Chartered Financial Management (UK) Ltd - Period Ending 2018-03-31
Chartered Financial Management (UK) Ltd - Period Ending 2018-03-31
Registration number:
Chartered Financial Management (UK) Ltd
for the
Year Ended 31 March 2018
Chartered Financial Management (UK) Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Chartered Financial Management (UK) Ltd
Company Information
Directors |
R J Butts J S Marshfield |
Company secretary |
J J Corke |
Registered office |
|
Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Chartered Financial Management (UK) Ltd
for the Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chartered Financial Management (UK) Ltd for the year ended 31 March 2018 as set out on pages 3 to 15 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Chartered Financial Management (UK) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Chartered Financial Management (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Chartered Financial Management (UK) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chartered Financial Management (UK) Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Chartered Financial Management (UK) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Chartered Financial Management (UK) Ltd. You consider that Chartered Financial Management (UK) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Chartered Financial Management (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Weston-super-Mare
Somerset
BS23 1NF
Page 2 |
Chartered Financial Management (UK) Ltd
(Registration number: 05934754)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
- |
75,759 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial 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.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 3 |
Chartered Financial Management (UK) Ltd
(Registration number: 05934754)
Balance Sheet as at 31 March 2018
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
.........................................
Director
Page 4 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is Pound Sterling (£).
Revenue recognition
The turnover shown in the profit and loss account represents initial income earned and renewal income earned during the year, from third parties exclusive of Value Added Tax. Initial income is accounted for when the policy is issued by the product provider after taking into account provisions for the potential cacellation of policies where income is received under indemnity terms. Renewal income is accounted for when received. Fee income is acconted for exclusive of Value Added Tax when the company obtains the right to consideration.
Page 5 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
20% reducing balance |
2 years straight line |
Page 6 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
2 |
Accounting policies (continued) |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
over 5 years |
over 10 years |
Investments
Investments are recognised at fair value. Annual revaluations are provided for and are shown as gains or losses on revaluation of investments within the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from clients and product providers for policies and services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 7 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 8 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 9 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions acquired separately |
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At 31 March 2018 |
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Amortisation |
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At 1 April 2017 |
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Amortisation charge |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Page 10 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
||
At 1 April 2017 |
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Additions |
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Disposals |
( |
( |
At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
Impairment |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Page 11 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
||
Cost or valuation |
||
At 1 April 2017 |
75,759 |
75,759 |
Disposals |
(75,759) |
(75,759) |
At 31 March 2018 |
- |
- |
Carrying amount |
||
At 31 March 2018 |
- |
- |
At 31 March 2017 |
|
75,759 |
Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
|
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Other debtors |
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Directors loan accounts |
673,500 |
- |
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Page 12 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Corporation tax |
159,849 |
96,014 |
|
|
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2018 |
2017 |
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Not later than one year |
- |
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Later than one year and not later than five years |
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Later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2017 - £Nil).
Page 13 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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|
|
12.00 |
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12.00 |
Related party transactions |
Transactions with directors |
2018 |
Advances to director |
Repayments |
At 31 March 2018 |
R J Butts |
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Directors loan account |
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( |
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J S Marshfield |
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Directors loan account |
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( |
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Other transactions with directors |
Loans to directors are interest free and repayable on demand. Loans to directors will be repaid in full within 9 months of the balance sheet date.
Loans from related parties
2018 |
Parent |
Advanced |
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Terms of loans from related parties
Page 14 |
Chartered Financial Management (UK) Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Parent and ultimate parent undertaking |
The company's immediate parent is
Page 15 |