TALBOT_AND_MUIR_LIMITED - Accounts
TALBOT_AND_MUIR_LIMITED - Accounts
Company Registration No. 02869547 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TALBOT AND MUIR LIMITED FOR THE YEAR ENDED 31 DECEMBER 2014
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Talbot and Muir Limited for the year ended 31 December 2014 which comprise the Profit and Loss Account, 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Talbot and Muir Limited, as a body, in accordance with the terms of our engagement letter dated 6 March 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Talbot and Muir Limited and state those matters that we have agreed to state to the Board of Directors of Talbot and Muir Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Talbot and Muir Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Talbot and Muir 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 Talbot and Muir Limited. You consider that Talbot and Muir 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 Talbot and Muir 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.
Chartered Accountants
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ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
Tangible assets
2
Investments
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(419,727 )
(157,540 )
Net current assets
Total assets less current liabilities
Provisions for liabilities
(5,000 )
(5,000 )
Capital and reserves
Called up share capital
3
Share premium account
Profit and loss account
Shareholders' funds
- 2 -
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2014
Directors' responsibilities:
-
-
Approved by the Board for issue on 23 March 2015
Director
Director
Company Registration No. 02869547
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Time related fees are accounted for in the year to which they relate. Other fees are recognised on invoices
which are raised on completion of the work. Commissions are recognised on an accruals basis. Management charges are recognised on a monthly basis.
1.4
Goodwill
1.5
Tangible fixed assets and depreciation
Office equipment
Fixtures & fittings
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Deferred taxation is recognised in respect of all material timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
- 4 -
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 January 2014
1
134,186
Additions
7,294
262,946
Disposals
-
(21,911 )
-
(21,911)
At 31 December 2014
7,295
375,221
Depreciation
At 1 January 2014
-
106,201
On disposals
-
(21,911 )
-
(21,911)
Charge for the year
-
55,255
At 31 December 2014
-
139,545
Net book value
At 31 December 2014
235,676
At 31 December 2013
-
27,985
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Ordinary
Ordinary
Ordinary
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2014
2014
Principal activity
£
£
100
-
100
-
11,691
5,234
- 5 -
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
The holders of 'B' shares are not entitled to receive notice of, or attend and vote at any General Meeting of the company.
4
Related party relationships and transactions
Other transactions
During the year the company paid rent of £55,000 (2013 - £55,000) to SIPPs for business premises of which J. B. Talbot, G. M. Muir, D. Bonneywell and their spouses are beneficiaries.
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