Financechain Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03551656 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2018

for

Financechain Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W Sharp

D Sharp

P E Bannister

SECRETARY:

D Sharp

REGISTERED OFFICE:

First Floor

Chadsworth House

Wilmslow Road

Wilmslow

SK9 3HP

REGISTERED NUMBER:

03551656 (England and Wales)

ACCOUNTANTS:

Lucas Reis Limited

Landmark House

Station Rd

Cheadle Hulme

Cheshire

SK8 7BS

FIXED ASSETS

Tangible assets

4

51,976

24,654

CURRENT ASSETS

Debtors

5

163,075

128,809

Cash at bank

106,949

104,758

270,024

233,567

CREDITORS

Amounts falling due within one year

6

132,016

121,617

NET CURRENT ASSETS

138,008

111,950

TOTAL ASSETS LESS CURRENT LIABILITIES

189,984

136,604

CREDITORS

Amounts falling due after more than one year

7

(12,667

)

-

PROVISIONS FOR LIABILITIES

(9,875

)

(5,385

)

NET ASSETS

167,442

131,219

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

8

24,980

24,980

Retained earnings

8

142,362

106,139

SHAREHOLDERS' FUNDS

167,442

131,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 October 2018 and were signed on its behalf by:

W Sharp - Director

1.	STATUTORY INFORMATION

Financechain 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.

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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2017

75,385

Additions

44,647

At 30 April 2018

120,032

DEPRECIATION

At 1 May 2017

50,731

Charge for year

17,325

At 30 April 2018

68,056

NET BOOK VALUE

At 30 April 2018

51,976

At 30 April 2017

24,654

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

31,500

At 30 April 2018

31,500

DEPRECIATION

Charge for year

7,875

At 30 April 2018

7,875

NET BOOK VALUE

At 30 April 2018

23,625

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

153,192

123,914

Prepayments

9,883

4,895

163,075

128,809

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

4,000

-

Trade creditors

11,700

5,775

Tax

33,790

43,333

Social security and other taxes

6,139

6,889

VAT

40,835

32,949

Other creditors

22,078

22,193

Client's Deposit

11,444

8,448

Accrued expenses

2,030

2,030

132,016

121,617

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

12,667

-

8.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 May 2017

106,139

24,980

131,119

Profit for the year

173,290

173,290

Dividends

(137,067

)

(137,067

)

At 30 April 2018

142,362

24,980

167,342

9.	ULTIMATE CONTROLLING PARTY

The controlling party is W Sharp.