evirtualFD (Birmingham) Ltd - Period Ending 2019-03-31
evirtualFD (Birmingham) Ltd - Period Ending 2019-03-31
Registration number:
evirtualFD (Birmingham) Ltd
trading as
for the Year Ended 31 March 2019
Office 36
Bridge House
Riverside North
Bewdley
Worcestershire
DY12 1AB
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Company Information
Director |
Mr L Turner |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
evirtualFD (Birmingham) Ltd
trading as evirtualFD
for the Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of evirtualFD (Birmingham) Ltd for the year ended 31 March 2019 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that evirtualFD (Birmingham) 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 evirtualFD (Birmingham) Ltd. You consider that evirtualFD (Birmingham) 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 evirtualFD (Birmingham) 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.
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Bridge House
Riverside North
Bewdley
Worcestershire
DY12 1AB
Page 2 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
(Registration number: 08032239)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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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 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
Page 3 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
(Registration number: 08032239)
Balance Sheet as at 31 March 2019
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
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Page 4 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital incorporated in England. It previously traded under the name of Titanium Accountants Limited before changing it's name in July 2019.
The address of its registered office is:
These financial statements were authorised for issue by the
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 including 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.
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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Page 5 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Notes to the Financial Statements for the Year Ended 31 March 2019
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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 |
10% Straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Page 6 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Notes to the Financial Statements for the Year Ended 31 March 2019
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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 7 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Notes to the Financial Statements for the Year Ended 31 March 2019
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 the director) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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Amortisation charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2018 - £Nil).
Page 8 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Other debtors include amounts due from key management. See related party transaction note below for details.
Page 9 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Notes to the Financial Statements for the Year Ended 31 March 2019
Creditors |
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Other borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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Other borrowings
Loan from Titanium Accountants Executive SSAS with a carrying amount of £16,425 (2018 - £20,000) is denominated in GBP with a nominal interest rate of 5.5%. The final instalment is due on 6 March 2023.
The loan is secured by a floating charge over all assets of the Company.
Page 10 |
evirtualFD (Birmingham) Ltd
trading as evirtualFD
Notes to the Financial Statements for the Year Ended 31 March 2019
Dividends |
2019 |
2018 |
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£ |
£ |
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Interim dividend of £ |
16,663 |
37,324 |
Related party transactions |
Transactions with directors |
Other transactions with directors |
At the year end the Company was owed £11,192 by the Director, These monies had been advanced to enable him to carry out his duties, The loan was granted on an unsecured, interest free basis and is repayable upon demand.
Loans to related parties
2019 |
Key management |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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2018 |
Key management |
Advanced |
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Non adjusting events after the financial period |
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Page 11 |