016
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	74,297	65,658

	Financial assets measured at fair value through profit or loss comprise bank balances.

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		601 FINANCIAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017

8.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 December 2015. The impact of the transition to FRS 102 is as follows:
		As previously stated 1 December 2015	Effect of transition 1 December 2015	FRS 102 (as restated) 1 December 2015	As previously stated 30 November 2016	Effect of transition 30 November 2016	FRS 102 (as restated) 30 November 2016
	Note	£	£	£	£	£	£

Current assets	72,101	-	72,101	74,118	-	74,118
Creditors: amounts falling due within one year	(21,164)	-	(21,164)	(18,496)	-	(18,496)
Net current assets	50,937	-	50,937	55,622	-	55,622
Total assets less current liabilities	50,937	-	50,937	55,622	-	55,622
Net assets	50,937	-	50,937	55,622	-	55,622

Capital and reserves

50,937

55,622

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601 FINANCIAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

8.First time adoption of FRS 102 (continued)

		As previously stated 30 November 2016	Effect of transition 30 November 2016	FRS 102 (as restated) 30 November 2016
	Note	£	£	£

Turnover	222,869	-	222,869
	222,869	-	222,869
Administrative expenses	(142,711)	-	(142,711)
Operating profit	80,158	-	80,158
Interest receivable and similar income	29	-	29
Taxation	(15,503)	-	(15,503)
Profit on ordinary activities after taxation and for the financial year	64,684	-	64,684

Explanation of changes to previously reported profit and equity:

There has been no change to previously reported profit and equity following adoption of FRS102.

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