Daniel Foster Limited - Period Ending 2016-12-31
Daniel Foster Limited - Period Ending 2016-12-31
Registration number:
Daniel Foster Limited
for the Year Ended 31 December 2016
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF
Daniel Foster Limited
Contents
Company Information |
|
Director's Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Daniel Foster Limited
Company Information
Director |
Mr D P Foster |
Registered office |
|
Bankers |
|
Accountants |
|
Page 1 |
Daniel Foster Limited
Director's Report for the Year Ended 31 December 2016
The director presents his report and the financial statements for the year ended 31 December 2016.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is that of hire pressure testing
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr D P Foster
Director
Page 2 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Daniel Foster Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Daniel Foster Limited for the year ended 31 December 2016 as set out on pages 4 to 17 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Daniel Foster Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Daniel Foster Limited and state those matters that we have agreed to state to the Board of Directors of Daniel Foster Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Daniel Foster Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Daniel Foster Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Daniel Foster Limited. You consider that Daniel Foster 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 accounts of Daniel Foster 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 accounts.
......................................
Fulwood
Preston
Lancashire
PR2 3LF
Page 3 |
Daniel Foster Limited
Profit and Loss Account for the Year Ended 31 December 2016
Note |
Total |
Total |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
- |
|
54 |
- |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Daniel Foster Limited
Statement of Comprehensive Income for the Year Ended 31 December 2016
Note |
2016 |
2015 |
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
Page 5 |
Daniel Foster Limited
(Registration number: 09241829)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
- |
|
|
|
||
Current assets |
|||
Debtors |
- |
|
|
Cash at bank and in hand |
|
- |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 6 |
Daniel Foster Limited
(Registration number: 09241829)
Balance Sheet as at 31 December 2016
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr D P Foster
Director
Page 7 |
Daniel Foster Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
|
At 1 January 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2016 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 31 December 2015 |
|
|
|
Page 8 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
52 Ullswater Crescent
Newton
Chester
Cheshire
CH2 2PW
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 9 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% on written down value |
Computer equipment |
33.3% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 10 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 11 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Profit before tax |
Arrived at after charging/(crediting)
2016 |
2015 |
|
Depreciation expense |
|
- |
Amortisation expense |
|
|
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 January 2016 |
|
|
At 31 December 2016 |
|
|
Amortisation |
||
At 1 January 2016 |
|
|
Amortisation charge |
|
|
At 31 December 2016 |
|
|
Carrying amount |
||
At 31 December 2016 |
|
|
At 31 December 2015 |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
Page 12 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 December 2016 |
|
|
Depreciation |
||
Charge for the period |
|
|
At 31 December 2016 |
|
|
Carrying amount |
||
At 31 December 2016 |
|
|
Debtors |
2016 |
2015 |
|
Other debtors |
- |
|
Total current trade and other debtors |
- |
|
Creditors |
Note |
2016 |
2015 |
|
Due within one year |
|||
Bank loans and overdrafts |
- |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Loans and borrowings |
2016 |
2015 |
|
Current loans and borrowings |
||
Bank overdrafts |
- |
|
Page 13 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Dividends |
The director is proposing a final dividend of £Nil (2015 - £Nil) per share totalling £Nil (2015 - £Nil). This dividend has not been accrued in the Balance Sheet.
