Obsidian Financial Limited - Limited company - abbreviated - 11.0.0

OBSIDIAN FINANCIAL LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

G Clarke

C M Saffer

R H P Rennison

SECRETARY:

C M Saffer

REGISTERED OFFICE:

45 Ealing Road

Wembley

Middlesex

HA0 4BA

REGISTERED NUMBER:

06925501 (England and Wales)

ACCOUNTANTS:

four fifty partnership

Chartered Accountants

34 Boulevard

Weston-super-Mare

North Somerset

BS23 1NF

FIXED ASSETS

Tangible assets

2

2,657

2,616

CURRENT ASSETS

Debtors

3

237,721

276,919

Cash at bank

92,904

29,819

330,625

306,738

CREDITORS

Amounts falling due within one year

188,155

175,733

NET CURRENT ASSETS

142,470

131,005

TOTAL ASSETS LESS CURRENT LIABILITIES

145,127

133,621

PROVISIONS FOR LIABILITIES

558

-

NET ASSETS

144,569

133,621

CAPITAL AND RESERVES

Called up share capital

4

62,380

62,380

Share premium

-

383,120

Profit and loss account

82,189

(311,879

)

SHAREHOLDERS' FUNDS

144,569

133,621

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 3 October 2014 and were signed on its behalf by:

C M Saffer - Director

G Clarke - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents initial renewal income earned during

the year, from third parties exclusive of Value Added Tax. Initial income is accounted for when the

policy is issued by the product provider after taking into account provisions for the potential

cancellation of policies. Renewal income is accounted for when received. Fee income is accounted

for exclusive of Value Added Tax when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Computer equipment

-

Straight line over 3 years

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

14,955

Additions

1,426

At 30 June 2014

16,381

DEPRECIATION

At 1 July 2013

12,339

Charge for year

1,385

At 30 June 2014

13,724

NET BOOK VALUE

At 30 June 2014

2,657

At 30 June 2013

2,616

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 60,000 (2013 - £ 108,000 )

4.	CALLED UP SHARE CAPITAL

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2014 and

30 June 2013:

2014

2013

£

£

G Clarke

Balance outstanding at start of year

700

-

Amounts advanced

-

700

Amounts repaid

(700

)

-

Balance outstanding at end of year

-

700

The loan was interest free and repaid by 31 March 2014.