Paul Fletcher Ltd - Period Ending 2017-05-31

Paul Fletcher Ltd - Period Ending 2017-05-31


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Registration number: 07260095

Paul Fletcher Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

 

Paul Fletcher Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Paul Fletcher Ltd

(Registration number: 07260095)
Balance Sheet as at 31 May 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

18,000

24,000

Tangible assets

5

704

939

 

18,704

24,939

Current assets

 

Debtors

6

12,589

1,264

Cash at bank and in hand

 

46,253

34,039

 

58,842

35,303

Creditors: Amounts falling due within one year

7

(39,032)

(7,688)

Net current assets

 

19,810

27,615

Total assets less current liabilities

 

38,514

52,554

Creditors: Amounts falling due after more than one year

7

-

(27,087)

Provisions for liabilities

(134)

(187)

Net assets

 

38,380

25,280

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

38,280

25,180

Total equity

 

38,380

25,280

For the financial year ending 31 May 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.

 

Paul Fletcher Ltd

(Registration number: 07260095)
Balance Sheet as at 31 May 2017

Approved and authorised by the Board on 11 September 2017 and signed on its behalf by:
 

Mr P R Fletcher

Director

 

Paul Fletcher Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

1

General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
The Station House Station Road
Whalley
Clitheroe
Lancashire
BB7 9RT
Great Britain

The principal place of business is:
Sunny Brook
Benson Lane
Catforth
Preston
Lancashire
PR4 0HY
United Kingdom

These financial statements were authorised for issue by the Board on 11 September 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

Furniture Fittings and Equipment

25% reducing balance

 

Paul Fletcher Ltd

Notes to the Financial Statements for the Year Ended 31 May 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

10% straight line

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.

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.

 

Paul Fletcher Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

 

Paul Fletcher Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2016

60,000

60,000

At 31 May 2017

60,000

60,000

Amortisation

At 1 June 2016

36,000

36,000

Amortisation charge

6,000

6,000

At 31 May 2017

42,000

42,000

Carrying amount

At 31 May 2017

18,000

18,000

At 31 May 2016

24,000

24,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2016

2,967

2,967

At 31 May 2017

2,967

2,967

Depreciation

At 1 June 2016

2,028

2,028

Charge for the year

235

235

At 31 May 2017

2,263

2,263

Carrying amount

At 31 May 2017

704

704

At 31 May 2016

939

939

 

Paul Fletcher Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

6

Debtors

Note

2017
£

2016
£

Trade debtors

 

-

815

Amounts owed by related parties

8

12,440

300

Other debtors

 

149

149

Total current trade and other debtors

 

12,589

1,264

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

508

508

Amounts owed to Directors

8

21,256

-

Taxation and social security

 

662

648

Corporation Tax/Accruals

 

16,606

6,532

 

39,032

7,688

Due after one year

 

Other creditors

-

27,087

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

Temple Gray Limited - a newly formed company authorised by the FCA and 50% owned by one of the Directors - the other 50% being owned by 1 other individual.
 Loan to Temple Gray to assist with set up of operations. In future Temple Gray will pay commissions to the company in respect of pensions advice provided.
 

Loans to related parties

2017

Entities with joint control or significant influence
£

Advanced

12,440