A_Fudge__Sons_Limited_31_Mar_2018_companies_house_set_of_accounts.html
A_Fudge__Sons_Limited_31_Mar_2018_companies_house_set_of_accounts.html
Company registration number:
Chartered Accountants
206 Chesterfield Drive, Riverhead, Sevenoaks, Kent, TN13 2EH, United KingdomChartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of A Fudge & Sons Limited for the year ended 31 March 2018
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of A Fudge & Sons Limited for the year ended 31 March 2018 which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of A Fudge & Sons Limited , as a body, in accordance with the terms of my engagement letter dated 9 August 2016. My work has been undertaken solely to prepare for your approval the financial statements of A Fudge & Sons Limited and state those matters that I have agreed to state to the Board of Directors of A Fudge & Sons Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than A Fudge & Sons Limited and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that A Fudge & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A Fudge & Sons Limited . You consider that A Fudge & Sons Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
206 Chesterfield Drive
Riverhead
Sevenoaks
Kent
TN13 2EH
United Kingdom
Riverhead
Sevenoaks
Kent
TN13 2EH
United Kingdom
Date:
14 September 2018
Statement of Financial Position
| 2018 | 2017 | ||||
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| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
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| Current assets | |||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 7 |
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| Net current liabilities |
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| Total assets less current liabilities | 9,096 | 7,985 | |||
| Provision for liabilities | (2,254 | ) | (2,608 | ) | |
| Net assets |
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| Capital and reserves | |||||
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| Profit and loss account |
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| Shareholders funds |
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For the year 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:
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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 September 2018 , and are signed on behalf of the board by:
| Director |
Company registration number:
01705624
Notes to the Financial Statements
Year ended 31 March 2018
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 176 Chiswick High Road , London , W4 1PR , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
3 Accounting policies
Basis of preparation
The
Turnover
Current tax
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.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Fixtures fittings and equipment | 10% reducing balance |
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Provision for liabilities
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 in finance costs in profit or loss in the period it arises.
4 Average number of employees
The average number of persons employed by the company during the year was 11 (2017: 10.00 ).
5 Tangible assets
| Plant and machinery etc. | ||
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| £ | ||
| Cost | ||
| At |
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| Depreciation | ||
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| Carrying amount | ||
| At |
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| At 31 March 2017 |
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6 Debtors
| 2018 | 2017 | |||
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| £ | £ | |||
| Other debtors |
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7 Creditors: amounts falling due within one year
| 2018 | 2017 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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