Browns Estate Agency Limited - Accounts to registrar - small 17.1.1
Browns Estate Agency Limited - Accounts to registrar - small 17.1.1
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2016 |
for |
Browns Estate Agency Limited |
Browns Estate Agency Limited (Registered number: 03681684) |
Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Browns Estate Agency Limited |
Company Information |
for the Year Ended 31 December 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
140 Coniscliffe Road |
DARLINGTON |
Co Durham |
DL3 7RT |
Browns Estate Agency Limited (Registered number: 03681684) |
Balance Sheet |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors on |
Browns Estate Agency Limited (Registered number: 03681684) |
Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
1. | STATUTORY INFORMATION |
Browns Estate Agency Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
There were no material departures from that standard. |
These financial statements for the year ended 31 December 2016 are the first financial statements that comply |
with FRS 102 Section 1A small entities. The date of transition is 1 January 2015. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year, and also have been consistently applied within the same |
accounts. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Income Recognition |
Income is recognised when a contract for the sale of goods or services is recognised as unconditional. |
Tangible fixed assets |
Freehold property | - |
Office equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
Browns Estate Agency Limited (Registered number: 03681684) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate. |
Grants receivable |
Revenue based grants are credited to the profit and loss account in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Office | and | Computer |
property | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
Additions |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
Browns Estate Agency Limited (Registered number: 03681684) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Taxation and social security |
Other creditors |
Directors' current accounts | 17,112 | 12,941 |
Accruals and deferred income |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
£ | £ |
Within one year |
Between one and five years |
8. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax | 2,490 | 2,781 |
Deferred |
tax |
£ |
Balance at 1 January 2016 |
Accelerated capital | (291 | ) |
allowances |
Balance at 31 December 2016 |
Browns Estate Agency Limited (Registered number: 03681684) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 | 800 | 800 |
'A' Ordinary Non-Voting | £1 | 200 | 200 |
1,000 | 1,000 |
The Ordinary and 'A' Ordinary Non-Voting shares shall constitute different classes of shares for the purposes of |
the Companies Act 2006 but shall, save as otherwise provided for, confer upon the holders thereof the same |
rights and rank pari passu in all respects except that the directors shall be entitled to pay such different dividend |
of the shares Ordinary and 'A' Ordinary Non-Voting shares as they shall from time to time decide. |
10. | RELATED PARTY DISCLOSURES |
The amount owed to directors for the year ended 31 December 2016 was £17,112 (2015: £12,941). |
11. | FIRST YEAR ADOPTION |
The company has adopted FRS 102 Section 1A for the period ended 31 December 2016. No adjustments were |
required upon transition. |