Financial Management Bureau Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02089786 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

FINANCIAL MANAGEMENT BUREAU LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms E Beavis

Ms G Forrester

Ms R Power

SECRETARY:

Ms R Power

REGISTERED OFFICE:

Shenstone House

Helsington

Kendal

Cumbria

LA8 8AA

REGISTERED NUMBER:

02089786 (England and Wales)

FIXED ASSETS

Tangible assets

4

25,388

30,473

CURRENT ASSETS

Debtors

764,752

752,428

Cash at bank and in hand

300,321

558,618

1,065,073

1,311,046

CREDITORS

Amounts falling due within one year

187,415

615,769

NET CURRENT ASSETS

877,658

695,277

TOTAL ASSETS LESS CURRENT LIABILITIES

903,046

725,750

CREDITORS

Amounts falling due after more than one year

(18,027

)

(11,819

)

PROVISIONS FOR LIABILITIES

(49,323

)

(51,523

)

NET ASSETS

835,696

662,408

CAPITAL AND RESERVES

Called up share capital

7

5,339

5,339

Retained earnings

830,357

657,069

SHAREHOLDERS' FUNDS

835,696

662,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Profit and Loss Account and an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 21 September 2018 and were signed on its behalf by:

Ms E Beavis - Director

1.	STATUTORY INFORMATION

Financial Management Bureau Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Changes in accounting policies

Following a review of the financial statements, deferred tax has been written off in the current period which is a

departure from Financial Reporting Standard 102 and from the Companies Act 2006. Deferred tax if provided

would not have been of a material nature.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost and 25% on cost

Motor vehicles

-

15% on cost

Computer equipment

-

25% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet 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

Basic financial assets, which include debtors 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 transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that as a result on one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised,

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been, had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, ir when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 receipts discounted

at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2016 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

257,327

Additions

5,926

At 31 December 2017

263,253

DEPRECIATION

At 1 January 2017

226,854

Charge for year

11,011

At 31 December 2017

237,865

NET BOOK VALUE

At 31 December 2017

25,388

At 31 December 2016

30,473

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.17

31.12.16

£

£

Within one year

5,487

5,487

Between one and five years

12,027

17,514

17,514

23,001

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank loans

31,118

16,807

Bank loans are secured by a personal guarantee given by Mrs L Beavis, the majority shareholder of FMB

(Holdings) Limited, the parent company, up to £210,000.

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

5,339

Share capital 1

£1

5,339

5,339

8.	CONTINGENT LIABILITIES

The company entered into a taxation scheme which HM Revenue and Customs contested. The case was referred

to the lower First-tier tax tribunal who found in favour of HM Revenue and Customs. A subsequent appeal to the

Upper tribunal also found in favour of HM Revenue and Customs. The matter has been referred for appeal.

No provision has been made in the financial statements for the estimated taxation liability of £280,000 should the

appeal be lost.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by FMB (Holdings) Limited.