Professional Financial Centre (East Midlands) Limited - Period Ending 2017-04-30

Professional Financial Centre (East Midlands) Limited - Period Ending 2017-04-30


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Registration number: 06674780

Professional Financial Centre (East Midlands) Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2017

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

Professional Financial Centre (East Midlands) Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 12

 

Professional Financial Centre (East Midlands) Limited

Company Information



 

Directors

Registered office

2 Cheapside
Derby
Derbyshire
DE1 1BR

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

Accountants' Report to the Board of Directors on the Preparation of the Statutory Accounts of
Professional Financial Centre (East Midlands) Limited
for the Year Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Professional Financial Centre (East Midlands) Limited for the year ended 30 April 2017 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Professional Financial Centre (East Midlands) 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 Professional Financial Centre (East Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Professional Financial Centre (East Midlands) Limited.

It is your duty to ensure that Professional Financial Centre (East Midlands) 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 Professional Financial Centre (East Midlands) Limited. You consider that Professional Financial Centre (East Midlands) 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 Professional Financial Centre (East Midlands) 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.

......................................

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

19 May 2017

 

Professional Financial Centre (East Midlands) Limited

Statement of Comprehensive Income for the Year Ended 30 April 2017

Note

2017
£

2016
£

Profit for the year

 

159,234

204,877

Total comprehensive income for the year

 

159,234

204,877

 

Professional Financial Centre (East Midlands) Limited

(Registration number: 06674780)
Balance Sheet as at 30 April 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

4,202

4,550

Tangible assets

5

3,706

3,798

 

7,908

8,348

Current assets

 

Stocks

6

10,698

40,984

Debtors

7

15,463

8,461

Cash at bank and in hand

 

163,429

127,926

 

189,590

177,371

Creditors: Amounts falling due within one year

8

(49,056)

(79,919)

Net current assets

 

140,534

97,452

Total assets less current liabilities

 

148,442

105,800

Provisions for liabilities

(704)

(760)

Net assets

 

147,738

105,040

Capital and reserves

 

Called up share capital

4,517

5,742

Capital redemption reserve

(610,443)

(495,132)

Profit and loss account

753,664

594,430

Total equity

 

147,738

105,040

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Professional Financial Centre (East Midlands) Limited

(Registration number: 06674780)
Balance Sheet as at 30 April 2017

Approved and authorised by the Board on 19 May 2017 and signed on its behalf by:
 

.........................................

Mr Richard Shanks

Director

 

Professional Financial Centre (East Midlands) Limited

Statement of Changes in Equity for the Year Ended 30 April 2017

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 May 2016

5,742

(495,132)

594,430

105,040

Profit for the year

-

-

159,234

159,234

Total comprehensive income

-

-

159,234

159,234

Purchase of own share capital

(1,225)

-

-

(1,225)

Other capital redemption reserve movements

-

(115,311)

-

(115,311)

At 30 April 2017

4,517

(610,443)

753,664

147,738

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 May 2015

5,742

(495,132)

389,553

(99,837)

Profit for the year

-

-

204,877

204,877

Total comprehensive income

-

-

204,877

204,877

At 30 April 2016

5,742

(495,132)

594,430

105,040

 

Professional Financial Centre (East Midlands) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

1

General information

The company is a private company limited by share capital incorporated in Other.

The address of its registered office is:
2 Cheapside
Derby
Derbyshire
DE1 1BR
England

The principal place of business is:
Wesley House
St Michaels Lane
Derby
Derbyshire
DE1 3DW

These financial statements were authorised for issue by the Board on 19 May 2017.

2

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.

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

33% RB

 

Professional Financial Centre (East Midlands) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

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 Years

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

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.

 

Professional Financial Centre (East Midlands) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2016

7,000

7,000

At 30 April 2017

7,000

7,000

Amortisation

At 1 May 2016

2,450

2,450

Amortisation charge

348

348

At 30 April 2017

2,798

2,798

Carrying amount

At 30 April 2017

4,202

4,202

At 30 April 2016

4,550

4,550

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

Professional Financial Centre (East Midlands) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2016

19,200

19,200

Additions

1,542

1,542

At 30 April 2017

20,742

20,742

Depreciation

At 1 May 2016

15,402

15,402

Charge for the year

1,634

1,634

At 30 April 2017

17,036

17,036

Carrying amount

At 30 April 2017

3,706

3,706

At 30 April 2016

3,798

3,798

6

Stocks

2017
£

2016
£

Work in progress

10,698

40,984

7

Debtors

2017
£

2016
£

Trade debtors

7,100

6,498

Other debtors

8,363

1,963

Total current trade and other debtors

15,463

8,461

8

Creditors

 

Professional Financial Centre (East Midlands) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

2,320

4,604

Taxation and social security

 

4,565

3,139

Other creditors

 

42,171

72,176

 

49,056

79,919

9

Transition to FRS 102

Balance Sheet at 1 May 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Intangible assets

 

4,900

-

-

4,900

Tangible assets

 

5,669

-

-

5,669

 

10,569

-

-

10,569

Current assets

 

Stocks

 

42,018

-

-

42,018

Debtors

 

7,313

-

-

7,313

Cash at bank and in hand

 

376,538

-

-

376,538

 

425,869

-

-

425,869

Creditors: Amounts falling due within one year

 

(34,749)

-

-

(34,749)

Net current assets

 

391,120

-

-

391,120

Total assets less current liabilities

 

401,689

-

-

401,689

Provisions for liabilities

 

(1,134)

-

-

(1,134)

Net assets

 

400,555

-

-

400,555

Capital and reserves

 

Called up share capital

 

(11,002)

-

-

(11,002)

Profit and loss account

 

(389,553)

-

-

(389,553)

Total equity

 

(400,555)

-

-

(400,555)

 

Professional Financial Centre (East Midlands) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Balance Sheet at 30 April 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Intangible assets

 

4,550

-

-

4,550

Tangible assets

 

3,798

-

-

3,798

 

8,348

-

-

8,348

Current assets

 

Stocks

 

40,984

-

-

40,984

Debtors

 

9,799

-

-

9,799

Cash at bank and in hand

 

127,926

-

-

127,926

 

178,709

-

-

178,709

Creditors: Amounts falling due within one year

 

(81,257)

-

-

(81,257)

Net current assets

 

97,452

-

-

97,452

Total assets less current liabilities

 

105,800

-

-

105,800

Provisions for liabilities

 

(760)

-

-

(760)

Net assets

 

105,040

-

-

105,040

Capital and reserves

 

Called up share capital

 

(5,742)

-

-

(5,742)

Capital redemption reserve

 

495,132

-

-

495,132

Profit and loss account

 

(594,430)

-

-

(594,430)

Total equity

 

(105,040)

-

-

(105,040)