Cockburn Lucas IFC Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03365186 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2016

for

Cockburn Lucas Independent

Financial Consulting Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

M J Horseman

W S A Shaw

REGISTERED OFFICE:

Holland House

45 Loughborough Road

West Bridgford

Nottingham

Nottinghamshire

NG2 7LA

REGISTERED NUMBER:

03365186 (England and Wales)

ACCOUNTANTS:

Taylor Dawson Plumb Limited

Chartered Accountants

22 Regent Street

Nottingham

NG1 5BQ

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to

seven) 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 Cockburn Lucas Independent Financial Consulting Limited for the year ended 31 May 2016

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 (ICAEW), 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 Cockburn Lucas Independent Financial Consulting Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cockburn Lucas Independent Financial Consulting Limited and state those matters that we have agreed to state to the Board of Directors of Cockburn Lucas Independent Financial Consulting 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cockburn Lucas Independent Financial Consulting 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 Cockburn Lucas Independent Financial Consulting Limited. You consider that Cockburn Lucas Independent Financial Consulting 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 Cockburn Lucas Independent Financial Consulting 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.

Taylor Dawson Plumb Limited

Chartered Accountants

22 Regent Street

Nottingham

NG1 5BQ

11 August 2016

FIXED ASSETS

Intangible assets

2

4,997

6,246

Tangible assets

3

11,574

14,456

16,571

20,702

CURRENT ASSETS

Debtors

48,615

29,506

Investments

82,815

100,229

Cash at bank

46,140

86,019

177,570

215,754

CREDITORS

Amounts falling due within one year

77,223

97,373

NET CURRENT ASSETS

100,347

118,381

TOTAL ASSETS LESS CURRENT
LIABILITIES

116,918

139,083

PROVISIONS FOR LIABILITIES

1,885

2,367

NET ASSETS

115,033

136,716

CAPITAL AND RESERVES

Called up share capital

4

1,200

Share premium

24,450

Capital redemption reserve

97

Profit and loss account

89,286

110,969

SHAREHOLDERS' FUNDS

115,033

136,716

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 11 August 2016 and were signed on its behalf by:

M J Horseman - Director

W S A Shaw - 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 January 2015).

Turnover

Turnover represents fees receivable during the period. Fees are considered receivable when premiums become

payable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

At 31 May 2016 the estimated useful life of goodwill was reviewed by the directors and it

was considered that the goodwill with a carrying value of £6,246 at 31 May 2015 had a remaining useful life of 5

years.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

9,607

AMORTISATION

At 1 June 2015

3,361

Amortisation for year

1,249

At 31 May 2016

4,610

NET BOOK VALUE

At 31 May 2016

4,997

At 31 May 2015

6,246

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

72,818

Additions

973

At 31 May 2016

73,791

DEPRECIATION

At 1 June 2015

58,362

Charge for year

3,855

At 31 May 2016

62,217

NET BOOK VALUE

At 31 May 2016

11,574

At 31 May 2015

14,456

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,200

Ordinary

£1

1,200

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2016 and

31 May 2015:

2016

2015

£

M J Horseman

Balance outstanding at start of year

(916

)

7,470

Amounts advanced

64,507

23,265

Amounts repaid

(54,817

)

(31,651

)

Balance outstanding at end of year

8,774

(916

)

A Shaw

Balance outstanding at start of year

(25,391

)

(19,584

)

Amounts advanced

56,819

23,400

Amounts repaid

(48,283

)

(29,207

)

Balance outstanding at end of year

(16,855

)

(25,391

)

For the avoidance of doubt, as at 31 May 2016, MJ Horseman owed £8,774 (2015: was owed £916) to the

company and WSA Shaw was owed £16,855 (2015: £25,391) by the company.