Company Registration No. 07798797 (England and Wales)
STUART CHAMBERS & ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
STUART CHAMBERS & ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STUART CHAMBERS & ASSOCIATES LTD
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
-
10,500
Tangible assets
4
-
878
Current assets
Debtors
5
11,076
27,473
Cash at bank and in hand
474
653
11,550
28,126
Creditors: amounts falling due within one year
6
(6,054)
(13,942)
Net current assets
5,496
14,184
Total assets less current liabilities
5,496
25,562
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
5,296
25,362
Total equity
5,496
25,562
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 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
The financial statements were approved by the board of directors and authorised for issue on 1 January 2018 and are signed on its behalf by:
Mr S H Chambers
Director
Company Registration No. 07798797
STUART CHAMBERS & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 2 -
1
Accounting policies
Company information
Stuart Chambers & Associates Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Michael House, Castle Street, Exeter, Devon, EX4 3LQ.
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
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of five years.
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:
Computer equipment
33% 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
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
STUART CHAMBERS & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 3 -
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2016 and 30 April 2017
21,000
Amortisation and impairment
At 1 May 2016
10,500
Amortisation charged for the year
10,500
At 30 April 2017
21,000
Carrying amount
At 30 April 2017
-
At 30 April 2016
10,500
STUART CHAMBERS & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2016
987
Disposals
(987)
At 30 April 2017
-
Depreciation and impairment
At 1 May 2016
109
Depreciation charged in the year
326
Eliminated in respect of disposals
(435)
At 30 April 2017
-
Carrying amount
At 30 April 2017
-
At 30 April 2016
878
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
8,063
Other debtors
11,076
19,410
11,076
27,473
6
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
4,554
6,330
Other taxation and social security
-
1,877
Other creditors
1,500
5,735
6,054
13,942
STUART CHAMBERS & ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 5 -
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
85 Ordinary A shares of £1 each
85
85
85 Ordinary B shares of £1 each
85
85
30 Ordinary C shares of £1 each
30
30
200
200
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
3.00
19,410
32,957
831
(42,122)
11,076
19,410
32,957
831
(42,122)
11,076
The aforementioned advances are unsecured and repayable on demand.