Obsidian Financial Limited - Abbreviated accounts 16.3

OBSIDIAN FINANCIAL LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2016

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:

Obsidian House

Hints Road

Mile Oak

Tamworth

B78 3PQ

REGISTERED NUMBER:

06925501 (England and Wales)

ACCOUNTANTS:

four fifty partnership

Chartered Accountants

34 Boulevard

Weston-super-Mare

Somerset

BS23 1NF

FIXED ASSETS

Tangible assets

2

22,823

7,000

CURRENT ASSETS

Debtors

3

65,667

98,909

Cash at bank

174,157

176,868

239,824

275,777

CREDITORS

Amounts falling due within one year

118,874

140,673

NET CURRENT ASSETS

120,950

135,104

TOTAL ASSETS LESS CURRENT LIABILITIES

143,773

142,104

PROVISIONS FOR LIABILITIES

3,139

1,426

NET ASSETS

140,634

140,678

CAPITAL AND RESERVES

Called up share capital

4

62,740

62,700

Share premium

9,140

9,180

Profit and loss account

68,754

68,798

SHAREHOLDERS' FUNDS

140,634

140,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 30 March 2017 and were signed on its behalf by:

C M Saffer - 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

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.

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.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

23,466

Additions

22,518

At 30 June 2016

45,984

DEPRECIATION

At 1 July 2015

16,466

Charge for year

6,695

At 30 June 2016

23,161

NET BOOK VALUE

At 30 June 2016

22,823

At 30 June 2015

7,000

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 0 (2015 - £ 12,000 )

4.	CALLED UP SHARE CAPITAL