Interim dividends paid
2016 |
2015 |
|
Interim dividend of £ |
|
|
Related party transactions |
Transactions with directors |
2016 |
At 1 January 2016 |
Advances to directors |
Repayments by director |
At 31 December 2016 |
Mr D P Foster |
||||
Director's loan account |
(979) |
( |
|
( |
Dividends |
- |
- |
|
|
(979) |
(32,967) |
46,006 |
12,060 |
|
2015 |
Advances to directors |
Repayments by director |
At 31 December 2015 |
Mr D P Foster |
|||
Director's loan account |
( |
|
( |
Dividends |
- |
|
|
(31,009) |
30,030 |
(979) |
|
Directors' remuneration
The director's remuneration for the year was as follows:
2016 |
2015 |
|
Remuneration |
|
|
In respect of the highest paid director:
2016 |
2015 |
|
Remuneration |
|
|
Page 14 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Transition to FRS 102 |
Balance Sheet at 30 September 2014
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
|||||
Total equity |
- |
- |
- |
- |
Page 15 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Balance Sheet at 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Intangible assets |
4,500 |
- |
- |
4,500 |
|
Current assets |
|||||
Debtors |
979 |
- |
- |
979 |
|
Creditors: Amounts falling due within one year |
(4,827) |
- |
- |
(4,827) |
|
Net current liabilities |
(3,848) |
- |
- |
(3,848) |
|
Net assets |
652 |
- |
- |
652 |
|
Capital and reserves |
|||||
Called up share capital |
(100) |
- |
- |
(100) |
|
Profit and loss account |
(552) |
- |
- |
(552) |
|
Total equity |
(652) |
- |
- |
(652) |
Page 16 |
Daniel Foster Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Profit and Loss Account for the period from 30 September 2014 to 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
40,900 |
- |
- |
40,900 |
|
Administrative expenses |
(28,040) |
- |
- |
(28,040) |
|
Other operating income |
384 |
- |
- |
384 |
|
Operating profit |
13,244 |
- |
- |
13,244 |
|
Profit before tax |
13,244 |
- |
- |
13,244 |
|
Taxation |
(2,692) |
- |
- |
(2,692) |
|
Profit for the financial year |
10,552 |
- |
- |
10,552 |
Page 17 |
Daniel Foster Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
2016 |
2015 |
|
Turnover (analysed below) |
54,593 |
40,900 |
Gross profit (%) |
100% |
100% |
Administrative expenses |
||
Employment costs (analysed below) |
(9,038) |
(13,592) |
Establishment costs (analysed below) |
(6,486) |
(3,478) |
General administrative expenses (analysed below) |
(13,306) |
(9,301) |
Finance charges (analysed below) |
(96) |
(169) |
Depreciation costs (analysed below) |
(1,341) |
(1,500) |
(30,267) |
(28,040) |
|
Other operating income (analysed below) |
88 |
384 |
Operating profit |
24,414 |
13,244 |
Other interest receivable and similar income (analysed below) |
58 |
- |
Interest payable and similar expenses (analysed below) |
(4) |
- |
54 |
- |
|
Profit before tax |
24,468 |
13,244 |
Page 18 |
Daniel Foster Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
2016 |
2015 |
Turnover |
||
Income |
54,593 |
40,900 |
Employment costs |
||
Directors remuneration |
(8,698) |
(12,998) |
Director's national insurance |
(88) |
(384) |
Staff training |
(252) |
(210) |
(9,038) |
(13,592) |
Establishment costs |
||
Rent |
(2,800) |
(2,800) |
Insurance |
(623) |
(678) |
Repairs and maintenance |
(3,063) |
- |
(6,486) |
(3,478) |
General administrative expenses |
||
Telephone and internet |
(211) |
(1,794) |
Computer software and maintenance costs |
(150) |
(149) |
Printing, postage and stationery |
(70) |
(65) |
Sundry expenses |
(790) |
(74) |
Motor and travelling |
(10,915) |
(4,505) |
Accountancy fees |
(1,170) |
(1,941) |
Legal and professional fees |
- |
(773) |
(13,306) |
(9,301) |
Finance charges |
||
Bank charges |
(96) |
(169) |
Depreciation costs |
||
Amortisation of goodwill |
(1,200) |
(1,500) |
Depreciation of office equipment (owned) |
(141) |
- |
(1,341) |
(1,500) |
Other operating income |
||
Other operating income |
88 |
384 |
Other interest receivable and similar income |
||
Bank interest receivable |
58 |
- |
Interest payable and similar expenses |
||
Other interest payable |
4 |
- |
Page 19 |