Economic Financial Solutions IFA Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07170272 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2018

for

Economic Financial Solutions IFA Limited

Trading as

Torch Wealth Management

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S C Jones

REGISTERED OFFICE:

Ty Menter

Navigation Park

ABERCYNON

CF45 4SN

REGISTERED NUMBER:

07170272 (England and Wales)

ACCOUNTANTS:

Ashmole & Co

First Floor

1 St John's Court

Upper Fforest Way

Enterprise Park

Swansea

SA6 8QQ

FIXED ASSETS

Tangible assets

4

4,885

5,061

CURRENT ASSETS

Debtors

5

3,855

10,950

Cash at bank

66,227

43,300

70,082

54,250

CREDITORS

Amounts falling due within one year

6

20,685

14,193

NET CURRENT ASSETS

49,397

40,057

TOTAL ASSETS LESS CURRENT LIABILITIES

54,282

45,118

PROVISIONS FOR LIABILITIES

928

1,012

NET ASSETS

53,354

44,106

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

53,351

44,103

SHAREHOLDERS' FUNDS

53,354

44,106

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 23 October 2018 and were signed by:

S C Jones - Director

1.	STATUTORY INFORMATION

Economic Financial Solutions IFA 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 represents commissions and fees received during the year.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

Fixtures and fittings

-

15% 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.

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 4 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Computer

and

equipment

fittings

Totals

£

£

£

COST

At 1 March 2017

7,879

1,119

8,998

Additions

768

507

1,275

At 28 February 2018

8,647

1,626

10,273

DEPRECIATION

At 1 March 2017

3,636

301

3,937

Charge for year

1,253

198

1,451

At 28 February 2018

4,889

499

5,388

NET BOOK VALUE

At 28 February 2018

3,758

1,127

4,885

At 28 February 2017

4,243

818

5,061

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

3,855

1,100

Directors' current accounts

-

9,850

3,855

10,950

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

2,410

4,756

Tax

3,617

1,226

Social security and other taxes

3,232

6,536

Other creditors

441

421

Directors' current accounts

9,671

-

Accrued expenses

1,314

1,254

20,685

14,193

7.	RELATED PARTY DISCLOSURES

During the year the following transactions took place with the director.

Mr S C Jones

At 1 March 2017 amounts totalling £9,850 were owed by the director to the company. During the year

the director repaid this balance and advanced the company a further £9,671. At 28 February 2018 the

company owed the director £9,671.

Torch Consultancy Services Limited

Mr S C Jones is a director and shareholder of this company. During the year the company made

consultancy payments to Torch Consultancy Services Limited totalling £180,330 (2017 £225,581).