TALBOT_AND_MUIR_LIMITED - Accounts

TALBOT AND MUIR LIMITED - Company Information

Print Friendly Version

Company Registration No. 02869547 (England and Wales)

TALBOT AND MUIR LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

TALBOT AND MUIR LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 6

TALBOT AND MUIR LIMITED

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 2015

- 1 -

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 2015 which comprise 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/regulations.

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 its 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.

Clear & Lane Limited

Chartered Accountants

340 Melton Road

Leicester

LE4 7SL

26 April 2016

TALBOT AND MUIR LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 2 -

2015

2014

Notes

Fixed assets

Intangible assets

119,556

199,260

Tangible assets

29,418

29,121

Investments

7,295

156,269

235,676

Current assets

Debtors

655,027

580,874

Cash at bank and in hand

1,072,336

732,229

1,727,363

1,313,103

Creditors: amounts falling due within one year

(354,772)

(419,727)

Net current assets

1,372,591

893,376

Total assets less current liabilities

1,528,860

1,129,052

Provisions for liabilities

(5,200)

(5,000)

1,523,660

1,124,052

Capital and reserves

Called up share capital

1,000

Share premium account

24,850

Profit and loss account

1,497,810

1,098,202

Shareholders' funds

1,523,660

1,124,052

TALBOT AND MUIR LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2015

- 3 -

For the financial year ended 31 December 2015 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 25 April 2016

Mr J B Talbot

Mr G M Muir

Director

Company Registration No. 02869547

TALBOT AND MUIR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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

Turnover represents amounts receivable for services net of VAT and trade discounts.

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

Goodwill is being amortised over it's estimated useful economic life of three years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Office equipment

20% straight line

Fixtures & fittings

25% straight line

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.

TALBOT AND MUIR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 5 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 January 2015

262,109

105,819

7,295

375,223

Additions

11,284

Disposals

(18,381)

At 31 December 2015

262,109

98,722

7,295

368,126

Depreciation

At 1 January 2015

62,849

76,697

139,546

On disposals

(18,381)

Charge for the year

79,704

10,988

90,692

At 31 December 2015

142,553

69,304

211,857

Net book value

At 31 December 2015

119,556

29,418

7,295

156,269

At 31 December 2014

199,260

29,121

7,295

235,676

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

SAM Trustees Limited

Great Britain

Ordinary

100.00

The Oval Trustees Limited

Great Britain

Ordinary

100.00

The Ward Mitchell Trustees Limited

Great Britain

Ordinary

100.00

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

2015

Principal activity

SAM Trustees Limited

Dormant company

100

The Oval Trustees Limited

Dormant company

100

The Ward Mitchell Trustees Limited

Provision of pensioner trustee services to corporate clients

11,691

TALBOT AND MUIR LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 6 -

Share capital

2015

2014

Allotted, called up and fully paid

800 Ordinary 'A' shares of £1 each

800

200 Ordinary 'B' shares of £1 each

200

1,000

The holders of 'B' shares are not entitled to receive notice of, or attend and vote at any General Meeting of the company.

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr G M Muir - Directors current account

3,975

Mr J B Talbot - Directors current account

3,975

Mr D Bonneywell - Directors current account

1,402

9,352

Other transactions

During the year the company paid rent of £55,000 (2014 - £55,000) to SIPPs for business premises of which J B Talbot, G M Muir, D Bonneywell and their spouses are beneficiaries.