F & N (Reading) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08087666 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

F & N (READING) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Adebowale

Mr F Adebowale

REGISTERED OFFICE:

Unit 5 Winnersh Fields

Gazelle Close

Winnersh

Wokingham

Berkshire

RG41 5QS

REGISTERED NUMBER:

08087666 (England and Wales)

ACCOUNTANTS:

Knox & Eames Chartered Accountants

The Business Centre

Greys Green Farm

Rotherfield Greys

Henley-on-Thames

Oxfordshire

RG9 4QG

FIXED ASSETS

Intangible assets

4

-

187,500

Tangible assets

5

3,420

8,950

3,420

196,450

CURRENT ASSETS

Debtors

6

306,980

632,800

Cash at bank

1,122,192

879,968

1,429,172

1,512,768

CREDITORS

Amounts falling due within one year

7

488,779

861,433

NET CURRENT ASSETS

940,393

651,335

TOTAL ASSETS LESS CURRENT LIABILITIES

943,813

847,785

PROVISIONS FOR LIABILITIES

667

1,207

NET ASSETS

943,146

846,578

CAPITAL AND RESERVES

Called up share capital

9

102

102

Retained earnings

943,044

846,476

SHAREHOLDERS' FUNDS

943,146

846,578

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf by:

Mr N Adebowale - Director

Mr F Adebowale - Director

1.	STATUTORY INFORMATION

F & N (Reading) Ltd 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 financial statements are prepared in sterling which is the functional currency of the company and rounded to the

nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that

affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues

and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements.

Revenue recognition

The key judgements made by management in respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The

actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual

value assessment consider issues such as the remaining life of the asset and the projected disposal value.

Intangible Fixed Assets

Intangibles are capitalised in accordance with accounting standards and the company's accounting policy. Management

estimate the useful life of intangible assets based on factors such as the expected use in the business.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the rendering of services in the

normal course of business.

Revenue from the provision of insurance services is accounted for at the time of invoicing the gross premium to the client.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

During the year the useful economic life of the intangible asset was reduced from 20 years from when it was first brought

into use to 6 years.

The change in accounting estimate has resulted in an additional amortisation charge of £175,000 within the current year.

There will be no amortisation charge in future years.

Intangible assets

Intangibles are capitalised in accordance with accounting standards and the company's accounting policy. Management

estimate the useful life of intangible assets based on factors such as the expected use in the business.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on cost and over the length of the lease

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.

Impairments

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to

determine whether there is any indication that those assets have suffered and impairment loss. If any such indication exists,

the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Operating lease commitments

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

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2017

and 30 September 2018

250,000

AMORTISATION

At 1 October 2017

62,500

Charge for year

187,500

At 30 September 2018

250,000

NET BOOK VALUE

At 30 September 2018

-

At 30 September 2017

187,500

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2017

41,530

Additions

515

At 30 September 2018

42,045

DEPRECIATION

At 1 October 2017

32,580

Charge for year

6,045

At 30 September 2018

38,625

NET BOOK VALUE

At 30 September 2018

3,420

At 30 September 2017

8,950

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/18

30/9/17

as restated

£

£

Trade debtors

199,117

531,762

Other debtors

107,863

101,038

306,980

632,800

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/18

30/9/17

as restated

£

£

Trade creditors

222,322

573,874

Taxation and social security

192,610

203,884

Other creditors

73,847

83,675

488,779

861,433

8.	LEASING AGREEMENTS

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

30/9/18

30/9/17

as restated

£

£

Within one year

73,091

54,818

Between one and five years

121,818

194,909

194,909

249,727

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/18

30/9/17

value:

as restated

£

£

100

Ordinary A Shares

£1.00

100

100

2

Ordinary B Shares

£1.00

2

2

102

102

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £304,000 (2017 - £283,200) were paid to the shareholders.

Remuneration to key management personnel in the year totalled £39,192 (2017 - £21,912).