Coburg Banks IT Limited Small abridged accounts

COBURG BANKS IT LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Coburg Banks IT Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05714291

Coburg Banks IT Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 March 2017

Coburg Banks IT Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 5

Coburg Banks IT Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	158,748	158,343
Cash at bank and in hand	199,104	44,007
	---------	---------
	357,852	202,350

Creditors: amounts falling due within one year	213,997		60,355
	---------		---------
Net current assets		143,855	141,995
		---------	---------
Total assets less current liabilities		143,855	141,995

Creditors: amounts falling due after more than one year	5	17,662	28,785
		---------	---------
Net assets		126,193	113,210
		---------	---------

Coburg Banks IT Limited

Abridged Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	200	200
Profit and loss account	125,993	113,010
	---------	---------
Shareholders funds	126,193	113,210
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 21 December 2017 , and are signed on behalf of the board by:

Mr J A N Ball

Director

Company registration number: 05714291

Coburg Banks IT Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Wrens Court, Lower Queen Street, Sutton Coldfield, B72 1RT.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

5. Creditors: amounts falling due after more than one year

Bank loans are secured by a fixed and floating charge over all assets.

6. Directors' advances, credits and guarantees

During the year the company made advances to the directors of £11,323 (2016 - £5,543). At the balance sheet date the amount owed to the directors was £273 (2016 - £11,596).

7. Related party transactions

During the year the company entered into transactions under normal commercial trading terms with its parent company The Angel Services Group Limited. Included in purchases are amounts from The Angel Services Group Limited of £288,732 (2016 - £169,995). Management charges of £118,500 (2016 - 37,750) were payable to The Angel Services Group Limited. At the balance sheet date the company owed £79,350 to The Angel Services Group Limited.(2016 - £12,355 owed by The Angel Services Group Limited). During the year the company entered into transactions under normal commercial trading terms with Room 61 LLP of which Mr J A N Ball , Mr A L Hughes, Mr R M Wilkinson and Mr C E Trivett are partners. During the year management charges of £110,909 (2016 - £66,370) were paid to Room 61 LLP. At the balance sheet date the company owed £37,901 to Room 61 LLP (2016 - £2,902). At the balance sheet date the company was owed £26,507 (2016 - £27,444) by Coburg Banks Limited, a fellow subsidiary of The Angel Services Group Limited.

8. Controlling party

The company is a 51% owned subsidiary of The Angel Services Group Limited. In the opinion of the directors there is no ultimate controlling party.