Cedar House Financial Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02040424 (England and Wales)

Financial Statements

for the Year Ended 30 September 2018

for

CEDAR HOUSE FINANCIAL SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr R I Kafton

Mr D Gerschlowitz

Mr L Kafton

Secretary:

Ms S Kafton

Registered office:

Cedar House

179-181 Bramley Road

Oakwood

London

N14 4XA

Registered number:

02040424 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

305 Regents Park Road

Finchley

London

N3 1DP

Fixed assets

Intangible assets

4

247,936

280,994

Tangible assets

5

20,809

15,351

Investments

6

-

2,000

268,745

298,345

Current assets

Debtors

7

57,435

64,481

Cash at bank and in hand

205,971

112,820

263,406

177,301

Creditors

Amounts falling due within one year

8

302,859

258,493

Net current liabilities

(39,453

)

(81,192

)

Total assets less current liabilities

229,292

217,153

Provisions for liabilities

3,370

2,262

Net assets

225,922

214,891

Capital and reserves

Called up share capital

10

1,200

1,200

Retained earnings

224,722

213,691

Shareholders' funds

225,922

214,891

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 5 November 2018 and were signed on its behalf by:

Mr R I Kafton - Director

1.	Statutory information

Cedar House Financial Services 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.

The company has net current liabilities of £39,453 (2017: £81,192) and relies on the support of its directors to

ensure it meets its liabilities as they fall due. On this basis, the directors consider it appropriate to prepare the

financial statements on the going concern basis.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out

by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as

possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating amortisation of goodwill. A full line by line review of intangible

assets is carried out by management regularly. Whilst every attempt is made to ensure that the amortisation

policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the

intangible assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out

by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible,

there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are

as accurate as possible, there remains a risk that the provisions do not match the level of debts which

ultimately prove to be uncollectable.

Turnover

Turnover represents the commissions and fees receivable during the year less indemnity commissions

chargeback provisions.

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

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Investments in subsidiaries

Investments in subsidiaries are carried at cost less accumulated impairment losses in the Company’s balance

sheet.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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

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.

Preparation of consolidated financial statements

The financial statements contain information about Cedar House Financial Services Limited Limited as an

individual company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under section 398 of the companies Act 2006 not to prepare consolidated

financial statements.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a subsidiary company in 2016, is being

amortised evenly over its estimated useful life of 10 years.

3.	Employees and directors

The average number of employees during the year was 16 (2017 - 16 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 October 2017

and 30 September 2018

330,581

Amortisation

At 1 October 2017

49,587

Amortisation for year

33,058

At 30 September 2018

82,645

Net book value

At 30 September 2018

247,936

At 30 September 2017

280,994

5.	Tangible fixed assets

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

Cost

At 1 October 2017

-

122,067

43,990

166,057

Additions

10,022

-

-

10,022

At 30 September 2018

10,022

122,067

43,990

176,079

Depreciation

At 1 October 2017

-

110,926

39,780

150,706

Charge for year

1,503

1,672

1,389

4,564

At 30 September 2018

1,503

112,598

41,169

155,270

Net book value

At 30 September 2018

8,519

9,469

2,821

20,809

At 30 September 2017

-

11,141

4,210

15,351

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 October 2017

208,804

Additions

85,416

At 30 September 2018

294,220

Provisions

At 1 October 2017

206,804

Provision for year

87,416

At 30 September 2018

294,220

Net book value

At 30 September 2018

-

At 30 September 2017

2,000

7.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

16,783

25,914

Other debtors

40,652

38,567

57,435

64,481

8.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

5,011

-

Taxation and social security

185,685

162,901

Other creditors

112,163

95,592

302,859

258,493

9.	Leasing agreements

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

2018

2017

£

£

Within one year

7,043

6,250

Between one and five years

22,303

-

29,346

6,250

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1,200

Ordinary

£1

1,200

1,200