Barry Fleming and Partners Limited 28/02/2020 iXBRL

Barry Fleming and Partners Limited 28/02/2020 iXBRL

BARRY FLEMING AND PARTNERS (TAX, TRUSTS AND INVESTMENT PLANNING) LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Barry Fleming and Partners Limited have consented to the preparation of the abridged statement of financial position for the current year ending 28 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 04374856
Barry Fleming and Partners Limited
Trading as Barry Fleming and Partners (Tax, Trusts and Investment Planning) Limited
Unaudited abridged financial statements
28 February 2020
Barry Fleming and Partners Limited
Contents
Directors and other information
Directors report
Statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Barry Fleming and Partners Limited
Directors and other information
Directors Mr B A Fleming
Mrs L J Chantrey
J James
Richard Fleming
Robert Fleming
Secretary L J Chantrey
Company number 04374856
Registered office Lower Woodspeen Court
Lambourn Road
Woodspeen
Newbury
RG20 8BL
Business address Lower Woodspeen Court
Lambourn Road
Woodspeen
Newbury
RG20 8PL
Barry Fleming and Partners Limited
Directors report
Year ended 28 February 2020
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2020.
Directors
The directors who served the company during the year were as follows:
Mr B A Fleming
Mrs L J Chantrey
J James
Richard Fleming
Robert Fleming
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 June 2020 and signed on behalf of the board by:
Mrs L J Chantrey
Director
Barry Fleming and Partners Limited
Statement of comprehensive income
Year ended 28 February 2020
2020 2019
Note £ £
Turnover 1,314,347 1,186,298
Administrative expenses ( 1,096,024) ( 1,088,164)
_______ _______
Operating profit 218,323 98,134
_______ _______
Profit before taxation 5 218,323 98,134
Tax on profit ( 44,336) ( 18,645)
_______ _______
Profit for the financial year and total comprehensive income 173,987 79,489
_______ _______
All the activities of the company are from continuing operations.
Barry Fleming and Partners Limited
Abridged statement of financial position
28 February 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 6 6,907 32,002
_______ _______
6,907 32,002
Current assets
Debtors 157,594 151,319
Cash at bank and in hand 406,566 329,787
_______ _______
564,160 481,106
Creditors: amounts falling due
within one year ( 88,676) ( 45,665)
_______ _______
Net current assets 475,484 435,441
_______ _______
Total assets less current liabilities 482,391 467,443
_______ _______
Net assets 482,391 467,443
_______ _______
Capital and reserves
Called up share capital 7,975 8,969
Share premium account - 6,277
Profit and loss account 474,416 452,197
_______ _______
Shareholders funds 482,391 467,443
_______ _______
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 19 June 2020 , and are signed on behalf of the board by:
Mrs L J Chantrey
Director
Company registration number: 04374856
Barry Fleming and Partners Limited
Statement of changes in equity
Year ended 28 February 2020
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 March 2018 8,969 6,277 372,708 387,954
Profit for the year 79,489 79,489
_______ _______ _______ _______
Total comprehensive income for the year - - 79,489 79,489
_______ _______ _______ _______
At 28 February 2019 and 1 March 2019 8,969 6,277 452,197 467,443
Profit for the year 173,987 173,987
_______ _______ _______ _______
Total comprehensive income for the year - - 173,987 173,987
Redemption of shares ( 994) ( 6,277) - ( 7,271)
Adjustment on repurchase of shares - - ( 151,768) ( 151,768)
_______ _______ _______ _______
Total investments by and distributions to owners ( 994) ( 6,277) ( 151,768) ( 159,039)
_______ _______ _______ _______
At 28 February 2020 7,975 - 474,416 482,391
_______ _______ _______ _______
Barry Fleming and Partners Limited
Notes to the financial statements
Year ended 28 February 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Lower Woodspeen Court, Lambourn Road, Woodspeen, Newbury, RG20 8BL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2019: 12 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2020 2019
£ £
Depreciation of tangible assets 8,458 8,830
_______ _______
6. Tangible assets
£
Cost
At 1 March 2019 193,419
Additions 1,527
_______
At 28 February 2020 194,946
_______
Depreciation
At 1 March 2019 179,581
Charge for the year 8,458
_______
At 28 February 2020 188,039
_______
Carrying amount
At 28 February 2020 6,907
_______
At 28 February 2019 13,838
_______