Company Registration No. 02850520 (England and Wales)
ARCHITECTUS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ARCHITECTUS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ARCHITECTUS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARCHITECTUS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Architectus Limited for the year ended 31 December 2018 which comprise, the balance sheet and the related notes 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 Architectus Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Architectus Limited
and state those matters that we have agreed to state to the Board of Directors of Architectus Limited, 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 Architectus Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Architectus Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Architectus Limited. You consider that Architectus Limited 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 financial statements of Architectus Limited. 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 financial statements.
MHA Carpenter Box
25 September 2019
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
ARCHITECTUS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,342
45,588
Current assets
Debtors
4
295,705
277,207
Cash at bank and in hand
158,809
213,852
454,514
491,059
Creditors: amounts falling due within one year
5
(93,174)
(121,495)
Net current assets
361,340
369,564
Total assets less current liabilities
397,682
415,152
Creditors: amounts falling due after more than one year
6
-
(5,625)
Net assets
397,682
409,527
Capital and reserves
Called up share capital
7
100
100
Capital redemption reserve
50
50
Profit and loss reserves
397,532
409,377
Total equity
397,682
409,527
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ARCHITECTUS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2019 and are signed on its behalf by:
Mr J W Rippon
Mr M Latham
Director
Director
Company Registration No. 02850520
ARCHITECTUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Architectus Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts
.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and office equipment
3 years straight line and 15% diminishing balance per annum
Motor vehicles
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ARCHITECTUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ARCHITECTUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2017 - 10).
3
Tangible fixed assets
Plant and office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2018
112,532
78,167
190,699
Additions
698
-
698
Disposals
-
(36,500)
(36,500)
At 31 December 2018
113,230
41,667
154,897
Depreciation and impairment
At 1 January 2018
105,834
39,277
145,111
Depreciation charged in the year
1,611
8,333
9,944
Eliminated in respect of disposals
-
(36,500)
(36,500)
At 31 December 2018
107,445
11,110
118,555
Carrying amount
At 31 December 2018
5,785
30,557
36,342
At 31 December 2017
6,698
38,890
45,588
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
167,087
218,762
Other debtors
126,218
54,545
293,305
273,307
2018
2017
ARCHITECTUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
4
Debtors
(Continued)
- 7 -
Amounts falling due after more than one year:
£
£
Deferred tax asset
2,400
3,900
Total debtors
295,705
277,207
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
18,265
32,392
Taxation and social security
64,257
71,397
Other creditors
10,652
17,706
93,174
121,495
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
5,625
The hire purchase agreement included within other creditors in notes 5 and 6 is secured over the asset.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
26,780
26,780
ARCHITECTUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
9
Events after the reporting date
Since the balance sheet date dividends totalling £76,750 have been voted and paid.
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Dividends totalling £62,000 (2017 - £80,750) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr J W Rippon -
2.50
-
43,047
43,047
-
43,047
43,047