ACHILLES ACCOUNTANCY LTD
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Registered number: |
03991646
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Director's Report |
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The director presents his report and accounts for the year ended 30 September 2016. |
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Principal activities |
The company's principal activity during the year continued to be the provision of accountancy services and assisting start up businesses.
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Directors |
The following persons served as directors during the year: |
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S.A.M. Corcoran
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Political and charitable donations |
The company made a donation of £500 to the Congleton Constituency Labour Party to assist with their REMAIN campaign in the EU Referendum. |
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Tax policy |
The company does not use or advocate the use of tax havens or aggressive artificial or abusive tax avoidance schemes. The company is not registered for VAT. |
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Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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This report was approved by the board on 1 March 2017 and signed on its behalf. |
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S.A.M. Corcoran |
Director |
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ACHILLES ACCOUNTANCY LTD
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Notes to the Accounts |
for the year ended 30 September 2016
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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Pensions |
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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2 |
Operating profit |
2016 |
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2015 |
£ |
£ |
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This is stated after charging: |
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Director's remuneration |
8,060 |
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7,800 |
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Pension costs |
19,060 |
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7,800 |
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Number of directors to whom benefits accrued under money purchase pension schemes |
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1 |
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1 |
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3 |
Taxation |
2016 |
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2015 |
£ |
£ |
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UK corporation tax |
8,579 |
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9,371 |
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Headline tax rate |
20.0% |
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20.0% |
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Effective tax rate |
20.2% |
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20.0% |
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The effective tax rate is higher than the actual tax rate in 2016 due to £500 non-tax deductible |
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donation to Congleton Constituency Labour Party to assist with their REMAIN campaign |
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in the EU Referendum. |
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4 |
Debtors |
2016 |
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2015 |
£ |
£ |
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Trade debtors |
14,513 |
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30,422 |
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Other debtors |
148,468 |
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123,655 |
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162,981 |
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154,077 |
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5 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
£ |
£ |
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Corporation tax |
8,579 |
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9,371 |
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Other taxes and social security costs |
- |
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3,423 |
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Other creditors |
51,872 |
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43,330 |
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60,451 |
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56,124 |
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6 |
Share capital |
Nominal |
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2016 |
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2016 |
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2015 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares
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£1 each |
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10 |
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10 |
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10 |
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7 |
Profit and loss account |
2016 |
£ |
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At 1 October 2015 |
291,985 |
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Profit for the year |
33,815 |
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Dividends |
(30,000) |
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At 30 September 2016 |
295,800 |
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8 |
Dividends |
2016 |
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2015 |
£ |
£ |
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Dividends for which the company became liable during the year: |
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Dividends paid |
30,000 |
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40,000 |
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9 |
Related party transactions |
2016 |
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2015 |
£ |
£ |
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Helen Corcoran Ltd
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S.A.M. Corcoran is a director of Helen Corcoran Ltd.
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During 2009 the company made a loan of £37,448 to Helen Corcoran Ltd. This transaction was made at a time of great uncertainty in the banking market. These monies were aggregated with monies already held by Helen Corcoran Ltd and invested in a term bank deposit to gain a higher rate of interest and greater capital security. During the year the company loaned a further £208 (2015 £116) to Helen Corcoran Ltd.
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Amount due from the related party |
39,360 |
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39,152 |
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10 |
Ultimate controlling party |
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The company is controlled by S.A.M. Corcoran by virtue of his 90% shareholding.
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