Company Registration No. 02037574 (England and Wales)
A D FOX ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
A D FOX ASSOCIATES LTD
COMPANY INFORMATION
Directors
Mr. C Roscoe
D Roscoe
Company number
02037574
Registered office
Sherratt Court
Beaumont Road
Church Stretton
Shropshire
SY6 6BN
Accountants
James Holyoak & Parker Limited
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
Shropshire
UK
SY1 3GA
A D FOX ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
A D FOX ASSOCIATES LTD
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
1,414
Current assets
Debtors
3
3,907
8,329
Cash at bank and in hand
1,531
2,589
5,438
10,918
Creditors: amounts falling due within one year
4
(7,492)
(10,511)
Net current (liabilities)/assets
(2,054)
407
Total assets less current liabilities
(2,054)
1,821
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
(2,056)
1,819
Total equity
(2,054)
1,821
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 12 May 2017 and are signed on its behalf by:
Mr. C Roscoe
Director
Company Registration No. 02037574
A D FOX ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
A D Fox Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Sherratt Court, Beaumont Road, Church Stretton, Shropshire, SY6 6BN.
The company ceased trading on 31 March 2017, and will be dissolved in the foreseeable future.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017 are the first financial statements of A D Fox Associates Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates., and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
over 4 to 6 years
Fixtures, fittings & equipment
over 4 to 6 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
A D FOX ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2016 and 31 March 2017
380
31,138
31,518
Depreciation and impairment
At 1 April 2016
380
29,724
30,104
Depreciation charged in the year
-
1,414
1,414
At 31 March 2017
380
31,138
31,518
Carrying amount
At 31 March 2017
-
-
-
At 31 March 2016
-
1,414
1,414
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
610
1,030
Corporation tax recoverable
877
262
Other debtors
2,420
7,037
3,907
8,329
A D FOX ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
10
3,059
Other taxation and social security
544
-
Other creditors
6,938
7,452
7,492
10,511
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
6
Directors' transactions
Dividends totalling £0 (2016 - £8,000) were paid in the year in respect of shares held by the company's directors.